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
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 | 21,888 | 22,471 | 23,969 | 19,715 | 21,941 | 22,098.59 | 22,257.30 | 22,417.16 | 22,578.17 | 22,740.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,882 | 4,388 | 4,337 | 3,136 | 4,181 | 3,991.87 | 4,020.54 | 4,049.42 | 4,078.50 | 4,107.80 |
| 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 | 2,049 | 2,333 | 2,236 | 1,496 | 2,584 | 2,140.80 | 2,156.17 | 2,171.66 | 2,187.26 | 2,202.97 |
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 | 21,888 | 22,471 | 23,969 | 19,715 | 21,941 | 22,098.59 | 22,257.30 | 22,417.16 | 22,578.17 | 22,740.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,882 | 4,388 | 4,337 | 3,136 | 4,181 | 3,991.87 | 4,020.54 | 4,049.42 | 4,078.50 | 4,107.80 |
| 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 | 2,049 | 2,333 | 2,236 | 1,496 | 2,584 | 2,140.80 | 2,156.17 | 2,171.66 | 2,187.26 | 2,202.97 |
| WACC | ||||||||||
| PV LFCF | 2,058.26 | 1,993.12 | 1,930.04 | 1,868.96 | 1,809.81 | |||||
| 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 |