Equity Valuation. FCFF=EBIT x (1 tax rate) +Dep&Amort + changes in Working Cap Capex

Kraft Heinz Inc.

Is it over or undervalued? Please show work.

I got EBIT as $545

Tax Rate - 20.18%

Depreciation as $229

(only did not include equity on bank statement since its not needed for this question)

\begin{tabular}{crrrrr} & 2022Q & 2022Q2 & 2022Q1 & 2021Q4 & 2021Q \\ & 9/24/22 & 6/25/22 & 3/26/22 & 12/25/21 & 9/25/21 \\ \hline Cash & 997 & 1,518 & 2,978 & 3,445 & 2,273 \end{tabular} ASSETS \begin{tabular}{lrrrrrr} Cash \& Short Term Investments & 997 & 1,518 & 2,978 & 3,445 & 2,273 \\ Receivables - Net & 2,055 & 2,145 & 2,067 & 1,957 & 1,958 \\ Inventories - Total & 3,535 & 3,433 & 3,093 & 2,729 & 2,839 \\ Prepaid Expenses & 224 & 191 & 179 & 136 & 158 \\ Other Current Assets & 1,049 & 851 & 958 & 727 & 2,329 \\ \hline CURRENT ASSETS - TOTAL & 7,860 & 8,138 & 9,275 & 8,994 & 9,557 \\ Property, Plant and Equipment - Gross & & & & 11,243 & \\ Accumulated Depreciation & & & & (3,868) & \\ Property, Plant and Equipment - Net & 6,417 & 6,568 & 6,602 & 7,375 & 6,588 \\ Total Intangible Other Assets - Net & 72,928 & 74,136 & 75,080 & 74,838 & 76,189 \\ Other Assets - Total & 75,715 & 76,970 & 77,987 & 77,025 & 78,752 \\ \hline TOTAL ASSETS & 89,992 & 91,676 & 93,864 & 93,394 & 94,897 \end{tabular} LIABILITIES \begin{tabular}{lrrrrr} \hline Accounts Payable & 4,733 & 4,778 & 4,610 & 4,753 & 4,380 \\ Short Term Debt \& Current Portion of Long Term Debt & 774 & 1,194 & 780 & 754 & 1,035 \\ Income Taxes Payable & & & & 541 & \\ Other Current Liabilities & 3,179 & 3,147 & 3,674 & 3,016 & 3,040 \\ \hline CURRENT LIABILITIES - TOTAL & 8,686 & 9,119 & 9,064 & 9,064 & 8,455 \\ Capitalized Lease Obligations & & & & 98 & \\ Long Term Debt & 19,296 & 19,724 & 20,970 & 21,061 & 22,937 \\ Deferred Taxes - Credit & 10,285 & 10,465 & 10,609 & 10,536 & 11,389 \\ \hline DEFERRED TAXES & 10,285 & 10,465 & 10,609 & 10,536 & 11,389 \\ Other Liabilities & 3,382 & 3,366 & 3,377 & 3,281 & 1,878 \\ \hline TOTAL LIABILITIES & 41,649 & 42,674 & 44,020 & 43,942 & 44,659 \end{tabular} Per share data applicable to common shareholders: Basic earnings/(loss) per share Diluted earnings/(loss) per share \begin{tabular}{crrrrr} & 2022Q & 2022Q2 & 2022Q1 & 2021Q4 & 2021Q \\ & 9/24/22 & 6/25/22 & 3/26/22 & 12/25/21 & 9/25/21 \\ \hline Cash & 997 & 1,518 & 2,978 & 3,445 & 2,273 \end{tabular} ASSETS \begin{tabular}{lrrrrrr} Cash \& Short Term Investments & 997 & 1,518 & 2,978 & 3,445 & 2,273 \\ Receivables - Net & 2,055 & 2,145 & 2,067 & 1,957 & 1,958 \\ Inventories - Total & 3,535 & 3,433 & 3,093 & 2,729 & 2,839 \\ Prepaid Expenses & 224 & 191 & 179 & 136 & 158 \\ Other Current Assets & 1,049 & 851 & 958 & 727 & 2,329 \\ \hline CURRENT ASSETS - TOTAL & 7,860 & 8,138 & 9,275 & 8,994 & 9,557 \\ Property, Plant and Equipment - Gross & & & & 11,243 & \\ Accumulated Depreciation & & & & (3,868) & \\ Property, Plant and Equipment - Net & 6,417 & 6,568 & 6,602 & 7,375 & 6,588 \\ Total Intangible Other Assets - Net & 72,928 & 74,136 & 75,080 & 74,838 & 76,189 \\ Other Assets - Total & 75,715 & 76,970 & 77,987 & 77,025 & 78,752 \\ \hline TOTAL ASSETS & 89,992 & 91,676 & 93,864 & 93,394 & 94,897 \end{tabular} LIABILITIES \begin{tabular}{lrrrrr} \hline Accounts Payable & 4,733 & 4,778 & 4,610 & 4,753 & 4,380 \\ Short Term Debt \& Current Portion of Long Term Debt & 774 & 1,194 & 780 & 754 & 1,035 \\ Income Taxes Payable & & & & 541 & \\ Other Current Liabilities & 3,179 & 3,147 & 3,674 & 3,016 & 3,040 \\ \hline CURRENT LIABILITIES - TOTAL & 8,686 & 9,119 & 9,064 & 9,064 & 8,455 \\ Capitalized Lease Obligations & & & & 98 & \\ Long Term Debt & 19,296 & 19,724 & 20,970 & 21,061 & 22,937 \\ Deferred Taxes - Credit & 10,285 & 10,465 & 10,609 & 10,536 & 11,389 \\ \hline DEFERRED TAXES & 10,285 & 10,465 & 10,609 & 10,536 & 11,389 \\ Other Liabilities & 3,382 & 3,366 & 3,377 & 3,281 & 1,878 \\ \hline TOTAL LIABILITIES & 41,649 & 42,674 & 44,020 & 43,942 & 44,659 \end{tabular} Per share data applicable to common shareholders: Basic earnings/(loss) per share Diluted earnings/(loss) per share