Discounted Cash Flow (DCF) Analysis Unlevered

Embotelladora Andina S.A. (AKO-A)

$11.6

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 14,104.57 | 11.6 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,848,878.621,672,915.791,779,025.111,698,281.232,216,732.592,343,168.632,476,816.222,618,086.692,767,414.812,925,260.18
Revenue (%)
EBITDA 224,853.80207,182.89274,379.52224,019.43251,583.06302,312.90319,555.96337,782.51357,048.65377,413.68
EBITDA (%)
EBIT -----302,312.90319,555.96337,782.51357,048.65377,413.68
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 150,380.28137,552.66157,915.27449,835.55499,782.78348,035.73367,886.69388,869.89411,049.91434,495.01
Total Cash (%)
Account Receivables 188,766.49177,440.84211,909.34206,349.25287,156.54271,022.74286,481.10302,821.15320,093.20338,350.39
Account Receivables (%)
Inventories 131,362.99151,319.72147,641.22127,972.66191,350.20190,343.93201,200.60212,676.50224,806.96237,629.30
Inventories (%)
Accounts Payable 257,519.47238,109.85243,700.56230,445.81327,409.21328,978.25347,742.22367,576.44388,541.94410,703.25
Accounts Payable (%)
Capital Expenditure -180,781.13-121,063.28-111,131.57-86,082.85-144,027.30-163,212.99-172,522.19-182,362.36-192,763.78-203,758.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.6
Beta 0.330
Diluted Shares Outstanding 157.76
Cost of Debt
Tax Rate 23.87
After-tax Cost of Debt 3.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.074
Total Debt 1,074,650.46
Total Equity 1,830.04
Total Capital 1,076,480.50
Debt Weighting 99.83
Equity Weighting 0.17
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,848,878.621,672,915.791,779,025.111,698,281.232,216,732.592,343,168.632,476,816.222,618,086.692,767,414.812,925,260.18
EBITDA 224,853.80207,182.89274,379.52224,019.43251,583.06302,312.90319,555.96337,782.51357,048.65377,413.68
EBIT -----302,312.90319,555.96337,782.51357,048.65377,413.68
Tax Rate 31.01%36.87%26.52%31.47%23.87%29.95%29.95%29.95%29.95%29.95%
EBIAT -----211,779.03223,858.30236,626.53250,123.03264,389.32
Depreciation ----------
Accounts Receivable -11,325.65-34,468.505,560.09-80,807.2816,133.80-15,458.36-16,340.06-17,272.05-18,257.19
Inventories --19,956.723,678.4919,668.57-63,377.541,006.27-10,856.67-11,475.90-12,130.46-12,822.34
Accounts Payable --19,409.625,590.70-13,254.7596,963.401,569.0418,763.9719,834.2120,965.5022,161.31
Capital Expenditure -180,781.13-121,063.27-111,131.57-86,082.85-144,027.30-163,212.99-172,522.19-182,362.36-192,763.78-203,758.47
UFCF -----67,275.1543,785.0646,282.4348,922.2551,712.63
WACC
PV UFCF 64,937.4040,794.9541,623.3442,468.5443,330.91
SUM PV UFCF 233,155.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.60
Free cash flow (t + 1) 52,746.88
Terminal Value 3,296,680.12
Present Value of Terminal Value 2,762,345.72

Intrinsic Value

Enterprise Value 2,995,500.86
Net Debt 770,338.44
Equity Value 2,225,162.42
Shares Outstanding 157.76
Equity Value Per Share 14,104.57