Discounted Cash Flow (DCF) Analysis Levered

Mondelez International, Inc. (MDLZ)

$65.765

-0.15 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.31 | 65.765 | overvalue

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 25,93825,86826,58128,72031,49633,086.4934,757.3036,512.4838,356.2940,293.21
Revenue (%)
Operating Cash Flow 3,9483,9653,9644,1413,9084,783.525,025.085,278.835,545.415,825.44
Operating Cash Flow (%)
Capital Expenditure -1,095-925-863-965-906-1,143.52-1,201.26-1,261.92-1,325.65-1,392.59
Capital Expenditure (%)
Free Cash Flow 2,8533,0403,1013,1763,0023,6403,823.824,016.914,219.764,432.85

Weighted Average Cost Of Capital

Share price $ 65.765
Beta 0.680
Diluted Shares Outstanding 1,413
Cost of Debt
Tax Rate 15.83
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.823
Total Debt 23,447
Total Equity 92,925.95
Total Capital 116,372.95
Debt Weighting 20.15
Equity Weighting 79.85
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 25,93825,86826,58128,72031,49633,086.4934,757.3036,512.4838,356.2940,293.21
Operating Cash Flow 3,9483,9653,9644,1413,9084,783.525,025.085,278.835,545.415,825.44
Capital Expenditure -1,095-925-863-965-906-1,143.52-1,201.26-1,261.92-1,325.65-1,392.59
Free Cash Flow 2,8533,0403,1013,1763,0023,6403,823.824,016.914,219.764,432.85
WACC
PV LFCF 3,442.083,419.293,396.653,374.163,351.82
SUM PV LFCF 16,984.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.75
Free cash flow (t + 1) 4,521.50
Terminal Value 120,573.45
Present Value of Terminal Value 91,169.55

Intrinsic Value

Enterprise Value 108,153.56
Net Debt 21,524
Equity Value 86,629.56
Shares Outstanding 1,413
Equity Value Per Share 61.31