Discounted Cash Flow (DCF) Analysis Levered
Molson Coors Beverage Company (TAP)
$62.05
-0.99 (-1.57%)
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 | 10,769.60 | 10,579.40 | 9,654 | 10,279.70 | 10,701 | 10,702.78 | 10,704.55 | 10,706.33 | 10,708.10 | 10,709.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,331.30 | 1,897.30 | 1,695.70 | 1,573.50 | 1,502 | 1,851.34 | 1,851.64 | 1,851.95 | 1,852.26 | 1,852.57 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -651.70 | -593.80 | -574.80 | -522.60 | -661.40 | -618.25 | -618.35 | -618.45 | -618.56 | -618.66 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,679.60 | 1,303.50 | 1,120.90 | 1,050.90 | 840.60 | 1,233.09 | 1,233.29 | 1,233.50 | 1,233.70 | 1,233.91 |
Weighted Average Cost Of Capital
| Share price | $ 62.05 |
|---|---|
| Beta | 0.897 |
| Diluted Shares Outstanding | 216.90 |
| Cost of Debt | |
| Tax Rate | -198.40 |
| After-tax Cost of Debt | 3.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.848 |
| Total Debt | 6,562.30 |
| Total Equity | 13,458.65 |
| Total Capital | 20,020.94 |
| Debt Weighting | 32.78 |
| Equity Weighting | 67.22 |
| 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 | 10,769.60 | 10,579.40 | 9,654 | 10,279.70 | 10,701 | 10,702.78 | 10,704.55 | 10,706.33 | 10,708.10 | 10,709.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,331.30 | 1,897.30 | 1,695.70 | 1,573.50 | 1,502 | 1,851.34 | 1,851.64 | 1,851.95 | 1,852.26 | 1,852.57 |
| Capital Expenditure | -651.70 | -593.80 | -574.80 | -522.60 | -661.40 | -618.25 | -618.35 | -618.45 | -618.56 | -618.66 |
| Free Cash Flow | 1,679.60 | 1,303.50 | 1,120.90 | 1,050.90 | 840.60 | 1,233.09 | 1,233.29 | 1,233.50 | 1,233.70 | 1,233.91 |
| WACC | ||||||||||
| PV LFCF | 812.50 | 758.06 | 707.26 | 659.87 | 615.65 | |||||
| SUM PV LFCF | 5,030.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.20 |
| Free cash flow (t + 1) | 1,258.58 |
| Terminal Value | 24,203.55 |
| Present Value of Terminal Value | 17,096.42 |
Intrinsic Value
| Enterprise Value | 22,126.91 |
|---|---|
| Net Debt | 5,962.30 |
| Equity Value | 16,164.61 |
| Shares Outstanding | 216.90 |
| Equity Value Per Share | 74.53 |