Discounted Cash Flow (DCF) Analysis Levered

The Walt Disney Company (DIS)

$105.61

+2.35 (+2.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.85 | 105.61 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 55,13759,43469,57065,38867,41871,116.0275,016.8979,131.7383,472.2788,050.90
Revenue (%)
Operating Cash Flow 12,34314,2956,6067,6185,56710,787.0711,378.7612,002.9112,661.2913,355.79
Operating Cash Flow (%)
Capital Expenditure -3,623-4,465-4,876-4,022-3,578-4,629.71-4,883.65-5,151.53-5,434.11-5,732.18
Capital Expenditure (%)
Free Cash Flow 8,7209,8301,7303,5961,9896,157.366,495.106,851.377,227.197,623.61

Weighted Average Cost Of Capital

Share price $ 105.61
Beta 1.215
Diluted Shares Outstanding 1,828
Cost of Debt
Tax Rate 22.10
After-tax Cost of Debt 2.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.490
Total Debt 57,635
Total Equity 193,055.08
Total Capital 250,690.08
Debt Weighting 22.99
Equity Weighting 77.01
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 55,13759,43469,57065,38867,41871,116.0275,016.8979,131.7383,472.2788,050.90
Operating Cash Flow 12,34314,2956,6067,6185,56710,787.0711,378.7612,002.9112,661.2913,355.79
Capital Expenditure -3,623-4,465-4,876-4,022-3,578-4,629.71-4,883.65-5,151.53-5,434.11-5,732.18
Free Cash Flow 8,7209,8301,7303,5961,9896,157.366,495.106,851.377,227.197,623.61
WACC
PV LFCF 5,753.475,670.965,589.635,509.475,430.45
SUM PV LFCF 27,953.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.02
Free cash flow (t + 1) 7,776.09
Terminal Value 154,902.11
Present Value of Terminal Value 110,339.91

Intrinsic Value

Enterprise Value 138,293.87
Net Debt 41,676
Equity Value 96,617.87
Shares Outstanding 1,828
Equity Value Per Share 52.85