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
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 | 11,002.80 | 10,769.60 | 10,579.40 | 9,654 | 10,279.70 | 10,121.61 | 9,965.95 | 9,812.69 | 9,661.78 | 9,513.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,866.30 | 2,331.30 | 1,897.30 | 1,695.70 | 1,573.50 | 1,810.04 | 1,782.20 | 1,754.80 | 1,727.81 | 1,701.24 |
| 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 | 1,266.70 | 1,679.60 | 1,303.50 | 1,120.90 | 1,050.90 | 1,240.16 | 1,221.09 | 1,202.31 | 1,183.82 | 1,165.62 |
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 | 11,002.80 | 10,769.60 | 10,579.40 | 9,654 | 10,279.70 | 10,121.61 | 9,965.95 | 9,812.69 | 9,661.78 | 9,513.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,866.30 | 2,331.30 | 1,897.30 | 1,695.70 | 1,573.50 | 1,810.04 | 1,782.20 | 1,754.80 | 1,727.81 | 1,701.24 |
| 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 | 1,266.70 | 1,679.60 | 1,303.50 | 1,120.90 | 1,050.90 | 1,240.16 | 1,221.09 | 1,202.31 | 1,183.82 | 1,165.62 |
| WACC | ||||||||||
| PV LFCF | 1,174.29 | 1,094.81 | 1,020.71 | 951.63 | 887.22 | |||||
| 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 |