Discounted Cash Flow (DCF) Analysis Levered
The Walt Disney Company (DIS)
$81.01
-0.24 (-0.30%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 59,434 | 69,570 | 65,388 | 67,418 | 82,722 | 90,342.29 | 98,664.56 | 107,753.46 | 117,679.64 | 128,520.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 14,295 | 6,606 | 7,618 | 5,567 | 6,010 | 10,971.27 | 11,981.93 | 13,085.70 | 14,291.15 | 15,607.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4,465 | -4,876 | -4,022 | -3,578 | -4,943 | -5,773.76 | -6,305.63 | -6,886.50 | -7,520.88 | -8,213.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 9,830 | 1,730 | 3,596 | 1,989 | 1,067 | 5,197.51 | 5,676.30 | 6,199.20 | 6,770.26 | 7,393.93 |
Weighted Average Cost Of Capital
| Share price | $ 81.01 |
|---|---|
| Beta | 1.285 |
| Diluted Shares Outstanding | 1,827 |
| Cost of Debt | |
| Tax Rate | 40.49 |
| After-tax Cost of Debt | 1.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.605 |
| Total Debt | 48,369 |
| Total Equity | 148,005.27 |
| Total Capital | 196,374.27 |
| Debt Weighting | 24.63 |
| Equity Weighting | 75.37 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 59,434 | 69,570 | 65,388 | 67,418 | 82,722 | 90,342.29 | 98,664.56 | 107,753.46 | 117,679.64 | 128,520.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 14,295 | 6,606 | 7,618 | 5,567 | 6,010 | 10,971.27 | 11,981.93 | 13,085.70 | 14,291.15 | 15,607.64 |
| Capital Expenditure | -4,465 | -4,876 | -4,022 | -3,578 | -4,943 | -5,773.76 | -6,305.63 | -6,886.50 | -7,520.88 | -8,213.70 |
| Free Cash Flow | 9,830 | 1,730 | 3,596 | 1,989 | 1,067 | 5,197.51 | 5,676.30 | 6,199.20 | 6,770.26 | 7,393.93 |
| WACC | ||||||||||
| PV LFCF | 4,793.87 | 4,828.88 | 4,864.15 | 4,899.68 | 4,935.47 | |||||
| SUM PV LFCF | 24,322.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.42 |
| Free cash flow (t + 1) | 7,541.81 |
| Terminal Value | 117,473.72 |
| Present Value of Terminal Value | 78,414.02 |
Intrinsic Value
| Enterprise Value | 102,736.07 |
|---|---|
| Net Debt | 36,754 |
| Equity Value | 65,982.07 |
| Shares Outstanding | 1,827 |
| Equity Value Per Share | 36.11 |