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
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 | 49,526.54 | 52,443.29 | 55,531.82 | 58,802.25 | 62,265.27 | 65,932.25 |
| 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 | 18,253 | 19,544 | 60,350 | 22,732 | 36,616.80 | 38,773.27 | 41,056.73 | 43,474.68 | 46,035.02 | 48,746.15 |
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 | 182,342 | 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 | 49,526.54 | 52,443.29 | 55,531.82 | 58,802.25 | 62,265.27 | 65,932.25 |
| 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 | 18,253 | 19,544 | 60,350 | 22,732 | 36,616.80 | 38,773.27 | 41,056.73 | 43,474.68 | 46,035.02 | 48,746.15 |
| WACC | ||||||||||
| PV LFCF | 36,533.75 | 36,450.88 | 36,368.20 | 36,285.71 | 36,203.41 | |||||
| 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 |