Boston Beer Company [SAM] had Free Cash Flow to the Firm last year (year 0) of $17,573,700. They have $583,000 in debt, $57,180,000 in cash on hand, and 12,980,000 shares outstanding. Use a simple DCF model to value SAM on a per share basis (project 5 years of FCFF, find a terminal value using the growing perpetuity shortcut, and take the present value). Assume FCFF will grow at 30% for 5 years, after which it will grow at 3% for eternity. Assume WACC is 8%. What is the share price estimate of the intrinsic value of SAM?
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