Discounted Cash Flow (DCF) Analysis Unlevered

Berry Global Group, Inc. (BERY)

$61.46

+0.68 (+1.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 267.46 | 61.46 | 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 8809141,9932,0952,0392,294.312,682.353,136.023,666.424,286.52
EBITDA (%)
EBIT 3423011,1481,2411,2201,183.481,383.641,617.661,891.252,211.12
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 $ 61.46
Beta 1.164
Diluted Shares Outstanding 138.30
Cost of Debt
Tax Rate 17.99
After-tax Cost of Debt 2.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.193
Total Debt 9,684
Total Equity 8,499.92
Total Capital 18,183.92
Debt Weighting 53.26
Equity Weighting 46.74
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 8809141,9932,0952,0392,294.312,682.353,136.023,666.424,286.52
EBIT 3423011,1481,2411,2201,183.481,383.641,617.661,891.252,211.12
Tax Rate -3.98%17.55%21.60%19.01%17.99%14.43%14.43%14.43%14.43%14.43%
EBIAT 355.62248.17900.041,005.141,000.561,012.681,183.961,384.201,618.311,892.02
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 557.62-183.831,231.041,060.141,093.56706.301,149.371,343.771,571.041,836.75
WACC
PV UFCF 668.911,030.901,141.451,263.851,399.38
SUM PV UFCF 5,504.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.59
Free cash flow (t + 1) 1,873.49
Terminal Value 52,186.33
Present Value of Terminal Value 39,759.67

Intrinsic Value

Enterprise Value 45,264.17
Net Debt 8,274
Equity Value 36,990.17
Shares Outstanding 138.30
Equity Value Per Share 267.46