Discounted Cash Flow (DCF) Analysis Unlevered

Campbell Soup Company (CPB)

$48.21

+0.31 (+0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 234.54 | 48.21 | 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 5,8376,6158,1078,6918,4769,336.6010,284.5811,328.8012,479.0613,746.10
Revenue (%)
EBITDA 1,7238671,1622,4751,8572,004.482,2082,432.182,679.132,951.15
EBITDA (%)
EBIT 1,4054737162,1471,5401,548.481,705.711,878.892,069.662,279.81
EBIT (%)
Depreciation 318394446328317455.99502.29553.29609.47671.35
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 319493185969322.79355.56391.66431.43475.23
Total Cash (%)
Account Receivables 605563574575595739.31814.37897.06988.141,088.47
Account Receivables (%)
Inventories 9028878638719331,130.411,245.191,371.611,510.881,664.28
Inventories (%)
Accounts Payable 6667058141,0491,0701,060.681,168.371,2871,417.671,561.61
Accounts Payable (%)
Capital Expenditure -338-407-384-299-275-436.29-480.59-529.39-583.14-642.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 48.21
Beta 0.392
Diluted Shares Outstanding 305
Cost of Debt
Tax Rate 25.00
After-tax Cost of Debt 2.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.593
Total Debt 5,292
Total Equity 14,704.05
Total Capital 19,996.05
Debt Weighting 26.47
Equity Weighting 73.53
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 5,8376,6158,1078,6918,4769,336.6010,284.5811,328.8012,479.0613,746.10
EBITDA 1,7238671,1622,4751,8572,004.482,2082,432.182,679.132,951.15
EBIT 1,4054737162,1471,5401,548.481,705.711,878.892,069.662,279.81
Tax Rate 32.60%68.55%66.24%-112.53%25.00%15.97%15.97%15.97%15.97%15.97%
EBIAT 946.99148.74241.724,563.081,1551,301.161,433.271,578.801,739.101,915.67
Depreciation 318394446328317455.99502.29553.29609.47671.35
Accounts Receivable -42-11-1-20-144.31-75.06-82.69-91.08-100.33
Inventories -1524-8-62-197.41-114.77-126.43-139.26-153.40
Accounts Payable -3910923521-9.32107.69118.63130.67143.94
Capital Expenditure -338-407-384-299-275-436.29-480.59-529.39-583.14-642.35
UFCF 926.99231.74425.724,818.081,136969.811,372.821,512.211,665.751,834.88
WACC
PV UFCF 930.991,265.111,337.781,414.621,495.87
SUM PV UFCF 6,444.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.17
Free cash flow (t + 1) 1,871.58
Terminal Value 86,247.76
Present Value of Terminal Value 70,312.82

Intrinsic Value

Enterprise Value 76,757.19
Net Debt 5,223
Equity Value 71,534.19
Shares Outstanding 305
Equity Value Per Share 234.54