Discounted Cash Flow (DCF) Analysis Unlevered

Coca-Cola Consolidated, Inc. (COKE)

$413.61

+0.09 (+0.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 243.29 | 413.61 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,625.364,826.555,007.365,562.715,918.486,2976,699.727,128.207,584.09
Revenue (%)
EBITDA 219.70252.95447.19469.16404.75430.64458.18487.49518.66
EBITDA (%)
EBIT 32.4473.03268.17288.60188.77200.85213.69227.36241.90
EBIT (%)
Depreciation 187.26179.92179.02180.56215.98229.80244.49260.13276.77
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 13.559.6154.79142.3161.3365.2569.4273.8678.58
Total Cash (%)
Account Receivables 503.16529.63490.11546.55613.52652.76694.50738.92786.18
Account Receivables (%)
Inventories 210.03225.93252.57329.49298.72317.83338.15359.78382.79
Inventories (%)
Accounts Payable 264.46296.18217.56319.32324.62345.38367.47390.97415.97
Accounts Payable (%)
Capital Expenditure -138.24-176.03-202.03-164.69-201.69-214.59-228.31-242.91-258.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 413.61
Beta 0.899
Diluted Shares Outstanding 9.43
Cost of Debt
Tax Rate 25.70
After-tax Cost of Debt 2.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.123
Total Debt 938.60
Total Equity 3,899.10
Total Capital 4,837.70
Debt Weighting 19.40
Equity Weighting 80.60
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,625.364,826.555,007.365,562.715,918.486,2976,699.727,128.207,584.09
EBITDA 219.70252.95447.19469.16404.75430.64458.18487.49518.66
EBIT 32.4473.03268.17288.60188.77200.85213.69227.36241.90
Tax Rate -50.00%66.76%28.44%25.70%17.73%17.73%17.73%17.73%17.73%
EBIAT 48.6724.27191.91214.43155.31165.24175.81187.06199.02
Depreciation 187.26179.92179.02180.56215.98229.80244.49260.13276.77
Accounts Receivable --26.4839.52-56.44-66.97-39.24-41.75-44.42-47.26
Inventories --15.89-26.64-76.9330.77-19.10-20.33-21.63-23.01
Accounts Payable -31.71-78.62101.765.3020.7622.0923.5025
Capital Expenditure -138.24-176.03-202.03-164.69-201.69-214.59-228.31-242.91-258.45
UFCF 97.6917.50103.16198.71138.71142.87152.01161.73172.07
WACC
PV UFCF 138.71133.45132.62131.80130.98
SUM PV UFCF 623.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 175.52
Terminal Value 3,468.70
Present Value of Terminal Value 2,466.21

Intrinsic Value

Enterprise Value 3,089.75
Net Debt 796.29
Equity Value 2,293.46
Shares Outstanding 9.43
Equity Value Per Share 243.29