Discounted Cash Flow (DCF) Analysis Levered

Molson Coors Beverage Company (TAP)

$51.68

-0.01 (-0.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 99.91 | 51.68 | undervalue

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 10,769.6010,579.409,65410,279.7010,70110,702.7810,704.5510,706.3310,708.1010,709.88
Revenue (%)
Operating Cash Flow 2,331.301,897.301,695.701,573.501,5021,851.341,851.641,851.951,852.261,852.57
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 1,679.601,303.501,120.901,050.90840.601,233.091,233.291,233.501,233.701,233.91

Weighted Average Cost Of Capital

Share price $ 51.68
Beta 0.856
Diluted Shares Outstanding 216.90
Cost of Debt
Tax Rate -180.48
After-tax Cost of Debt 3.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.534
Total Debt 6,607
Total Equity 11,209.39
Total Capital 17,816.39
Debt Weighting 37.08
Equity Weighting 62.92
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 10,769.6010,579.409,65410,279.7010,70110,702.7810,704.5510,706.3310,708.1010,709.88
Operating Cash Flow 2,331.301,897.301,695.701,573.501,5021,851.341,851.641,851.951,852.261,852.57
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 1,679.601,303.501,120.901,050.90840.601,233.091,233.291,233.501,233.701,233.91
WACC
PV LFCF 1,161.651,094.531,031.28971.70915.55
SUM PV LFCF 5,174.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.15
Free cash flow (t + 1) 1,258.58
Terminal Value 30,327.34
Present Value of Terminal Value 22,502.68

Intrinsic Value

Enterprise Value 27,677.38
Net Debt 6,007
Equity Value 21,670.38
Shares Outstanding 216.90
Equity Value Per Share 99.91