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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of PepsiCo, Inc. (PEP)

Previous Close$162.21
Intrinsic Value$45.00
Upside potential  -72%
Previous Close
$162.21
Intrinsic Value
$45.00*
Potential        
-72%
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
224,336

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %12.9NaN
Revenue, $79468NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m68306NaN
Operating income, $m11162NaN
EBITDA, $m14377NaN
Interest expense (income), $mNaN
Earnings before tax, $m9760NaN
Tax expense, $m2142NaN
Net income, $m7618NaN

BALANCE SHEET

Cash and short-term investments, $m5988NaN
Total assets, $m92377NaN
Adjusted assets (=assets-cash), $m86389NaN
Average production assets, $m61292NaN
Working capital, $m-4490NaN
Total debt, $m42378NaN
Total liabilities, $m76334NaN
Total equity, $m16043NaN
Debt-to-equity ratio2.642NaN
Adjusted equity ratio0.171NaN

CASH FLOW

Net income, $m7618NaN
Depreciation, amort., depletion, $m3215NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m11616NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-4459NaN
Free cash flow, $m16075NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-4490
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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