Discounted Cash Flow (DCF) Analysis Unlevered

Boston Beer Company Inc

Boston Beer Company Inc (SAM)

$875.77
7.09 (+0.82%)

Operating Data

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 (%)
EBITDA 138.45180.75197.95186.85167.95169.55210.19261.39287.10315.34346.36380.43
EBITDA (%)
EBIT 112.55145.61155.07137.29116.69117.58153.92196.69216.04237.29260.63286.26
EBIT (%)
Depreciation 25.9035.1442.8949.5651.2651.9756.2764.7071.0678.0585.7394.16
Depreciation (%)

Balance Sheet Data

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
Total Cash 49.5076.4094.1991.0365.64108.4036.67110.68121.57133.53146.66161.09
Total Cash (%)
Account Receivables 44.0058.6953.9141.6241.3739.7963.8671.7078.7586.4995.00104.34
Account Receivables (%)
Inventories 56.4051.3156.4652.5050.6570.25106.0490.9899.93109.76120.56132.42
Inventories (%)
Accounts Payable 34.4035.5842.7240.5938.1447.1076.3764.2970.6177.5685.1993.57
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 875.77
Beta 0.999
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 10.410
Total Debt 2.59
Total Equity 10,428.67
Total Capital 10,431.26
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

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
EBITDA 138.45180.75197.95186.85167.95169.55210.19261.39287.10315.34346.36380.43
EBIT 112.55145.61155.07137.29116.69117.58153.92196.69216.04237.29260.63286.26
Tax Rate 37.42%37.67%36.51%36.30%14.72%20.31%23.78%29.53%29.53%29.53%29.53%29.53%
EBIAT 70.4390.7698.4587.4699.5293.69117.32138.61152.24167.22183.66201.73
Depreciation 25.9035.1442.8949.5651.2651.9756.2764.7071.0678.0585.7394.16
Accounts Receivable --14.694.7812.290.261.58-24.08-7.83-7.05-7.75-8.51-9.34
Inventories -5.09-5.163.961.85-19.60-35.7915.05-8.95-9.83-10.80-11.86
Accounts Payable -1.187.14-2.13-2.448.9629.27-12.086.326.957.638.38
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
UFCF -4.37-34.3173.91101.22117.4581.1449.7679.7683.2791.46100.45110.33
WACC
PV UFCF 72.2468.3167.9567.6067.25
SUM PV UFCF 343.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.41
Free cash flow (t + 1) 114.75
Terminal Value 1,790.13
Present Value of Terminal Value 1,091.04

Intrinsic Value

Enterprise Value 1,434.38
Net Debt -34.08
Equity Value 1,468.46
Shares Outstanding 11.91
Equity Value Per Share 123.32