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Discounted Cash Flow (DCF) Analysis Levered


Boston Beer Company Inc. (The)

Boston Beer Company Inc. (The) (SAM)

Consumer Defensive

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 739.05902.97959.86906.40862.98995.621,062.331,133.501,209.451,290.481,376.94
Revenue (%)
Operating Cash Flow 99.99141.23168.65154.18136.01163.48169.87181.25193.39206.35220.17
Operating Cash Flow (%)
Capital Expenditure 100.66151.7974.2049.9432.9755.4693.91100.20106.92114.08121.72
Capital Expenditure (%)
Free Cash Flow 200.65293.02242.85204.12168.97218.94263.78281.45300.31320.43341.90

Weighted Average Cost Of Capital

Share price $ 408.91
Diluted Shares Outstanding 11.73
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.36
Total Debt -
Total Equity 4,798.15
Total Capital 4,798.15
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 739.05902.97959.86906.40862.98995.621,062.331,133.501,209.451,290.481,376.94
Operating Cash Flow 99.99141.23168.65154.18136.01163.48169.87181.25193.39206.35220.17
Capital Expenditure 100.66151.7974.2049.9432.9755.4693.91100.20106.92114.08121.72
Free Cash Flow 200.65293.02242.85204.12168.97218.94263.78281.45300.31320.43341.90
WACC
PV LFCF 245.69244.18242.68241.19239.71
SUM PV LFCF 1,844.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.36
Free cash flow (t + 1) 200.63
Terminal Value 5,971.11
Present Value of Terminal Value 4,186.42

Intrinsic Value

Enterprise Value 5,270.09
Net Debt -108.42
Equity Value 5,378.51
Shares Outstanding 11.73
Equity Value Per Share 798.77