STZ Valuation Bremer_020513

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Unformatted text preview: 1490.7 15.3% 17.0% 16.1% 20.8% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 21% 21% 21% 21% 21% -8.04 91.816299 107.23 290.87 331.59 371.38 408.52 433.03 477.42 496.52 506.45 516.58 521.74 20% 35% 35% 35% 35% 35% 35% 35% 35% 35% 13.8% -203.502 -1015.014 352.70292 -39.0% -182.0% 61.7% -1.50% 16.7% 35% Depreciation 159.5 150.4 149.6 124.7 103.8 110.9 189.5 195.1 217.2 247.7 261.7 276.0 282.9 289.4 296.8 299.4 Depr Rate as % of Net Fixed Assets 7.8% 9.7% 9.5% 10.2% 8.3% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% CAPX 1293.9 101.1 259.1 150.1 147.1 CAPX Rate as % of Net Fixed Assets 63.6% 6.5% 16.5% 12.3% 11.7% 5.8% 50.6% 12.0% 19.3% 21.4% 14.5% 14.3% 11.5% 11.4% 11.6% 10.0% Non-Cash WC 1460.2 1195 1170.3 1410.9 748.9 947.62 1440.94 1661.42 1863.89 1966.09 2151.78 2252.04 2342.04 2383.32 2423.36 2458.83 33% 35% 42% 28% 35% 35% 35% 35% 34% 35% 35% 35% 35% 34% 35% -265.2 -24.7 240.6 -662 198.72 493.32 220.48 202.47 102.20 185.69 100.26 89.99 41.28 40.04 35.47 270.14 -814.91 333.31 245.42 321.63 465.03 629.42 756.99 826.90 839.24 270.14 -814.91 333.31 245.42 321.63 465.03 629.42 756.99 826.90 839.24 904.35 16844.5754 17748.93 Non-Cash WC/Revenue 39% Chg in Non-Cash WC FCFF Terminal Value Total Cash Flows Firm Value Less: LT Debt Plus: Cash and Mkt Sec. Equity Value Intrinsic Value Current Value Premium/Discount Discount % $11,297.26 2452.1 85.8 $8,930.96 $48.64 $41.80 $6.84 16% 70.9 1051.2 WACC Terminal Growth Shares Outstanding 257.1 6.42% 1% 183.6 459.0 582.5 415.2 433.0 358.0 361.8 376.8 328.5 2024 Relative Valuation Company (Exchange: Ticker) Anheuser-Busch InBev SA/NV (ENXTBR: ABI) Beam, Inc (NYSE:Beam) Brown-Forman Corp. (NYSE: BF.B) Central European Distribution Corp. (NasdaqGS: CEDC) Jangsu Yanghe Brewery Joint-Stock Co. (SZSE: 002304) Molson Coors Brewing Company (NYSE: TAP) Mean Median Constellation Brands Inc. (NYSE: STZ) Ratios NTM Forward TEV/EBITDA P/E Growth Sales Growth 1 Year 10 11.2 10.95 227.44 9.89 11.65 17.17 20.64 1.81% 6.70% 0.35% 5.54% 44.88% 12.01% 11.88% 6.12% 10...
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This document was uploaded on 03/20/2014 for the course FINC 490 at Xavier.

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