Discounted Cash Flow

Anheuser-busch Inbev S.A./N.V. ADR

BUD · 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 $45.5b $1.2b $10.1b 2.7% $0.72
2017 $56.4b (24.0%) $8.0b (544.3%) $15.4b (52.6%) 14.2% (419.6%) $4.06 (463.9%)
2018 $54.6b (-3.2%) $4.4b (-45.4%) $14.7b (-5.0%) 8.0% (-43.5%) $2.21 (-45.6%)
2019 $52.3b (-4.2%) $9.2b (110.0%) $13.4b (-8.6%) 17.5% (119.1%) $4.62 (109.0%)
2020 $46.9b (-10.4%) $1.4b (-84.7%) $10.9b (-18.7%) 3.0% (-82.9%) $0.70 (-84.8%)
2021 $54.3b (15.8%) $4.7b (232.4%) $14.8b (35.9%) 8.6% (186.9%) $2.33 (232.9%)
2022 $57.8b (6.4%) $6.0b (27.8%) $8.1b (-45.0%) 10.3% (20.1%) $2.97 (27.5%)
2023 $59.4b (2.8%) $5.3b (-10.5%) $8.6b (6.0%) 9.0% (-12.9%) $2.65 (-10.8%)
2024 $59.8b (0.7%) $5.9b (9.6%) $11.2b (29.7%) 9.8% (8.9%) $2.92 (10.2%)
2025 $59.3b (-0.7%) $6.8b (16.8%) $11.2b (0.3%) 11.5% (17.7%) $3.45 (18.2%)

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