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 |