Intrinsic Valuation of BRITANNIA
	BRITANNIA Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$8,374,800,000	-51.90%		EPS (FY)	63.31		Market Cap	889B
	2020		$17,411,300,000	30.67%		P/E Ratio	60.33		Total Asset	75B
	2019		$13,324,400,000	54.56%		Net Income	15B		Total Debt	25B
	2018		$8,620,700,000	-7.05%		EBITDA	21B		Total Liab	49B
	2017		$9,274,700,000	514.71%		Opr Margin	0.1348		Debt/Equity	0.96
	2016		$1,508,800,000			PreTax Margin	0.1393		BV/Share	106.18
	5Y Median FCF		$11,401,180,000	30.67%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	6.44%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$10,943,543,817			MBG Intrinsic Value			$1,329.55
	2023		$14,300,180,456
	2024		$18,686,374,769
	2025		$24,417,915,780
	2026		$31,907,452,269
	2027		$41,694,201,892
	Terminal Value		$1,084,411,202,602			Net Worth/Share			$107.34
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$809,981,920,152				Growth Rate
	(+) Cash & Cash Equivalents	$10,186,300,000			3302.04	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$24,812,000,000		WACC	6.34%	2756.1	3041.1	3400.2	3866.9	4497.8
	Equity Value	$795,356,220,152			6.39%	2723.4	3001.5	3351.0	3803.5	4412.8
	Shares Outstanding	240868296			6.44%	2691.4	2962.8	3303.0	3742.1	4330.6
					6.94%	2404.3	2619.6	2883.4	3214.2	3641.2
	DCF Intrinsic Value	$3,302.04			7.44%	2166.5	2340.7	2550.1	2806.6	3128.3
© Swarnadeep Seth (2022)