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NMS · Valuation Lab
PEP
PepsiCo, Inc.
Last$138.78
Market cap189.6B
EV/EBITDA12.4x
Intrinsic value
$174.98
MoS +20.7% · Undervalued
Assuming 8.1% FCF margin and 6.4% Y1–5 growth.
Upside to price
EV (DCF)281.5B
Terminal share73%
Expected IV$176.92
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 73% of EV
PV of stage FCFs76.6B
PV of terminal value204.9B
Enterprise value281.5B
Net cash / (debt)-42.5B
Equity value239B
Intrinsic value / share$174.98
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 103.1B | 8.4B | 7.9B | 94.3% |
| Y2 | 109.7B | 8.9B | 7.9B | 89.0% |
| Y3 | 116.7B | 9.5B | 7.9B | 84.0% |
| Y4 | 124.2B | 10.1B | 8B | 79.2% |
| Y5 | 132.1B | 10.7B | 8B | 74.7% |
| Y6 | 136.4B | 11B | 7.8B | 70.5% |
| Y7 | 140.7B | 11.4B | 7.6B | 66.5% |
| Y8 | 145.2B | 11.8B | 7.4B | 62.7% |
| Y9 | 149.9B | 12.1B | 7.2B | 59.2% |
| Y10 | 154.7B | 12.5B | 7B | 55.8% |
| Terminal | — | — | 204.9B | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.