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: 1.32 | 69.49 | overvalue

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	11,635	11,474	11,781	13,811	15,349	16,487.09	17,709.57	19,022.69	20,433.18	21,948.25
Revenue (%)
Operating Cash Flow	1,566	1,548	1,432	1,760	283	1,770.49	1,901.77	2,042.78	2,194.24	2,356.94
Operating Cash Flow (%)
Capital Expenditure	-816	-598	-1,113	-1,726	-1,651	-1,481.40	-1,591.25	-1,709.23	-1,835.97	-1,972.10
Capital Expenditure (%)
Free Cash Flow	750	950	319	34	-1,368	289.08	310.52	333.54	358.27	384.84

Weighted Average Cost Of Capital

Share price	$ 69.49
Beta	0.548
Diluted Shares Outstanding	320.01
Cost of Debt
Tax Rate	18.67
After-tax Cost of Debt	2.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.211
Total Debt	8,948
Total Equity	22,237.36
Total Capital	31,185.36
Debt Weighting	28.69
Equity Weighting	71.31
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	11,635	11,474	11,781	13,811	15,349	16,487.09	17,709.57	19,022.69	20,433.18	21,948.25
Operating Cash Flow	1,566	1,548	1,432	1,760	283	1,770.49	1,901.77	2,042.78	2,194.24	2,356.94
Capital Expenditure	-816	-598	-1,113	-1,726	-1,651	-1,481.40	-1,591.25	-1,709.23	-1,835.97	-1,972.10
Free Cash Flow	750	950	319	34	-1,368	289.08	310.52	333.54	358.27	384.84
WACC
PV LFCF						272.82	276.57	280.37	284.21	288.12
SUM PV LFCF										1,402.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.96
Free cash flow (t + 1)	392.54
Terminal Value	9,912.51
Present Value of Terminal Value	7,421.20

Intrinsic Value

Enterprise Value	8,823.29
Net Debt	8,400
Equity Value	423.29
Shares Outstanding	320.01
Equity Value Per Share	1.32