DCF Tool

FIZZ

National Beverage Corp. – Soft Drink Manufacturing
Analysis Results
Intrinsic Value $73.11
Latest Price $38.54
Relative Value 47% 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 18.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 18.2%, 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)
2023 249 231
2024 295 254
2025 349 278
2026 412 305
2027 487 334
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 8520 million. This corresponds to a present value of 5420 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1400 million. Adding in the terminal value gives a total present value of 6820 million.

There are presently 93.3 million outstanding shares, so the intrinsic value per share is 73.11.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 274,520,000
Current Cash 48,050,000
Current Liabilities 145,319,000
Current Debt 0
Non-Cash Working Capital (NCWC) 81,151,000
Change in NCWC 56,992,000
EBIT 207,856,000
Tax Provision 49,084,000
Depreciation and Amortization 31,802,000
Capital Expenditure -29,015,000
Unlevered Free Cash Flow 218,489,525
Current Assets 364,942,000
Current Cash 193,589,000
Current Liabilities 147,194,000
Current Debt 0
Non-Cash Working Capital (NCWC) 24,159,000
Change in NCWC 9,653,000
EBIT 227,825,000
Tax Provision 53,991,000
Depreciation and Amortization 18,097,000
Capital Expenditure -25,308,000
Unlevered Free Cash Flow 176,349,838
Current Assets 460,712,000
Current Cash 304,518,000
Current Liabilities 141,688,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,506,000
Change in NCWC -53,714,000
EBIT 165,746,000
Tax Provision 39,483,000
Depreciation and Amortization 17,234,000
Capital Expenditure -23,890,000
Unlevered Free Cash Flow 66,757,196
Current Assets 321,457,000
Current Cash 156,200,000
Current Liabilities 97,037,000
Current Debt 0
Non-Cash Working Capital (NCWC) 68,220,000
Change in NCWC 9,787,000
EBIT 179,935,000
Tax Provision 43,024,000
Depreciation and Amortization 15,439,000
Capital Expenditure -38,333,000
Unlevered Free Cash Flow 124,726,359
Current Assets 352,967,000
Current Cash 189,864,000
Current Liabilities 104,670,000
Current Debt 0
Non-Cash Working Capital (NCWC) 58,433,000
Change in NCWC 9,784,000
EBIT 204,188,000
Tax Provision 55,715,000
Depreciation and Amortization 13,226,000
Capital Expenditure -31,974,000
Unlevered Free Cash Flow 139,861,744
Current Assets 272,227,000
Current Cash 136,372,000
Current Liabilities 87,206,000
Current Debt 0
Non-Cash Working Capital (NCWC) 48,649,000
Change in NCWC 6,169,000
EBIT 162,477,000
Tax Provision 55,780,000
Depreciation and Amortization 12,834,000
Capital Expenditure -14,015,000
Unlevered Free Cash Flow 111,804,216
Current Assets 223,671,000
Current Cash 105,577,000
Current Liabilities 75,614,000
Current Debt 0
Non-Cash Working Capital (NCWC) 42,480,000
Change in NCWC -6,542,000
EBIT 93,053,000
Tax Provision 31,507,000
Depreciation and Amortization 12,056,000
Capital Expenditure -12,140,000
Unlevered Free Cash Flow 54,801,727
Current Assets 167,729,000
Current Cash 52,456,000
Current Liabilities 66,251,000
Current Debt 0
Non-Cash Working Capital (NCWC) 49,022,000
Change in NCWC 336,000
EBIT 73,983,000
Tax Provision 25,402,000
Depreciation and Amortization 11,580,000
Capital Expenditure -11,630,000
Unlevered Free Cash Flow 49,115,195
Current Assets 143,141,000
Current Cash 29,932,000
Current Liabilities 64,523,000
Current Debt 0
Non-Cash Working Capital (NCWC) 48,686,000
Change in NCWC -551,000
EBIT 64,435,000
Tax Provision 19,474,000
Depreciation and Amortization 11,708,000
Capital Expenditure -12,124,000
Unlevered Free Cash Flow 43,584,826
Current Assets 130,941,000
Current Cash 18,267,000
Current Liabilities 63,437,000
Current Debt 0
Non-Cash Working Capital (NCWC) 49,237,000
Change in NCWC 15,045,000
EBIT 71,027,000
Tax Provision 23,531,000
Depreciation and Amortization 11,002,000
Capital Expenditure -9,693,000
Unlevered Free Cash Flow 63,657,613
Current Assets 146,054,000
Current Cash 35,626,000
Current Liabilities 76,236,000
Current Debt 0
Non-Cash Working Capital (NCWC) 34,192,000
Change in NCWC 10,634,000
EBIT 67,088,000
Tax Provision 22,903,000
Depreciation and Amortization 10,651,000
Capital Expenditure -9,905,000
Unlevered Free Cash Flow 55,499,265

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