Discounted Cash Flow (DCF) Analysis Unlevered

Berry Global Group, Inc. (BERY)

$60.57

-0.20 (-0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 291.31 | 60.57 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,8698,87811,70913,85014,49516,946.5519,812.7423,163.6927,081.3931,661.69
Revenue (%)
EBITDA 1,3108812,0722,1462,0622,507.652,931.773,427.624,007.344,685.11
EBITDA (%)
EBIT 7722681,2271,2921,2431,396.811,633.061,909.262,232.182,609.71
EBIT (%)
Depreciation 5386138458548191,110.831,298.711,518.361,775.162,075.40
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3817507501,0911,4101,264.201,478.021,7282,020.262,361.94
Total Cash (%)
Account Receivables 9411,5261,4691,8791,7772,288.432,675.473,127.983,657.014,275.53
Account Receivables (%)
Inventories 8871,3241,2681,9071,8022,142.572,504.942,928.613,423.924,003.02
Inventories (%)
Accounts Payable 7831,1591,1152,0411,7952,021.652,363.572,763.333,230.693,777.10
Accounts Payable (%)
Capital Expenditure -336-399-583-676-687-791.87-925.80-1,082.38-1,265.44-1,479.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60.57
Beta 1.188
Diluted Shares Outstanding 132.80
Cost of Debt
Tax Rate 17.99
After-tax Cost of Debt 2.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.235
Total Debt 9,255
Total Equity 8,043.70
Total Capital 17,298.70
Debt Weighting 53.50
Equity Weighting 46.50
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,8698,87811,70913,85014,49516,946.5519,812.7423,163.6927,081.3931,661.69
EBITDA 1,3108812,0722,1462,0622,507.652,931.773,427.624,007.344,685.11
EBIT 7722681,2271,2921,2431,396.811,633.061,909.262,232.182,609.71
Tax Rate -3.98%17.55%21.60%19.01%17.99%14.43%14.43%14.43%14.43%14.43%
EBIAT 802.75220.96961.981,046.451,019.421,195.231,397.381,633.721,910.032,233.08
Depreciation 5386138458548191,110.831,298.711,518.361,775.162,075.40
Accounts Receivable --58557-410102-511.43-387.04-452.51-529.04-618.51
Inventories --43756-639105-340.57-362.37-423.66-495.32-579.09
Accounts Payable -376-44926-246226.65341.92399.75467.36546.41
Capital Expenditure -336-399-583-676-687-791.87-925.80-1,082.38-1,265.44-1,479.47
UFCF 1,004.75-211.041,292.981,101.451,112.42888.851,362.801,593.291,862.762,177.81
WACC
PV UFCF 837.591,210.141,333.221,468.821,618.21
SUM PV UFCF 6,467.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.12
Free cash flow (t + 1) 2,221.37
Terminal Value 53,916.72
Present Value of Terminal Value 40,062.43

Intrinsic Value

Enterprise Value 46,530.41
Net Debt 7,845
Equity Value 38,685.41
Shares Outstanding 132.80
Equity Value Per Share 291.31