Discounted Cash Flow (DCF) Analysis Levered

Boston Beer Company Inc

Boston Beer Company Inc (SAM)

$895.63
-17.23 (-1.89%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 739.10903.01959.93906.45862.99995.651,249.821,372.751,507.781,656.081,818.971,997.88
Revenue (%)
Operating Cash Flow 100.00141.21168.68154.19135.98163.45178.24216.08237.33260.68286.32314.48
Operating Cash Flow (%)
Capital Expenditure -100.70-151.78-74.19-49.91-32.99-55.46-93.23-118.69-130.36-143.18-157.26-172.73
Capital Expenditure (%)
Free Cash Flow -0.70-10.5794.50104.28103.00107.9985.0197.40106.98117.50129.05141.75

Weighted Average Cost Of Capital

Share price $ 895.63
Beta 1.006
Diluted Shares Outstanding 11.91
Cost of Debt
Tax Rate 23.78
After-tax Cost of Debt 3.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.470
Total Debt 2.59
Total Equity 10,665.16
Total Capital 10,667.75
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 739.10903.01959.93906.45862.99995.651,249.821,372.751,507.781,656.081,818.971,997.88
Operating Cash Flow 100.00141.21168.68154.19135.98163.45178.24216.08237.33260.68286.32314.48
Capital Expenditure -100.70-151.78-74.19-49.91-32.99-55.46-93.23-118.69-130.36-143.18-157.26-172.73
Free Cash Flow -0.70-10.5794.50104.28103.00107.9985.0197.40106.98117.50129.05141.75
WACC
PV LFCF 72.2471.8371.4271.0170.60
SUM PV LFCF 435.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.47
Free cash flow (t + 1) 147.42
Terminal Value 2,278.49
Present Value of Terminal Value 1,384.92

Intrinsic Value

Enterprise Value 1,820.71
Net Debt -34.08
Equity Value 1,854.79
Shares Outstanding 11.91
Equity Value Per Share 155.76