Intrinsic Valuation of PGHH
	PGHH Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$8,610,700,000	86.80%		EPS (FY)	200.79		Market Cap	457B
	2020		$4,609,600,000	4.62%		P/E Ratio	78.58		Total Asset	20B
	2019		$4,406,200,000	13.50%		Net Income	7B		Total Debt	0B
	2018		$3,882,000,000	-20.50%		EBITDA	8B		Total Liab	9B
	2017		$4,882,800,000	35.53%		Opr Margin	0.2011		Debt/Equity	0.00
	2016		$3,602,700,000			PreTax Margin	0.2045		BV/Share	220.04
	5Y Average FCF		$5,278,260,000	23.99%
						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):	5.99%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$10,676,477,674			MBG Intrinsic Value			$4,214.42
	2023		$13,237,852,385
	2024		$16,413,721,932
	2025		$20,351,508,676
	2026		$25,234,002,812
	2027		$31,287,847,406
	Terminal Value		$919,509,118,788			Net Worth/Share			$336.69
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$704,732,360,206				Growth Rate
	(+) Cash & Cash Equivalents	$6,602,400,000			########	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$34,700,000		WACC	5.89%	17998.0	19999.9	22592.3	26081.8	31031.3
	Equity Value	$711,300,060,206			5.94%	17775.8	19724.5	22239.7	25610.4	30362.6
	Shares Outstanding	32460736			5.99%	17558.7	19456.2	21897.3	25155.0	29720.9
					6.49%	15630.4	17105.3	18950.0	21323.2	24490.1
	DCF Intrinsic Value	$21,912.63			6.99%	14059.3	15232.1	16666.2	18459.8	20767.2
© Swarnadeep Seth (2022)