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molson coors brewing company is a leading global brewer delivering extraordinary brands that delight the world's beer drinkers. we brew, market and sell a portfolio of leading premium brands such as coors light, molson canadian, carling, staropramen and blue moon across the americas, europe and asia. we operate in canada through molson coors canada; in the us through millercoors; across europe through molson coors europe; and outside these core markets through molson coors international. the company has been listed on the dow jones sustainability world index for the past four years and was named global beverage sector leader in 2012 and 2013. we are constantly looking for ways to improve our beer print. for more information, visit www.molsoncoors.com.
Analysis Results
Intrinsic Value $138.42
Latest Price $62.81
Relative Value 55% undervalued
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Cash Flow (Billions)
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 7.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.8%, 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 (billion) Present value (billion)
2023 1.71 1.57
2024 1.85 1.55
2025 1.99 1.54
2026 2.15 1.52
2027 2.32 1.51
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 33.8 billion. This corresponds to a present value of 20.1 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.69 billion. Adding in the terminal value gives a total present value of 27.8 billion.

There are presently 201.0 million outstanding shares, so the intrinsic value per share is 138.42.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,638,000,000
Current Cash 600,000,000
Current Liabilities 3,375,400,000
Current Debt 397,100,000
Non-Cash Working Capital (NCWC) -940,300,000
Change in NCWC 25,700,000
EBIT 1,041,100,000
Tax Provision 124,000,000
Depreciation and Amortization 684,800,000
Capital Expenditure -661,400,000
Unlevered Free Cash Flow 1,090,200,000
Current Assets 2,778,700,000
Current Cash 637,400,000
Current Liabilities 3,622,200,000
Current Debt 514,900,000
Non-Cash Working Capital (NCWC) -966,000,000
Change in NCWC 274,800,000
EBIT 1,498,900,000
Tax Provision 230,500,000
Depreciation and Amortization 786,100,000
Capital Expenditure -522,600,000
Unlevered Free Cash Flow 1,758,348,950
Current Assets 2,418,800,000
Current Cash 770,100,000
Current Liabilities 3,909,600,000
Current Debt 1,020,100,000
Non-Cash Working Capital (NCWC) -1,240,800,000
Change in NCWC -134,500,000
EBIT 1,331,300,000
Tax Provision 301,800,000
Depreciation and Amortization 922,000,000
Capital Expenditure -574,800,000
Unlevered Free Cash Flow 1,544,000,000
Current Assets 2,184,400,000
Current Cash 523,400,000
Current Liabilities 3,695,500,000
Current Debt 928,200,000
Non-Cash Working Capital (NCWC) -1,106,300,000
Change in NCWC -108,300,000
EBIT 1,473,200,000
Tax Provision 233,700,000
Depreciation and Amortization 859,000,000
Capital Expenditure -593,800,000
Unlevered Free Cash Flow 912,686,288
Current Assets 2,766,300,000
Current Cash 1,057,900,000
Current Liabilities 4,300,900,000
Current Debt 1,594,500,000
Non-Cash Working Capital (NCWC) -998,000,000
Change in NCWC -84,600,000
EBIT 1,382,100,000
Tax Provision 225,200,000
Depreciation and Amortization 857,500,000
Capital Expenditure -651,700,000
Unlevered Free Cash Flow 1,274,406,839
Current Assets 2,189,700,000
Current Cash 418,600,000
Current Liabilities 3,399,300,000
Current Debt 714,800,000
Non-Cash Working Capital (NCWC) -913,400,000
Change in NCWC -49,400,000
EBIT 1,753,200,000
Tax Provision -53,200,000
Depreciation and Amortization 812,800,000
Capital Expenditure -599,600,000
Unlevered Free Cash Flow 1,917,000,000
Current Assets 2,169,600,000
Current Cash 560,900,000
Current Liabilities 3,157,500,000
Current Debt 684,800,000
Non-Cash Working Capital (NCWC) -864,000,000
Change in NCWC -503,400,000
EBIT 785,500,000
Tax Provision 1,050,700,000
Depreciation and Amortization 388,400,000
Capital Expenditure -341,800,000
Unlevered Free Cash Flow 56,791,177
Current Assets 1,258,800,000
Current Cash 430,900,000
Current Liabilities 1,217,200,000
Current Debt 28,700,000
Non-Cash Working Capital (NCWC) -360,600,000
Change in NCWC 161,000,000
EBIT 868,500,000
Tax Provision 51,800,000
Depreciation and Amortization 314,400,000
Capital Expenditure -275,000,000
Unlevered Free Cash Flow 959,359,459
Current Assets 1,578,900,000
Current Cash 624,600,000
Current Liabilities 2,325,300,000
Current Debt 849,400,000
Non-Cash Working Capital (NCWC) -521,600,000
Change in NCWC -61,800,000
EBIT 1,050,900,000
Tax Provision 69,000,000
Depreciation and Amortization 313,000,000
Capital Expenditure -259,500,000
Unlevered Free Cash Flow 918,922,531
Current Assets 1,537,700,000
Current Cash 442,300,000
Current Liabilities 2,142,100,000
Current Debt 586,900,000
Non-Cash Working Capital (NCWC) -459,800,000
Change in NCWC -230,700,000
EBIT 1,005,700,000
Tax Provision 84,000,000
Depreciation and Amortization 320,500,000
Capital Expenditure -293,900,000
Unlevered Free Cash Flow 672,526,203
Current Assets 1,748,000,000
Current Cash 624,000,000
Current Liabilities 2,598,700,000
Current Debt 1,245,600,000
Non-Cash Working Capital (NCWC) -229,100,000
Change in NCWC -37,900,000
EBIT 948,800,000
Tax Provision 154,500,000
Depreciation and Amortization 272,700,000
Capital Expenditure -222,300,000
Unlevered Free Cash Flow 713,724,252

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