Discounted Cash Flow (DCF) Analysis Unlevered

BellRing Brands, Inc. (BRBR)

$21.21

-0.64 (-2.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 102.24 | 21.21 | 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 713.20827.50854.40988.301,247.101,437.701,657.441,910.762,202.802,539.47
Revenue (%)
EBITDA 90.90145.70187.80112.70133.30214246.71284.42327.89378
EBITDA (%)
EBIT 65.60119.80162.5087.4079.60166.55192221.35255.18294.18
EBIT (%)
Depreciation 25.3025.9025.3025.3053.7047.4654.7163.0772.7183.82
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 7.8010.905.5048.70152.6058.1467.0277.2789.08102.69
Total Cash (%)
Account Receivables 6387.2068.4083.10103.90126.85146.24168.59194.36224.07
Account Receivables (%)
Inventories 85.7061.60138.20150.50117.90173.44199.95230.50265.73306.35
Inventories (%)
Accounts Payable 46.2056.9060.5054.708995.19109.74126.52145.85168.14
Accounts Payable (%)
Capital Expenditure -3.90-5-3.20-2.10-1.60-5.37-6.19-7.13-8.22-9.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.21
Beta 0.890
Diluted Shares Outstanding 39.70
Cost of Debt
Tax Rate 77.60
After-tax Cost of Debt 1.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.173
Total Debt 597.50
Total Equity 842.04
Total Capital 1,439.54
Debt Weighting 41.51
Equity Weighting 58.49
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 713.20827.50854.40988.301,247.101,437.701,657.441,910.762,202.802,539.47
EBITDA 90.90145.70187.80112.70133.30214246.71284.42327.89378
EBIT 65.60119.80162.5087.4079.60166.55192221.35255.18294.18
Tax Rate 46.34%19.78%24.25%78.50%77.60%49.29%49.29%49.29%49.29%49.29%
EBIAT 35.2096.10123.1018.7917.8384.4597.36112.24129.39149.17
Depreciation 25.3025.9025.3025.3053.7047.4654.7163.0772.7183.82
Accounts Receivable --24.2018.80-14.70-20.80-22.95-19.39-22.35-25.77-29.71
Inventories -24.10-76.60-12.3032.60-55.54-26.51-30.56-35.23-40.61
Accounts Payable -10.703.60-5.8034.306.1914.5516.7719.3422.29
Capital Expenditure -3.90-5-3.20-2.10-1.60-5.37-6.19-7.13-8.22-9.48
UFCF 56.60127.60919.19116.0354.24114.53132.04152.22175.48
WACC
PV UFCF 51.44103112.61123.11134.59
SUM PV UFCF 524.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.45
Free cash flow (t + 1) 178.99
Terminal Value 5,188.22
Present Value of Terminal Value 3,979.11

Intrinsic Value

Enterprise Value 4,503.85
Net Debt 444.90
Equity Value 4,058.95
Shares Outstanding 39.70
Equity Value Per Share 102.24