Discounted Cash Flow (DCF) Analysis Unlevered

Coca-Cola Europacific Partners PLC (CCEP)

$52.75

+0.05 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 77.82 | 52.75 | 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 11,06211,51812,01710,60613,76314,674.0815,645.4716,681.1617,785.4118,962.76
Revenue (%)
EBITDA 1,7901,8512,2301,5662,3302,421.332,581.622,752.522,934.733,129
EBITDA (%)
EBIT 1,3001,3391,5918391,5481,636.891,745.251,860.781,983.962,115.29
EBIT (%)
Depreciation 490512639727782784.44836.37891.73950.761,013.70
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 3603093161,5231,465985.251,050.471,120.011,194.151,273.20
Total Cash (%)
Account Receivables 1,8321,907.521,990.161,756.482,279.322,430.202,591.082,762.602,945.483,140.46
Account Receivables (%)
Inventories 6506937236811,157960.761,024.361,092.171,164.471,241.55
Inventories (%)
Accounts Payable 1,0571,1051,1381,1244,2372,054.432,190.432,335.432,490.032,654.86
Accounts Payable (%)
Capital Expenditure -520-600-602-408-446-645.87-688.62-734.21-782.81-834.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 52.75
Beta 0.716
Diluted Shares Outstanding 456.74
Cost of Debt
Tax Rate 28.94
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.069
Total Debt 13,140
Total Equity 24,093.26
Total Capital 37,233.26
Debt Weighting 35.29
Equity Weighting 64.71
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 11,06211,51812,01710,60613,76314,674.0815,645.4716,681.1617,785.4118,962.76
EBITDA 1,7901,8512,2301,5662,3302,421.332,581.622,752.522,934.733,129
EBIT 1,3001,3391,5918391,5481,636.891,745.251,860.781,983.962,115.29
Tax Rate 40.64%24.56%25.03%28.35%28.94%29.51%29.51%29.51%29.51%29.51%
EBIAT 771.701,010.081,192.70601.181,099.951,153.921,230.311,311.751,398.591,491.17
Depreciation 490512639727782784.44836.37891.73950.761,013.70
Accounts Receivable --75.52-82.64233.68-522.84-150.89-160.87-171.52-182.88-194.98
Inventories --43-3042-476196.24-63.60-67.81-72.30-77.08
Accounts Payable -4833-143,113-2,182.57136145154.60164.83
Capital Expenditure -520-600-602-408-446-645.87-688.62-734.21-782.81-834.63
UFCF 741.70851.561,150.061,181.863,550.12-844.721,289.581,374.951,465.971,563.01
WACC
PV UFCF -805.261,171.921,191.131,210.661,230.51
SUM PV UFCF 3,998.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.90
Free cash flow (t + 1) 1,594.27
Terminal Value 54,974.92
Present Value of Terminal Value 43,279.99

Intrinsic Value

Enterprise Value 47,278.96
Net Debt 11,733
Equity Value 35,545.96
Shares Outstanding 456.74
Equity Value Per Share 77.82