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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 -100.66-151.88-74.29-46.05-32.97-55.46-93.27-99.52-106.19-113.30-120.90
Capital Expenditure (%)
Free Cash Flow -0.67-10.6694.35108.13103.04108.0276.5981.7387.2093.0499.28

Weighted Average Cost Of Capital

Share price $ 362.39
Diluted Shares Outstanding 11.62
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.63
Total Debt -
Total Equity 4,211.70
Total Capital 4,211.70
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 -100.66-151.88-74.29-46.05-32.97-55.46-93.27-99.52-106.19-113.30-120.90
Free Cash Flow -0.67-10.6694.35108.13103.04108.0276.5981.7387.2093.0499.28
WACC
PV LFCF 71.8371.8871.9371.9772.02
SUM PV LFCF 544.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) 216.08
Terminal Value 8,215.79
Present Value of Terminal Value 5,960.08

Intrinsic Value

Enterprise Value 7,093.74
Net Debt -108.42
Equity Value 7,202.16
Shares Outstanding 11.62
Equity Value Per Share 301.22