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For over two centuries Molson Coors has been brewing beverages that unite people for all of life’s moments. From Coors Light, Miller Lite, Molson Canadian, Carling, and Staropramen to Coors Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy, Leinenkugel’s Summer Shandy, Creemore Springs and more, Molson Coors produces some of the most beloved and iconic beer brands ever made. While the company’s history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well. The company’s commitment to raising industry standards and leaving a positive imprint on its employees, consumers, communities and the environment is reflected in its Imprint and its 2025 sustainability targets.
Analysis Results
Intrinsic Value $167.84
Latest Price $51.23
Relative Value 69% 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 10.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.9%, 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)
2022 1.88 1.73
2023 2.09 1.76
2024 2.31 1.79
2025 2.57 1.82
2026 2.85 1.85
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 41.5 billion. This corresponds to a present value of 24.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.93 billion. Adding in the terminal value gives a total present value of 33.7 billion.

There are presently 201.0 million outstanding shares, so the intrinsic value per share is 167.84.

Financial Statements

The following data was to determine the past cash flows.

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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