Need help finding value of operations
Fiscal Year Boston Beer Company Valuation Using Free Cash Flow (FCF) Model (Millions of $ Except Per Share Values) Earnings Before EBIT NOPAT-EBIT(1-Tax rate) Net Operating Profit After Taxes (NOPAT) Operating Current Assets (Cash+Accounts Receivables+Inventories). (Subtract) Operating Current Liabilities (Accounts Payables+Accurals). Net Operating Working Capital (NOWC) (Add) Operating Long-Term Assets Total Net Operating Capital NOPAT (Subtract) Net Investment In Total Operating Capital Free Cash Flow Assumptions Weighted Average Cost of Captial (WACC) Long-Term Growth Rate Net Present Value of Explicit FCF Forecast Period 2022-2024 Horizon Value for 2024 VHV-Vop,2024=[FCFt=185.85(1+.0480)]/0.0680-0.0480). Present Values of Free Cash Flows Present Value of Horizon Value Value of Operations (Add) Short-Term Investments Estimated Total Intrinsic Value (Subtract) All Debt (Long Term Debt and Added Line of Credit) (Subtract) Preffered Stock Estimated Intrinsic Value of Equity (Divide) Number of Shares Estimated Intrinisic Stock Price 2019 $ 145.00 $ (2.80) $ 551.00 $ $ 208.00 $ $111.00 $ $ 97.00 $ $ 595.00 $ $ 692.00 $ $ 551.00 $ 2020 2019 244.00 $ (2.99) 973.20 $ 973.20 $ $ (113.00) $ $ 1,086.20 $ 383.00 $ 323.00 $ 173.00 $ 107.00 $ 210.00 $ 216.00 $ 682.00 $ 718.00 $ 892.00 $934.00 $ 2021 2022 Projection 2023 Projection 2024 Projection 73.00 $ 0.39 44.53 $ 282.76 $ 0.39 172.48 $ 333.67 $ 0.39 203.54 $ 2020 $ 44.53 $ (6.00) $ 38.53 $ 6.80% 4.80% If based on projected growth: 17.39%, 18%, and 18.48% $417.30 36.08 $ $ $ $ 344.74 344.74 379.19 $ 125.61 $ 253.58 $ 842.90 $ 1,096.48 $ $ 172.48 $ (37.58) $ 134.90 $ $ (148.00) $ $ $ $ 196.74 $ 2.40 $ $ 168.93 $ 126.31 $ 447.46 $ 148.23 $ 2021 2022 Projection 2023 Projection 2024 Projection $ 9,738.54 $174.02 9,912.56 $ (195.48) $ $ 299.23 $ 994.66 $ 1,293.89 $ 2.40 $ 336.15 $ 203.54 $ (45.65) $ 157.89 $ 147.73 $ 10 $ (252.92) $ $ 395.34 0.39 241.16 2.40 $ 352.84 $ 530.17 175.63 354.54 1,178.52 1,533.06 241.16 (55.31) 185.85 (323.52) 2.40 367.97 Fiscal Year Boston Beer Company Valuation Using Free Cash Flow (FCF) Model (Millions of $ Except Per Share Values) Earnings Before EBIT NOPAT-EBIT(1-Tax rate) Net Operating Profit After Taxes (NOPAT) Operating Current Assets (Cash+Accounts Receivables+Inventories). (Subtract) Operating Current Liabilities (Accounts Payables+Accurals). Net Operating Working Capital (NOWC) (Add) Operating Long-Term Assets Total Net Operating Capital NOPAT (Subtract) Net Investment In Total Operating Capital Free Cash Flow Assumptions Weighted Average Cost of Captial (WACC) Long-Term Growth Rate Net Present Value of Explicit FCF Forecast Period 2022-2024 Horizon Value for 2024 VHV-Vop,2024=[FCFt=185.85(1+.0480)]/0.0680-0.0480). Present Values of Free Cash Flows Present Value of Horizon Value Value of Operations (Add) Short-Term Investments Estimated Total Intrinsic Value (Subtract) All Debt (Long Term Debt and Added Line of Credit) (Subtract) Preffered Stock Estimated Intrinsic Value of Equity (Divide) Number of Shares Estimated Intrinisic Stock Price 2019 $ 145.00 $ (2.80) $ 551.00 $ $ 208.00 $ $111.00 $ $ 97.00 $ $ 595.00 $ $ 692.00 $ $ 551.00 $ 2020 2019 244.00 $ (2.99) 973.20 $ 973.20 $ $ (113.00) $ $ 1,086.20 $ 383.00 $ 323.00 $ 173.00 $ 107.00 $ 210.00 $ 216.00 $ 682.00 $ 718.00 $ 892.00 $934.00 $ 2021 2022 Projection 2023 Projection 2024 Projection 73.00 $ 0.39 44.53 $ 282.76 $ 0.39 172.48 $ 333.67 $ 0.39 203.54 $ 2020 $ 44.53 $ (6.00) $ 38.53 $ 6.80% 4.80% If based on projected growth: 17.39%, 18%, and 18.48% $417.30 36.08 $ $ $ $ 344.74 344.74 379.19 $ 125.61 $ 253.58 $ 842.90 $ 1,096.48 $ $ 172.48 $ (37.58) $ 134.90 $ $ (148.00) $ $ $ $ 196.74 $ 2.40 $ $ 168.93 $ 126.31 $ 447.46 $ 148.23 $ 2021 2022 Projection 2023 Projection 2024 Projection $ 9,738.54 $174.02 9,912.56 $ (195.48) $ $ 299.23 $ 994.66 $ 1,293.89 $ 2.40 $ 336.15 $ 203.54 $ (45.65) $ 157.89 $ 147.73 $ 10 $ (252.92) $ $ 395.34 0.39 241.16 2.40 $ 352.84 $ 530.17 175.63 354.54 1,178.52 1,533.06 241.16 (55.31) 185.85 (323.52) 2.40 367.97
