Discounted Cash Flow (DCF) Analysis Unlevered

Monster Beverage Corporation (MNST)

$55.045

-0.71 (-1.28%)

All numbers are in Millions, Currency in USD

Stock DCF: - | 55.045 | 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	3,807.18	4,200.82	4,598.64	5,541.35	6,311.05	7,166.19	8,137.19	9,239.76	10,491.74	11,913.35
Revenue (%)
EBITDA	1,340.60	1,402.94	1,633.15	1,797.47	1,584.72	2,317.12	2,631.09	2,987.60	3,392.41	3,852.08
EBITDA (%)
EBIT	1,283.62	1,338.12	1,572.18	1,747.31	1,523.48	2,227.68	2,529.52	2,872.27	3,261.45	3,703.38
EBIT (%)
Depreciation	56.98	64.81	60.97	50.15	61.24	89.45	101.57	115.33	130.96	148.70
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	958.16	1,331.02	2,061.77	3,076.19	2,669.45	2,859.28	3,246.70	3,686.62	4,186.16	4,753.37
Total Cash (%)
Account Receivables	484.56	540.33	666.01	896.66	1,016.20	1,037.03	1,177.55	1,337.11	1,518.28	1,724.01
Account Receivables (%)
Inventories	277.70	360.73	333.09	593.36	935.63	697.38	791.87	899.17	1,021.01	1,159.35
Inventories (%)
Accounts Payable	248.76	274.05	296.80	404.26	444.26	485.10	550.83	625.47	710.22	806.45
Accounts Payable (%)
Capital Expenditure	-74.93	-110.40	-67.27	-57.45	-212.15	-149.88	-170.19	-193.25	-219.43	-249.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 55.045
Beta	0.832
Diluted Shares Outstanding	1,066.44
Cost of Debt
Tax Rate	24.20
After-tax Cost of Debt	-%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.404
Total Debt	-
Total Equity	58,702.30
Total Capital	-
Debt Weighting	-
Equity Weighting	-
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	3,807.18	4,200.82	4,598.64	5,541.35	6,311.05	7,166.19	8,137.19	9,239.76	10,491.74	11,913.35
EBITDA	1,340.60	1,402.94	1,633.15	1,797.47	1,584.72	2,317.12	2,631.09	2,987.60	3,392.41	3,852.08
EBIT	1,283.62	1,338.12	1,572.18	1,747.31	1,523.48	2,227.68	2,529.52	2,872.27	3,261.45	3,703.38
Tax Rate	23.22%	21.76%	13.32%	23.53%	24.20%	21.21%	21.21%	21.21%	21.21%	21.21%
EBIAT	985.59	1,046.94	1,362.81	1,336.10	1,154.87	1,755.30	1,993.14	2,263.20	2,569.86	2,918.07
Depreciation	56.98	64.81	60.97	50.15	61.24	89.45	101.57	115.33	130.96	148.70
Accounts Receivable	-	-55.77	-125.68	-230.65	-119.54	-20.83	-140.52	-159.56	-181.18	-205.72
Inventories	-	-83.03	27.65	-260.27	-342.27	238.25	-94.49	-107.30	-121.84	-138.34
Accounts Payable	-	25.29	22.75	107.46	40	40.84	65.73	74.64	84.75	96.23
Capital Expenditure	-74.92	-110.40	-67.27	-57.45	-212.15	-149.88	-170.19	-193.25	-219.43	-249.16
UFCF	967.65	887.84	1,281.23	945.35	582.14	1,953.12	1,755.24	1,993.07	2,263.13	2,569.77
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	2,621.17
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-1,307.14
Equity Value	-
Shares Outstanding	1,066.44
Equity Value Per Share	-