Discounted Cash Flow (DCF) Analysis Unlevered
Monster Beverage Corporation (MNST)
$55.045
-0.71 (-1.28%)
All numbers are in Millions, Currency in USD
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 | - |