Discounted Cash Flow (DCF) Analysis Levered

Heineken Holding N.V. (HEIO.AS)

75.5 €

+0.40 (+0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 305.09 | 75.5 | 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 21,88822,47123,96919,71521,94122,098.5922,257.3022,417.1622,578.1722,740.33
Revenue (%)
Operating Cash Flow 3,8824,3884,3373,1364,1813,991.874,020.544,049.424,078.504,107.80
Operating Cash Flow (%)
Capital Expenditure -1,833-2,055-2,101-1,640-1,597-1,851.08-1,864.37-1,877.76-1,891.25-1,904.83
Capital Expenditure (%)
Free Cash Flow 2,0492,3332,2361,4962,5842,140.802,156.172,171.662,187.262,202.97

Weighted Average Cost Of Capital

Share price $ 75.5
Beta 0.726
Diluted Shares Outstanding 288.03
Cost of Debt
Tax Rate 61.63
After-tax Cost of Debt 1.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.251
Total Debt 16,873
Total Equity 21,746.28
Total Capital 38,619.28
Debt Weighting 43.69
Equity Weighting 56.31
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 21,88822,47123,96919,71521,94122,098.5922,257.3022,417.1622,578.1722,740.33
Operating Cash Flow 3,8824,3884,3373,1364,1813,991.874,020.544,049.424,078.504,107.80
Capital Expenditure -1,833-2,055-2,101-1,640-1,597-1,851.08-1,864.37-1,877.76-1,891.25-1,904.83
Free Cash Flow 2,0492,3332,2361,4962,5842,140.802,156.172,171.662,187.262,202.97
WACC
PV LFCF 2,058.261,993.121,930.041,868.961,809.81
SUM PV LFCF 9,660.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.01
Free cash flow (t + 1) 2,247.03
Terminal Value 111,792.36
Present Value of Terminal Value 91,841.01

Intrinsic Value

Enterprise Value 101,501.20
Net Debt 13,625
Equity Value 87,876.20
Shares Outstanding 288.03
Equity Value Per Share 305.09