Intrinsic Valuation of COLPAL
	COLPAL Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$15,966,814,000	113.93%		EPS (FY)	39.65		Market Cap	439B
	2020		$7,463,473,000	-16.63%		P/E Ratio	41.63		Total Asset	29B
	2019		$8,952,613,000	2.50%		Net Income	11B		Total Debt	1B
	2018		$8,733,936,000	70.60%		EBITDA	15B		Total Liab	12B
	2017		$5,119,604,000	29.78%		Opr Margin	0.2650		Debt/Equity	0.05
	2016		$3,944,826,000			PreTax Margin	0.2684		BV/Share	63.78
	5Y Median FCF		$9,247,288,000	29.78%
						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):	5.16%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$20,721,766,897			MBG Intrinsic Value			$831.15
	2023		$26,892,755,395
	2024		$34,901,478,060
	2025		$45,295,216,236
	2026		$58,784,232,872
	2027		$76,290,308,812
	Terminal Value		$2,941,705,114,138			Net Worth/Share			$63.78
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$2,281,901,647,618				Growth Rate
	(+) Cash & Cash Equivalents	$7,547,127,000			8414.48	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$830,536,000		WACC	5.06%	6472.4	7429.8	8761.2	10738.9	13984.4
	Equity Value	$2,288,618,238,618			5.11%	6373.9	7300.2	8581.5	10469.9	13531.3
	Shares Outstanding	271985634			5.16%	6278.1	7174.8	8408.5	10213.4	13105.6
					5.66%	5448.5	6110.5	6982.0	8181.1	9935.4
	DCF Intrinsic Value	$8,414.48			6.16%	4799.3	5304.7	5948.2	6795.4	7961.0
© Swarnadeep Seth (2022)