Discounted Cash Flow (DCF) Analysis Levered

Coca-Cola FEMSA, S.A.B. de C.V. (KOF)

$83.77

+0.32 (+0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,736.99 | 83.77 | undervalue

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 182,342194,471183,615194,804226,740240,093.35254,233.11269,205.59285,059.86301,847.82
Revenue (%)
Operating Cash Flow 29,54331,28970,29432,72149,526.5452,443.2955,531.8258,802.2562,265.2765,932.25
Operating Cash Flow (%)
Capital Expenditure -11,290-11,745-9,944-9,989-12,909.74-13,670.03-14,475.09-15,327.57-16,230.25-17,186.10
Capital Expenditure (%)
Free Cash Flow 18,25319,54460,35022,73236,616.8038,773.2741,056.7343,474.6846,035.0248,746.15

Weighted Average Cost Of Capital

Share price $ 83.77
Beta 0.789
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 7.415
Total Debt 80,805
Total Equity 17,598.72
Total Capital 98,403.72
Debt Weighting 82.12
Equity Weighting 17.88
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 182,342194,471183,615194,804226,740240,093.35254,233.11269,205.59285,059.86301,847.82
Operating Cash Flow 29,54331,28970,29432,72149,526.5452,443.2955,531.8258,802.2562,265.2765,932.25
Capital Expenditure -11,290-11,745-9,944-9,989-12,909.74-13,670.03-14,475.09-15,327.57-16,230.25-17,186.10
Free Cash Flow 18,25319,54460,35022,73236,616.8038,773.2741,056.7343,474.6846,035.0248,746.15
WACC
PV LFCF 36,533.7536,450.8836,368.2036,285.7136,203.41
SUM PV LFCF 181,841.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.13
Free cash flow (t + 1) 49,721.07
Terminal Value 1,203,900.06
Present Value of Terminal Value 894,127.83

Intrinsic Value

Enterprise Value 1,075,969.80
Net Debt 80,805
Equity Value 995,164.80
Shares Outstanding 210.08
Equity Value Per Share 4,736.99