DCF Tool

COKE

Coca-Cola Consolidated Inc – Soft Drink Manufacturing
Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States. Its Purpose is to honor God, serve others, pursue excellence and grow profitably. For over 118 years, the company has been deeply committed to the consumers, customers and communities that serves and passionates about the broad portfolio of beverages and services it offers. The Company makes, sells and distributes beverages of The Coca-Cola Company and other partner companies in more than 300 brands and flavors across 14 states and the District of Columbia to over 66 million consumers.
Analysis Results
Intrinsic Value $1,537.20
Latest Price $508.41
Relative Value 67% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 27.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 27.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 343 319
2023 437 378
2024 557 447
2025 710 529
2026 904 626
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 16400 million. This corresponds to a present value of 10600 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2300 million. Adding in the terminal value gives a total present value of 12900 million.

There are presently 8.37 million outstanding shares, so the intrinsic value per share is 1537.2.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,076,662,000
Current Cash 142,314,000
Current Liabilities 834,856,000
Current Debt 6,060,000
Non-Cash Working Capital (NCWC) 105,552,000
Change in NCWC -49,692,000
EBIT 439,171,000
Tax Provision 65,569,000
Depreciation and Amortization 180,565,000
Capital Expenditure -155,693,000
Unlevered Free Cash Flow 301,491,442
Current Assets 851,237,000
Current Cash 54,793,000
Current Liabilities 647,060,000
Current Debt 5,860,000
Non-Cash Working Capital (NCWC) 155,244,000
Change in NCWC -52,626,000
EBIT 313,378,000
Tax Provision 58,943,000
Depreciation and Amortization 179,017,000
Capital Expenditure -202,034,000
Unlevered Free Cash Flow 161,102,742
Current Assets 830,276,000
Current Cash 9,614,000
Current Liabilities 622,195,000
Current Debt 9,403,000
Non-Cash Working Capital (NCWC) 207,870,000
Change in NCWC 17,120,000
EBIT 180,754,000
Tax Provision 15,665,000
Depreciation and Amortization 179,916,000
Capital Expenditure -171,374,000
Unlevered Free Cash Flow 123,683,745
Current Assets 797,418,000
Current Cash 13,548,000
Current Liabilities 601,737,000
Current Debt 8,617,000
Non-Cash Working Capital (NCWC) 190,750,000
Change in NCWC 44,345,000
EBIT 57,902,000
Tax Provision 1,869,000
Depreciation and Amortization 187,256,000
Capital Expenditure -138,235,000
Unlevered Free Cash Flow 151,268,000
Current Assets 794,538,000
Current Cash 16,902,000
Current Liabilities 639,452,000
Current Debt 8,221,000
Non-Cash Working Capital (NCWC) 146,405,000
Change in NCWC 24,824,000
EBIT 96,179,000
Tax Provision -39,841,000
Depreciation and Amortization 168,841,000
Capital Expenditure -176,601,000
Unlevered Free Cash Flow 113,243,000
Current Assets 593,811,000
Current Cash 21,850,000
Current Liabilities 457,907,000
Current Debt 7,527,000
Non-Cash Working Capital (NCWC) 121,581,000
Change in NCWC 60,547,000
EBIT 127,859,000
Tax Provision 36,049,000
Depreciation and Amortization 116,623,000
Capital Expenditure -172,586,000
Unlevered Free Cash Flow 82,727,870
Current Assets 436,022,000
Current Cash 55,498,000
Current Liabilities 326,553,000
Current Debt 7,063,000
Non-Cash Working Capital (NCWC) 61,034,000
Change in NCWC 4,102,000
EBIT 98,144,000
Tax Provision 34,078,000
Depreciation and Amortization 80,896,000
Capital Expenditure -163,887,000
Unlevered Free Cash Flow -15,185,498
Current Assets 287,001,000
Current Cash 9,095,000
Current Liabilities 227,420,000
Current Debt 6,446,000
Non-Cash Working Capital (NCWC) 56,932,000
Change in NCWC 12,355,000
EBIT 85,967,000
Tax Provision 19,536,000
Depreciation and Amortization 61,130,000
Capital Expenditure -84,364,000
Unlevered Free Cash Flow 44,891,816
Current Assets 239,215,000
Current Cash 11,761,000
Current Liabilities 208,816,000
Current Debt 25,939,000
Non-Cash Working Capital (NCWC) 44,577,000
Change in NCWC 4,746,000
EBIT 73,647,000
Tax Provision 12,142,000
Depreciation and Amortization 58,671,000
Capital Expenditure -61,432,000
Unlevered Free Cash Flow 55,420,855
Current Assets 241,312,000
Current Cash 10,399,000
Current Liabilities 216,312,000
Current Debt 25,230,000
Non-Cash Working Capital (NCWC) 39,831,000
Change in NCWC -3,283,000
EBIT 88,686,000
Tax Provision 21,889,000
Depreciation and Amortization 61,584,000
Capital Expenditure -53,271,000
Unlevered Free Cash Flow 57,327,609

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