	Jun'20 Actual	Jun'21 Actual	Jun'22 Actual	Jun'23 Actual	Jun'24 Actual	Jun'25 Estimate	Jun'26 Estimate	Jun'27 Estimate	Jun'28 Estimate	Jun'29 Estimate	Jun'30 Estimate	Jun'31 Estimate	Jun'32 Estimate	Jun'33 Estimate	Jun'34 Estimate	Jun'35 Terminal
Revenue % growth	11,752.0 (8.7%)	12,733.0 8.3%	15,452.0 21.4%	17,113.0 10.7%	16,101.3 (5.9%)	20,013.2 24.3%	20,622.1 3.0%	21,530.1 4.4%	22,746.6 5.7%	24,214.8 6.5%	25,597.9 5.7%	26,870.0 5.0%	28,005.8 4.2%	28,981.7 3.5%	29,776.5 2.7%	30,372.0 2.0%
Operating income (EBIT) % margin	2,137.0 18.2%	3,731.0 29.3%	4,409.0 28.5%	4,632.0 27.1%	6,001.0 37.3%	6,103.2 30.5%	6,288.8 30.5%	6,565.8 30.5%	6,936.7 30.5%	7,384.5 30.5%	7,806.2 30.5%	8,194.2 30.5%	8,540.6 30.5%	8,838.2 30.5%	9,080.5 30.5%	9,262.2 30.5%
NOPAT % effective tax rate	1,520.9 12.9%	2,817.9 22.1%	3,354.7 21.7%	3,683.3 21.5%	4,063.8 25.2%	4,133.0 20.7%	4,258.7 20.7%	4,446.2 20.7%	4,697.4 20.7%	5,000.6 20.7%	5,286.2 20.7%	5,548.9 20.7%	5,783.5 20.7%	5,985.0 20.7%	6,149.2 20.7%	6,272.2 20.7%
D&A % of revenue	480.0 4.1%	447.0 3.5%	489.0 3.2%	496.0 2.9%	537.8 3.3%	627.3 3.1%	646.4 3.1%	674.8 3.1%	713.0 3.1%	759.0 3.1%	802.3 3.1%	842.2 3.1%	877.8 3.1%	908.4 3.1%	933.3 3.1%	952.0 3.1%
Capex % of revenue	(700.0) (6.0%)	(626.0) (4.9%)	(1,097.0) (7.1%)	(1,180.0) (6.9%)	(1,194.5) (7.4%)	(1,428.5) (7.1%)	(1,472.0) (7.1%)	(1,536.8) (7.1%)	(1,623.6) (7.1%)	(1,728.4) (7.1%)	(1,827.1) (7.1%)	(1,917.9) (7.1%)	(1,999.0) (7.1%)	(2,068.7) (7.1%)	(2,125.4) (7.1%)	(2,167.9) (7.1%)
Change in Working Capital % of revenue	(328.0) (2.8%)	331.0 2.6%	(179.0) (1.2%)	(1,175.0) (6.9%)	(610.1) (3.8%)	(788.1) (3.9%)	(812.1) (3.9%)	(847.8) (3.9%)	(895.7) (3.9%)	(953.5) (3.9%)	(1,008.0) (3.9%)	(1,058.1) (3.9%)	(1,102.8) (3.9%)	(1,141.3) (3.9%)	(1,172.6) (3.9%)	(1,196.0) (3.9%)
Free Cash Flow to Firm (FCFF) % of revenue	972.9 8.3%	2,969.9 23.3%	2,567.7 16.6%	1,824.3 10.7%	2,797.0 17.4%	2,543.6 12.7%	2,621.0 12.7%	2,736.4 12.7%	2,891.0 12.7%	3,077.6 12.7%	3,253.4 12.7%	3,415.1 12.7%	3,559.5 12.7%	3,683.5 12.7%	3,784.5 12.7%	3,860.2 12.7%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

DEO DCF Value

Crunching data... Almost there!

DEO Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

DEO Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Jun 30, 2024

LTM Free Cash Flow

4,940.1M

Long-Term growth rate

2.0%

Discount rate

N/A

FX rate

1.3

Reverse DCF Value

N/A

Last share price

123.7

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with DEO Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Diageo plcDEO DEO	$61.5B	$83.2B	$177.6 62.7% undervalued	N/A 0.0% overvalued	$177.6 62.7% undervalued	$1,305.5 1,096.0% undervalued	$2,091.9 1,816.6% undervalued	N/A	N/A	0.0%	0.0%
Ambev S.A.ABEV ABEV	$33.2B	$30.3B	$2.6 27.4% undervalued	$3.1 48.0% undervalued	$2.2 6.3% undervalued	$1.9 7.7% overvalued	$1.9 8.2% overvalued	73.2%	26.8%	(1.2%)	(1.3%)
Constellation Brands, Inc.STZ STZ	$32.2B	$33.0B	$111.0 36.7% overvalued	Negative 128.0% overvalued	$111.0 36.7% overvalued	$162.8 7.1% overvalued	$99.5 43.2% overvalued	29.8%	70.2%	3.6%	4.4%
Brown-Forman CorporationBF-B BF-B	$15.7B	$18.4B	$31.1 5.8% overvalued	$46.5 41.0% undervalued	$15.8 52.1% overvalued	Negative 154.4% overvalued	Negative 126.4% overvalued	65.7%	34.3%	11.4%	12.4%
The Duckhorn Portfolio, Inc.NAPA NAPA	$1,631.7M	$1,742.5M	$8.2 26.0% overvalued	N/A 0.0% overvalued	$8.2 26.0% overvalued	$17.7 60.0% undervalued	$8.6 22.2% overvalued	57.6%	42.4%	(100.0%)	(100.0%)
MGP Ingredients, Inc.MGPI MGPI	$696.2M	$885.1M	$49.6 52.6% undervalued	Negative 103.0% overvalued	$49.6 52.6% undervalued	$29.1 10.6% overvalued	Negative 167.6% overvalued	63.2%	36.8%	2.0%	0.8%
Willamette Valley Vineyards, Inc.WVVI WVVI	$29.8M	$56.3M	$10.6 76.7% undervalued	N/A 0.0% overvalued	$10.6 76.7% undervalued	N/A N/A	N/A N/A	N/A	N/A	N/A	N/A
ATA Creativity GlobalAACG AACG	$13.1M	$13.1M	$4.1 440.6% undervalued	N/A 0.0% overvalued	$4.1 440.6% undervalued	$51.3 6,736.2% undervalued	N/A 0.0% overvalued	(379.4%)	479.4%	(100.0%)	40.3%
LQR House Inc.LQR LQR	$8,086.8K	$4,402.0K	$4.4 191.9% undervalued	N/A 0.0% overvalued	$4.4 191.9% undervalued	$44.4M 2,961,033,709.0% undervalued	$44.5M 2,965,899,396.8% undervalued	0.0%	100.0%	(100.0%)	(100.0%)
Eastside Distilling, Inc.EAST EAST	$1,393.2K	$13.9M	$17.0 2,478.9% undervalued	N/A 0.0% overvalued	$17.0 2,478.9% undervalued	$168.9 25,559.7% undervalued	$180.5 27,312.7% undervalued	(1,328.9%)	1,428.9%	(100.0%)	(100.0%)
Vintage Wine Estates, Inc.VWE VWE	$298.3K	$328.8M	$7.4 147,829.0% undervalued	N/A 0.0% overvalued	$7.4 147,829.0% undervalued	$160.9 3,231,581.1% undervalued	$170.4 3,422,514.3% undervalued	(1,527.3%)	1,627.3%	(100.0%)	(100.0%)