Keurig Dr Pepper Inc. operates as a beverage company in the United States and internationally. It operates through Coffee Systems, Packaged Beverages, Beverage Concentrates, and Latin America Beverages segments. The Coffee Systems segment manufactures and distributes various finished goods related to its coffee systems, K-Cup pods, and brewers, as well as specialty coffee. This segment sells its brewers through third-party distributors and retail partners, as well as through its website at keurig.com. The Packaged Beverages segment engages in the manufacture and distribution of packaged beverages of its brands; contract manufacturing of various private label and emerging brand beverages; and distribution of packaged beverages for its partner brands. The Beverage Concentrates segment manufactures and sells beverage concentrates primarily under the Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, and Mr and Mrs T mixers brands. This segment also manufactures beverage concentrates into syrup. The Latin America Beverages segment manufactures and distributes carbonated mineral water, flavored carbonated soft drinks, bottled water, and vegetable juice products under the Peñafiel, Clamato, Squirt, Dr Pepper, Crush, and Aguafiel brands. The company serves retailers, bottlers and distributors, restaurants, hotel chains, office coffee distributors, and end-use consumers. Keurig Dr Pepper Inc. was founded in 1981 and is headquartered in Burlington, Massachusetts.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	14,057	14,814	15,351	16,410	17,176.5	17,825.7	17,825.7	17,825.7
Revenue % Chg.	10.8%	5.4%	3.6%
EBIT	2,874	3,221	3,396	4,147.4	4,463.1	4,651.3	4,651.3	4,651.3
EBIT Margin	20.4%	21.7%	22.1%
Tax Rate	16.5%	20.9%	24.7%
NOPAT	2,399.2	2,548.1	2,556.8	3,204.1	3,441.5	3,593.2	3,593.2	3,593.2
NOPAT Margin	17.1%	17.2%	16.7%	19.5%	20%	20.2%	20.2%	20.2%
D&A	709	720	733	628	669.5	649.3	649.3	649.3
D&A / Revenue	5%	4.9%	4.8%
Capex	-353	-425	-563	-514.2	-557.1	-579	-579	-579
Capex / Revenue	-2.5%	-2.9%	-3.7%
Chg. NWC	-275	-1,747	-591	-962.7	-1,007.6	-1,045.7	-1,045.7	-1,045.7
Chg. NWC / Revenue	-2%	-11.8%	-3.8%
Unlevered FCF (UFCF)	2,480.2	1,096.1	2,135.8	2,355.3	2,546.3	2,617.8	2,617.8	2,617.8
UFCF % Chg.	-16.2%	-55.8%	94.9%	10.3%	8.1%	2.8%	—	—
PV of UFCF	—	—	—	2,201.4	2,224.4	2,137.4	1,997.7	1,867.2
Sum of PV of UFCF	—	—	—	2,201.4	4,425.8	6,563.2	8,560.9	10,428.1

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	18,330
Market Cap	38,488.7
Total Capital	56,818.7
Debt Weighting	32.3%
Equity Weighting	67.7%
WACC	7%

Exit Multiple EV/FCF
Terminal Value	56,602.7
PV of Terminal Value	37,735
Cumulative PV of UFCF	10,428.1
Net Debt	18,114
Equity Value	30,049.1
Shares Outstanding	1,358.6
Implied Share Price	22.1
Current Share Price	28.3
Implied Upside / (Downside)	-21.9%