Discounted Cash Flow (DCF) Analysis Levered

Ball Corporation (BLL)

$69.49

-2.42 (-3.37%)

All numbers are in Millions, Currency in USD

Stock DCF: 59.03 | 69.49 | overvalue

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	10,983	11,635	11,474	11,781	13,811	14,655.52	15,551.69	16,502.65	17,511.77	18,582.59
Revenue (%)
Operating Cash Flow	1,478	1,566	1,548	1,432	1,760	1,914.20	2,031.25	2,155.46	2,287.27	2,427.13
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	922	750	950	319	34	764.27	811	860.59	913.22	969.06

Weighted Average Cost Of Capital

Share price	$ 69.49
Beta	0.548
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	6.085
Total Debt	8,157
Total Equity	23,127.31
Total Capital	31,284.31
Debt Weighting	26.07
Equity Weighting	73.93
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	10,983	11,635	11,474	11,781	13,811	14,655.52	15,551.69	16,502.65	17,511.77	18,582.59
Operating Cash Flow	1,478	1,566	1,548	1,432	1,760	1,914.20	2,031.25	2,155.46	2,287.27	2,427.13
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	922	750	950	319	34	764.27	811	860.59	913.22	969.06
WACC
PV LFCF						726.14	732.11	738.13	744.19	750.31
SUM PV LFCF										3,690.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.25
Free cash flow (t + 1)	988.44
Terminal Value	30,413.54
Present Value of Terminal Value	23,548.13

Intrinsic Value

Enterprise Value	27,239.01
Net Debt	7,594
Equity Value	19,645.01
Shares Outstanding	332.81
Equity Value Per Share	59.03