Discounted Cash Flow (DCF) Analysis Levered

Crown Holdings, Inc. (CCK)

$88.45

-0.32 (-0.36%)

All numbers are in Millions, Currency in USD

Stock DCF: 34.62 | 88.45 | 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	8,698	11,151	11,665	11,575	11,394	12,262.11	13,196.36	14,201.80	15,283.84	16,448.31
Revenue (%)
Operating Cash Flow	760	571	1,163	1,315	905	1,057.77	1,138.36	1,225.10	1,318.44	1,418.89
Operating Cash Flow (%)
Capital Expenditure	-498	-462	-432	-587	-816	-632.85	-681.06	-732.95	-788.80	-848.89
Capital Expenditure (%)
Free Cash Flow	262	109	731	728	89	424.93	457.30	492.14	529.64	569.99

Weighted Average Cost Of Capital

Share price	$ 88.45
Beta	1.077
Diluted Shares Outstanding	131.35
Cost of Debt
Tax Rate	-33.65
After-tax Cost of Debt	4.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.603
Total Debt	6,262
Total Equity	11,617.74
Total Capital	17,879.74
Debt Weighting	35.02
Equity Weighting	64.98
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	8,698	11,151	11,665	11,575	11,394	12,262.11	13,196.36	14,201.80	15,283.84	16,448.31
Operating Cash Flow	760	571	1,163	1,315	905	1,057.77	1,138.36	1,225.10	1,318.44	1,418.89
Capital Expenditure	-498	-462	-432	-587	-816	-632.85	-681.06	-732.95	-788.80	-848.89
Free Cash Flow	262	109	731	728	89	424.93	457.30	492.14	529.64	569.99
WACC
PV LFCF						397.09	399.35	401.62	403.91	406.21
SUM PV LFCF										2,008.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.01
Free cash flow (t + 1)	581.39
Terminal Value	11,604.66
Present Value of Terminal Value	8,270.10

Intrinsic Value

Enterprise Value	10,278.28
Net Debt	5,731
Equity Value	4,547.28
Shares Outstanding	131.35
Equity Value Per Share	34.62