Discounted Cash Flow (DCF) Analysis Levered

Heineken Holding N.V. (HEIO.AS)

71.3 €

+1.10 (+1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 225.31 | 71.3 | 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 $ 71.3
Beta 0.743
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 7.462
Total Debt 16,873
Total Equity 20,536.55
Total Capital 37,409.55
Debt Weighting 45.10
Equity Weighting 54.90
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 1,956.651,884.031,814.121,746.791,681.97
SUM PV LFCF 9,501.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.60
Free cash flow (t + 1) 2,247.03
Terminal Value 86,424.09
Present Value of Terminal Value 69,020.23

Intrinsic Value

Enterprise Value 78,521.63
Net Debt 13,625
Equity Value 64,896.63
Shares Outstanding 288.03
Equity Value Per Share 225.31