Discounted Cash Flow (DCF) Analysis Levered

Berry Global Group, Inc. (BERY)

$57.82

+0.61 (+1.07%)

All numbers are in Millions, Currency in USD

Stock DCF: 393.05 | 57.82 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	7,869	8,878	11,709	13,850	14,495	16,946.55	19,812.74	23,163.69	27,081.39	31,661.69
Revenue (%)
Operating Cash Flow	1,004	1,201	1,530	1,580	1,563	2,085.94	2,438.73	2,851.20	3,333.43	3,897.21
Operating Cash Flow (%)
Capital Expenditure	-336	-399	-583	-676	-687	-791.87	-925.80	-1,082.38	-1,265.44	-1,479.47
Capital Expenditure (%)
Free Cash Flow	668	802	947	904	876	1,294.07	1,512.94	1,768.82	2,067.98	2,417.74

Weighted Average Cost Of Capital

Share price	$ 57.82
Beta	1.164
Diluted Shares Outstanding	138.30
Cost of Debt
Tax Rate	17.99
After-tax Cost of Debt	2.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.102
Total Debt	9,684
Total Equity	7,996.51
Total Capital	17,680.51
Debt Weighting	54.77
Equity Weighting	45.23
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	7,869	8,878	11,709	13,850	14,495	16,946.55	19,812.74	23,163.69	27,081.39	31,661.69
Operating Cash Flow	1,004	1,201	1,530	1,580	1,563	2,085.94	2,438.73	2,851.20	3,333.43	3,897.21
Capital Expenditure	-336	-399	-583	-676	-687	-791.87	-925.80	-1,082.38	-1,265.44	-1,479.47
Free Cash Flow	668	802	947	904	876	1,294.07	1,512.94	1,768.82	2,067.98	2,417.74
WACC
PV LFCF						1,227.30	1,360.85	1,508.93	1,673.11	1,855.17
SUM PV LFCF										7,625.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.44
Free cash flow (t + 1)	2,466.10
Terminal Value	71,688.92
Present Value of Terminal Value	55,007.90

Intrinsic Value

Enterprise Value	62,633.26
Net Debt	8,274
Equity Value	54,359.26
Shares Outstanding	138.30
Equity Value Per Share	393.05