Discounted Cash Flow (DCF) Analysis Levered

Heineken Holding N.V. (HEIO.AS)

71.15 €

-0.25 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 248.59 | 71.15 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 23,96919,71521,94128,71930,36232,650.9835,112.5337,759.6540,606.3343,667.63
Revenue (%)
Operating Cash Flow 4,3373,1364,1814,4964,4305,439.805,849.916,290.936,765.207,275.23
Operating Cash Flow (%)
Capital Expenditure -2,101-1,640-1,597-2,011-2,677-2,623.96-2,821.78-3,034.51-3,263.28-3,509.30
Capital Expenditure (%)
Free Cash Flow 2,2361,4962,5842,4851,7532,815.843,028.133,256.423,501.923,765.93

Weighted Average Cost Of Capital

Share price $ 71.15
Beta 0.632
Diluted Shares Outstanding 283.97
Cost of Debt
Tax Rate 53.45
After-tax Cost of Debt 1.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.142
Total Debt 18,238
Total Equity 20,204.14
Total Capital 38,442.14
Debt Weighting 47.44
Equity Weighting 52.56
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 23,96919,71521,94128,71930,36232,650.9835,112.5337,759.6540,606.3343,667.63
Operating Cash Flow 4,3373,1364,1814,4964,4305,439.805,849.916,290.936,765.207,275.23
Capital Expenditure -2,101-1,640-1,597-2,011-2,677-2,623.96-2,821.78-3,034.51-3,263.28-3,509.30
Free Cash Flow 2,2361,4962,5842,4851,7532,815.843,028.133,256.423,501.923,765.93
WACC
PV LFCF 2,570.182,640.632,713.012,787.372,863.77
SUM PV LFCF 14,208.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.67
Free cash flow (t + 1) 3,784.76
Terminal Value 90,761.56
Present Value of Terminal Value 72,242.18

Intrinsic Value

Enterprise Value 86,451.10
Net Debt 15,861
Equity Value 70,590.10
Shares Outstanding 283.97
Equity Value Per Share 248.59