DCF Tool

SAM

Boston Beer Co., Inc. – Breweries
Analysis Results
Intrinsic Value $222.84
Latest Price $323.65
Relative Value 45% overvalued
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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 10.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.8%, 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 124 114
2023 137 116
2024 152 118
2025 169 120
2026 187 123
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2800 million. This corresponds to a present value of 1690 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 591 million. Adding in the terminal value gives a total present value of 2280 million.

There are presently 10.2 million outstanding shares, so the intrinsic value per share is 222.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 345,341,000
Current Cash 26,853,000
Current Liabilities 255,106,000
Current Debt 0
Non-Cash Working Capital (NCWC) 63,382,000
Change in NCWC 72,914,000
EBIT 57,174,000
Tax Provision -7,644,000
Depreciation and Amortization 72,096,000
Capital Expenditure -147,919,000
Unlevered Free Cash Flow 54,265,000
Current Assets 413,173,000
Current Cash 163,282,000
Current Liabilities 259,423,000
Current Debt 0
Non-Cash Working Capital (NCWC) -9,532,000
Change in NCWC -10,861,000
EBIT 248,673,000
Tax Provision 52,270,000
Depreciation and Amortization 65,657,000
Capital Expenditure -139,996,000
Unlevered Free Cash Flow 110,252,111
Current Assets 218,648,000
Current Cash 36,670,000
Current Liabilities 180,649,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,329,000
Change in NCWC -1,329,000
EBIT 145,823,000
Tax Provision 34,329,000
Depreciation and Amortization 56,271,000
Capital Expenditure -93,233,000
Unlevered Free Cash Flow 72,857,498
Current Assets 231,571,000
Current Cash 108,399,000
Current Liabilities 120,514,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,658,000
Change in NCWC 1,705,000
EBIT 116,533,000
Tax Provision 23,623,000
Depreciation and Amortization 51,968,000
Capital Expenditure -55,510,000
Unlevered Free Cash Flow 91,022,823
Current Assets 168,348,000
Current Cash 65,637,000
Current Liabilities 101,758,000
Current Debt 0
Non-Cash Working Capital (NCWC) 953,000
Change in NCWC -7,791,000
EBIT 118,126,000
Tax Provision 17,093,000
Depreciation and Amortization 51,256,000
Capital Expenditure -32,987,000
Unlevered Free Cash Flow 111,219,008
Current Assets 201,238,000
Current Cash 91,035,000
Current Liabilities 101,519,000
Current Debt 60,000
Non-Cash Working Capital (NCWC) 8,744,000
Change in NCWC -9,564,000
EBIT 137,424,000
Tax Provision 49,772,000
Depreciation and Amortization 49,557,000
Capital Expenditure -49,913,000
Unlevered Free Cash Flow 77,622,017
Current Assets 223,603,000
Current Cash 94,193,000
Current Liabilities 111,160,000
Current Debt 58,000
Non-Cash Working Capital (NCWC) 18,308,000
Change in NCWC -2,637,000
EBIT 156,432,000
Tax Provision 56,596,000
Depreciation and Amortization 42,885,000
Capital Expenditure -74,287,000
Unlevered Free Cash Flow 65,277,810
Current Assets 207,462,000
Current Cash 76,402,000
Current Liabilities 110,170,000
Current Debt 55,000
Non-Cash Working Capital (NCWC) 20,945,000
Change in NCWC 10,515,000
EBIT 148,344,000
Tax Provision 54,851,000
Depreciation and Amortization 35,138,000
Capital Expenditure -151,784,000
Unlevered Free Cash Flow -13,674,033
Current Assets 164,278,000
Current Cash 49,524,000
Current Liabilities 104,377,000
Current Debt 53,000
Non-Cash Working Capital (NCWC) 10,430,000
Change in NCWC 11,383,000
EBIT 114,660,000
Tax Provision 42,149,000
Depreciation and Amortization 25,903,000
Capital Expenditure -100,655,000
Unlevered Free Cash Flow 8,348,389
Current Assets 162,342,000
Current Cash 74,463,000
Current Liabilities 88,894,000
Current Debt 62,000
Non-Cash Working Capital (NCWC) -953,000
Change in NCWC -10,177,000
EBIT 95,733,000
Tax Provision 36,050,000
Depreciation and Amortization 20,208,000
Capital Expenditure -66,010,000
Unlevered Free Cash Flow 3,622,477

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