Discounted Cash Flow (DCF) Analysis Levered

Coca-Cola Bottlers Japan Holdings I... (CCOJY)

$5.2055

+0.08 (+1.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 784.33 | 5.2055 | 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 872,623927,307914,783791,956785,837767,598.71749,783.71732,382.18715,384.51698,781.34
Revenue (%)
Operating Cash Flow 72,45051,24442,62943,71635,98243,887.4442,868.8741,873.9440,902.1039,952.81
Operating Cash Flow (%)
Capital Expenditure --49,752-78,213-67,565-39,263-52,662.74-51,440.50-50,246.63-49,080.47-47,941.38
Capital Expenditure (%)
Free Cash Flow 72,4501,492-35,584.01-23,848.99-3,281-8,775.30-8,571.63-8,372.70-8,178.38-7,988.57

Weighted Average Cost Of Capital

Share price $ 5.2,055
Beta 0.374
Diluted Shares Outstanding 358.69
Cost of Debt
Tax Rate 88.45
After-tax Cost of Debt 0.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.296
Total Debt 214,124
Total Equity 1,867.17
Total Capital 215,991.17
Debt Weighting 99.14
Equity Weighting 0.86
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 872,623927,307914,783791,956785,837767,598.71749,783.71732,382.18715,384.51698,781.34
Operating Cash Flow 72,45051,24442,62943,71635,98243,887.4442,868.8741,873.9440,902.1039,952.81
Capital Expenditure --49,752-78,213-67,565-39,263-52,662.74-51,440.50-50,246.63-49,080.47-47,941.38
Free Cash Flow 72,4501,492-35,584.01-23,848.99-3,281-8,775.30-8,571.63-8,372.70-8,178.38-7,988.57
WACC
PV LFCF -8,766.53-8,554.51-8,347.63-8,145.74-7,948.74
SUM PV LFCF -41,763.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.10
Free cash flow (t + 1) -8,148.34
Terminal Value 428,859.86
Present Value of Terminal Value 426,721.98

Intrinsic Value

Enterprise Value 384,958.82
Net Debt 103,627
Equity Value 281,331.82
Shares Outstanding 358.69
Equity Value Per Share 784.33