Discounted Cash Flow (DCF) Analysis Unlevered

Coca-Cola Europacific Partners PLC (CCEP)

$69.4

+0.77 (+1.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 98.92 | 69.4 | 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 11,51812,01710,60613,76317,32019,407.1221,745.7524,366.2027,302.4130,592.46
Revenue (%)
EBITDA 1,7892,1471,7962,2812,6793,197.263,582.554,014.264,497.995,040.01
EBITDA (%)
EBIT 1,2991,5471,1901,6341,9902,279.702,554.412,862.223,207.133,593.60
EBIT (%)
Depreciation 490600606647689917.571,028.141,152.031,290.861,446.41
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 3093161,5231,4711,7401,568.351,757.341,969.102,206.392,472.26
Total Cash (%)
Account Receivables 1,7621,7751,5892,4482,7013,044.283,411.133,822.194,282.774,798.86
Account Receivables (%)
Inventories 6937236811,1571,3801,351.831,514.741,697.271,901.792,130.97
Inventories (%)
Accounts Payable 1,2961,3871,3051,9012,7062,504.852,806.693,144.913,523.883,948.52
Accounts Payable (%)
Capital Expenditure -525-506-348-349-500-678.18-759.91-851.48-954.09-1,069.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 69.4
Beta 0.709
Diluted Shares Outstanding 458
Cost of Debt
Tax Rate 22.94
After-tax Cost of Debt 3.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.505
Total Debt 11,907
Total Equity 31,785.20
Total Capital 43,692.20
Debt Weighting 27.25
Equity Weighting 72.75
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 11,51812,01710,60613,76317,32019,407.1221,745.7524,366.2027,302.4130,592.46
EBITDA 1,7892,1471,7962,2812,6793,197.263,582.554,014.264,497.995,040.01
EBIT 1,2991,5471,1901,6341,9902,279.702,554.412,862.223,207.133,593.60
Tax Rate 24.56%25.03%28.35%28.94%22.94%25.97%25.97%25.97%25.97%25.97%
EBIAT 979.911,159.72852.691,161.061,533.431,687.751,891.132,119.012,374.362,660.48
Depreciation 490600606647689917.571,028.141,152.031,290.861,446.41
Accounts Receivable --13186-859-253-343.28-366.85-411.05-460.59-516.09
Inventories --3042-476-22328.17-162.90-182.53-204.53-229.17
Accounts Payable -91-82596805-201.15301.84338.22378.97424.64
Capital Expenditure -525-506-348-349-500-678.18-759.91-851.48-954.09-1,069.06
UFCF 944.911,301.721,256.69720.062,051.431,410.861,931.452,164.202,424.992,717.21
WACC
PV UFCF 1,326.871,708.331,800.241,897.091,999.15
SUM PV UFCF 8,731.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.33
Free cash flow (t + 1) 2,771.56
Terminal Value 64,008.22
Present Value of Terminal Value 47,093.04

Intrinsic Value

Enterprise Value 55,824.70
Net Debt 10,520
Equity Value 45,304.70
Shares Outstanding 458
Equity Value Per Share 98.92