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
Stock DCF: 36.11 | 81.01 | overvalue

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 59,43469,57065,38867,41882,72290,342.2998,664.56107,753.46117,679.64128,520.20
Revenue (%)
Operating Cash Flow 14,2956,6067,6185,5676,01010,971.2711,981.9313,085.7014,291.1515,607.64
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 9,8301,7303,5961,9891,0675,197.515,676.306,199.206,770.267,393.93

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 59,43469,57065,38867,41882,72290,342.2998,664.56107,753.46117,679.64128,520.20
Operating Cash Flow 14,2956,6067,6185,5676,01010,971.2711,981.9313,085.7014,291.1515,607.64
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 9,8301,7303,5961,9891,0675,197.515,676.306,199.206,770.267,393.93
WACC
PV LFCF 4,793.874,828.884,864.154,899.684,935.47
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