Discounted Cash Flow (DCF) Analysis Levered

The Coca-Cola Company (KO)

$60.285

+0.45 (+0.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.48 | 60.285 | overvalue

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 35,41031,85637,26633,01438,65539,874.8341,133.1642,431.2043,770.2045,151.45
Revenue (%)
Operating Cash Flow 7,1067,62710,4719,84412,62510,733.2111,071.9211,421.3111,781.7412,153.53
Operating Cash Flow (%)
Capital Expenditure -1,675-1,347-2,054-1,177-1,367-1,720.36-1,774.65-1,830.65-1,888.42-1,948.01
Capital Expenditure (%)
Free Cash Flow 5,4316,2808,4178,66711,2589,012.859,297.279,590.669,893.3110,205.52

Weighted Average Cost Of Capital

Share price $ 60.285
Beta 0.579
Diluted Shares Outstanding 4,323
Cost of Debt
Tax Rate 21.36
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.351
Total Debt 42,761
Total Equity 260,612.05
Total Capital 303,373.05
Debt Weighting 14.10
Equity Weighting 85.90
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 35,41031,85637,26633,01438,65539,874.8341,133.1642,431.2043,770.2045,151.45
Operating Cash Flow 7,1067,62710,4719,84412,62510,733.2111,071.9211,421.3111,781.7412,153.53
Capital Expenditure -1,675-1,347-2,054-1,177-1,367-1,720.36-1,774.65-1,830.65-1,888.42-1,948.01
Free Cash Flow 5,4316,2808,4178,66711,2589,012.859,297.279,590.669,893.3110,205.52
WACC
PV LFCF 6,400.666,236.566,076.665,920.875,769.07
SUM PV LFCF 40,438.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.87
Free cash flow (t + 1) 10,409.63
Terminal Value 268,982.60
Present Value of Terminal Value 202,236.54

Intrinsic Value

Enterprise Value 242,674.83
Net Debt 33,077
Equity Value 209,597.83
Shares Outstanding 4,323
Equity Value Per Share 48.48