Discounted Cash Flow (DCF) Analysis Unlevered

Beyond Meat, Inc. (BYND)

$17.51

+0.32 (+1.86%)
All numbers are in Millions, Currency in USD
Stock DCF: -4,046.37 | 17.51 | overvalue

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 32.5887.93297.90406.78464.70998.472,145.364,609.619,904.4021,280.99
Revenue (%)
EBITDA -26.20-23.84-1.26-36.80-156.73-300.95-646.64-1,389.40-2,985.33-6,414.39
EBITDA (%)
EBIT -29.38-28.76-9.36-50.10-178.40-352.90-758.25-1,629.21-3,500.59-7,521.50
EBIT (%)
Depreciation 3.184.928.1113.3021.6651.94111.61239.81515.261,107.11
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 39.0354.27275.99159.13733.29940.742,021.324,343.089,331.7320,050.53
Total Cash (%)
Account Receivables 3.5812.6340.0835.9743.81113.97244.89526.181,130.572,429.20
Account Receivables (%)
Inventories 8.1430.2681.60121.72241.87337.02724.131,555.893,343.057,183.01
Inventories (%)
Accounts Payable 6.2817.2526.9253.0769.04151.40325.31698.981,501.853,226.94
Accounts Payable (%)
Capital Expenditure -7.91-23.25-25.92-59.98-135.96-206.52-443.73-953.42-2,048.55-4,401.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.51
Beta 1.981
Diluted Shares Outstanding 63.17
Cost of Debt
Tax Rate -1.70
After-tax Cost of Debt 0.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.991
Total Debt 1,157.36
Total Equity 1,106.15
Total Capital 2,263.50
Debt Weighting 51.13
Equity Weighting 48.87
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 32.5887.93297.90406.78464.70998.472,145.364,609.619,904.4021,280.99
EBITDA -26.20-23.84-1.26-36.80-156.73-300.95-646.64-1,389.40-2,985.33-6,414.39
EBIT -29.38-28.76-9.36-50.10-178.40-352.90-758.25-1,629.21-3,500.59-7,521.50
Tax Rate -0.02%-0.00%-0.07%-0.14%-1.70%-0.38%-0.38%-0.38%-0.38%-0.38%
EBIAT -29.38-28.76-9.37-50.17-181.42-354.26-761.17-1,635.48-3,514.06-7,550.46
Depreciation 3.184.928.1113.3021.6651.94111.61239.81515.261,107.11
Accounts Receivable --9.04-27.454.11-7.83-70.17-130.92-281.29-604.39-1,298.62
Inventories --22.11-51.34-40.12-120.15-95.15-387.11-831.76-1,787.16-3,839.96
Accounts Payable -10.979.6826.1515.9782.36173.91373.67802.871,725.09
Capital Expenditure -7.91-23.25-25.92-59.98-135.96-206.52-443.73-953.42-2,048.55-4,401.59
UFCF -34.11-67.27-96.30-106.73-407.74-591.78-1,437.41-3,088.48-6,636.03-14,258.44
WACC
PV UFCF -555.61-1,267.07-2,556.07-5,156.40-10,402.08
SUM PV UFCF -19,937.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.51
Free cash flow (t + 1) -14,543.61
Terminal Value -322,474.81
Present Value of Terminal Value -235,257.71

Intrinsic Value

Enterprise Value -255,194.95
Net Debt 424.06
Equity Value -255,619.01
Shares Outstanding 63.17
Equity Value Per Share -4,046.37