Discounted Cash Flow (DCF) Analysis Levered
Coca-Cola FEMSA, S.A.B. de C.V. (KOF)
$75.91
-0.91 (-1.18%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 182,342 | 194,471 | 183,615 | 194,804 | 226,740 | 240,093.35 | 254,233.11 | 269,205.59 | 285,059.86 | 301,847.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 29,543 | 31,289 | 70,294 | 32,721 | 35,491 | 49,470.87 | 52,384.34 | 55,469.40 | 58,736.15 | 62,195.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -11,290 | -11,745 | -9,944 | -9,989 | -17,735 | -14,691.91 | -15,557.16 | -16,473.37 | -17,443.53 | -18,470.83 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 18,253 | 19,544 | 60,350 | 22,732 | 17,756 | 34,778.95 | 36,827.18 | 38,996.04 | 41,292.62 | 43,724.46 |
Weighted Average Cost Of Capital
| Share price | $ 75.91 |
|---|---|
| Beta | 0.774 |
| Diluted Shares Outstanding | 210.08 |
| Cost of Debt | |
| Tax Rate | 27.28 |
| After-tax Cost of Debt | 5.85% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.277 |
| Total Debt | 80,805 |
| Total Equity | 15,947.42 |
| Total Capital | 96,752.42 |
| Debt Weighting | 83.52 |
| Equity Weighting | 16.48 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 182,342 | 194,471 | 183,615 | 194,804 | 226,740 | 240,093.35 | 254,233.11 | 269,205.59 | 285,059.86 | 301,847.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 29,543 | 31,289 | 70,294 | 32,721 | 35,491 | 49,470.87 | 52,384.34 | 55,469.40 | 58,736.15 | 62,195.28 |
| Capital Expenditure | -11,290 | -11,745 | -9,944 | -9,989 | -17,735 | -14,691.91 | -15,557.16 | -16,473.37 | -17,443.53 | -18,470.83 |
| Free Cash Flow | 18,253 | 19,544 | 60,350 | 22,732 | 17,756 | 34,778.95 | 36,827.18 | 38,996.04 | 41,292.62 | 43,724.46 |
| WACC | ||||||||||
| PV LFCF | 32,733.13 | 32,622 | 32,511.25 | 32,400.87 | 32,290.87 | |||||
| SUM PV LFCF | 162,558.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.25 |
| Free cash flow (t + 1) | 44,598.95 |
| Terminal Value | 1,049,387 |
| Present Value of Terminal Value | 774,980.88 |
Intrinsic Value
| Enterprise Value | 937,539 |
|---|---|
| Net Debt | 40,528 |
| Equity Value | 897,011 |
| Shares Outstanding | 210.08 |
| Equity Value Per Share | 4,269.79 |