Discounted Cash Flow

Ambev S.A. ADR

ABEV · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $45.6b $12.5b 27.5% $0.80
2017 $47.9b (5.0%) $7.3b (-41.6%) 15.3% (-44.4%) $0.47 (-41.3%)
2018 $50.2b (4.9%) $11.0b (50.4%) $14.9b 21.9% (43.4%) $0.70 (49.2%)
2019 $52.6b (4.7%) $11.8b (6.9%) $18.4b (23.8%) 22.4% (2.0%) $0.75 (6.8%)
2020 $58.4b (11.0%) $11.4b (-3.4%) 19.5% (-13.0%) $0.72 (-3.4%)
2021 $72.9b (24.8%) $12.7b (11.4%) $22.9b 17.4% (-10.8%) $0.81 (11.3%)
2022 $79.7b (9.4%) $14.5b (14.1%) $20.6b (-9.9%) 18.1% (4.3%) $0.92 (14.1%)
2023 $79.7b (0.0%) $14.5b (0.3%) $18.7b (-9.4%) 18.2% (0.3%) $0.92 (0.3%)
2024 $89.5b (12.2%) $14.4b (-0.4%) $24.4b (30.3%) 16.1% (-11.3%) $0.92 (-0.4%)
2025 $88.2b (-1.4%) $15.5b (7.4%) $19.9b (-18.5%) 17.6% (8.9%) $0.99 (8.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model