Discounted Cash Flow (DCF) Analysis Levered

Ball Corporation (BALL)

$48.49

+0.84 (+1.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.56 | 48.49 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 10,98311,63511,47411,78113,81114,655.5215,551.6916,502.6517,511.7718,582.59
Revenue (%)
Operating Cash Flow 1,4781,5661,5481,4321,7601,914.202,031.252,155.462,287.272,427.13
Operating Cash Flow (%)
Capital Expenditure -556-816-598-1,113-1,726-1,149.94-1,220.25-1,294.87-1,374.05-1,458.07
Capital Expenditure (%)
Free Cash Flow 92275095031934764.27811860.59913.22969.06

Weighted Average Cost Of Capital

Share price $ 48.49
Beta 0.632
Diluted Shares Outstanding 332.81
Cost of Debt
Tax Rate 12.90
After-tax Cost of Debt 2.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.789
Total Debt 8,157
Total Equity 16,138.20
Total Capital 24,295.20
Debt Weighting 33.57
Equity Weighting 66.43
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 10,98311,63511,47411,78113,81114,655.5215,551.6916,502.6517,511.7718,582.59
Operating Cash Flow 1,4781,5661,5481,4321,7601,914.202,031.252,155.462,287.272,427.13
Capital Expenditure -556-816-598-1,113-1,726-1,149.94-1,220.25-1,294.87-1,374.05-1,458.07
Free Cash Flow 92275095031934764.27811860.59913.22969.06
WACC
PV LFCF 724.56728.92733.31737.72742.16
SUM PV LFCF 3,666.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.48
Free cash flow (t + 1) 988.44
Terminal Value 28,403.45
Present Value of Terminal Value 21,753.07

Intrinsic Value

Enterprise Value 25,419.74
Net Debt 7,594
Equity Value 17,825.74
Shares Outstanding 332.81
Equity Value Per Share 53.56