Discounted Cash Flow (DCF) Analysis Levered

Coca-Cola Europacific Partners PLC (CCEP)

$53.09

+1.52 (+2.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 113.59 | 53.09 | 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 11,06211,51812,01710,60613,76314,674.0815,645.4716,681.1617,785.4118,962.76
Revenue (%)
Operating Cash Flow 1,6231,8061,9041,4902,1172,219.492,366.422,523.072,690.092,868.17
Operating Cash Flow (%)
Capital Expenditure -520-600-602-408-446-645.87-688.62-734.21-782.81-834.63
Capital Expenditure (%)
Free Cash Flow 1,1031,2061,3021,0821,6711,573.631,677.801,788.861,907.282,033.54

Weighted Average Cost Of Capital

Share price $ 53.09
Beta 0.716
Diluted Shares Outstanding 456.74
Cost of Debt
Tax Rate 28.94
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.081
Total Debt 13,140
Total Equity 24,248.55
Total Capital 37,388.55
Debt Weighting 35.14
Equity Weighting 64.86
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 11,06211,51812,01710,60613,76314,674.0815,645.4716,681.1617,785.4118,962.76
Operating Cash Flow 1,6231,8061,9041,4902,1172,219.492,366.422,523.072,690.092,868.17
Capital Expenditure -520-600-602-408-446-645.87-688.62-734.21-782.81-834.63
Free Cash Flow 1,1031,2061,3021,0821,6711,573.631,677.801,788.861,907.282,033.54
WACC
PV LFCF 1,499.841,524.131,548.831,573.921,599.42
SUM PV LFCF 7,746.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.92
Free cash flow (t + 1) 2,074.21
Terminal Value 71,034.64
Present Value of Terminal Value 55,870.01

Intrinsic Value

Enterprise Value 63,616.14
Net Debt 11,733
Equity Value 51,883.14
Shares Outstanding 456.74
Equity Value Per Share 113.59