Discounted Cash Flow (DCF) Analysis Levered

Molson Coors Beverage Company (TAP)

$55.77

+1.97 (+3.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 108.98 | 55.77 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 11,002.8010,769.6010,579.409,65410,279.7010,121.619,965.959,812.699,661.789,513.20
Revenue (%)
Operating Cash Flow 1,866.302,331.301,897.301,695.701,573.501,810.041,782.201,754.801,727.811,701.24
Operating Cash Flow (%)
Capital Expenditure -599.60-651.70-593.80-574.80-522.60-569.88-561.11-552.48-543.99-535.62
Capital Expenditure (%)
Free Cash Flow 1,266.701,679.601,303.501,120.901,050.901,240.161,221.091,202.311,183.821,165.62

Weighted Average Cost Of Capital

Share price $ 55.77
Beta 0.863
Diluted Shares Outstanding 216.80
Cost of Debt
Tax Rate 18.83
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.200
Total Debt 7,207.50
Total Equity 12,090.94
Total Capital 19,298.44
Debt Weighting 37.35
Equity Weighting 62.65
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 11,002.8010,769.6010,579.409,65410,279.7010,121.619,965.959,812.699,661.789,513.20
Operating Cash Flow 1,866.302,331.301,897.301,695.701,573.501,810.041,782.201,754.801,727.811,701.24
Capital Expenditure -599.60-651.70-593.80-574.80-522.60-569.88-561.11-552.48-543.99-535.62
Free Cash Flow 1,266.701,679.601,303.501,120.901,050.901,240.161,221.091,202.311,183.821,165.62
WACC
PV LFCF 1,174.291,094.811,020.71951.63887.22
SUM PV LFCF 5,128.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.61
Free cash flow (t + 1) 1,188.93
Terminal Value 32,934.35
Present Value of Terminal Value 25,068.24

Intrinsic Value

Enterprise Value 30,196.89
Net Debt 6,570.10
Equity Value 23,626.79
Shares Outstanding 216.80
Equity Value Per Share 108.98