Discounted Cash Flow (DCF) Analysis Levered
Fox Corporation (FOX)
$31.31
+0.42 (+1.36%)
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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,317 | 2,524 | 2,365 | 2,639 | 1,884 | 2,673.15 | 2,896.19 | 3,137.84 | 3,399.65 | 3,683.31 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -215 | -235 | -359 | -484 | -307 | -395.01 | -427.97 | -463.67 | -502.36 | -544.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,102 | 2,289 | 2,006 | 2,155 | 1,577 | 2,278.15 | 2,468.23 | 2,674.17 | 2,897.29 | 3,139.03 |
Weighted Average Cost Of Capital
| Share price | $ 31.31 |
|---|---|
| Beta | 0.869 |
| Diluted Shares Outstanding | 595 |
| Cost of Debt | |
| Tax Rate | 28.87 |
| After-tax Cost of Debt | 3.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.595 |
| Total Debt | 7,718 |
| Total Equity | 18,629.45 |
| Total Capital | 26,347.45 |
| Debt Weighting | 29.29 |
| Equity Weighting | 70.71 |
| 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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,317 | 2,524 | 2,365 | 2,639 | 1,884 | 2,673.15 | 2,896.19 | 3,137.84 | 3,399.65 | 3,683.31 |
| Capital Expenditure | -215 | -235 | -359 | -484 | -307 | -395.01 | -427.97 | -463.67 | -502.36 | -544.28 |
| Free Cash Flow | 1,102 | 2,289 | 2,006 | 2,155 | 1,577 | 2,278.15 | 2,468.23 | 2,674.17 | 2,897.29 | 3,139.03 |
| WACC | ||||||||||
| PV LFCF | 2,141.32 | 2,180.64 | 2,220.68 | 2,261.46 | 2,302.99 | |||||
| SUM PV LFCF | 11,107.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.39 |
| Free cash flow (t + 1) | 3,201.81 |
| Terminal Value | 72,934.25 |
| Present Value of Terminal Value | 53,509.08 |
Intrinsic Value
| Enterprise Value | 64,616.16 |
|---|---|
| Net Debt | 2,518 |
| Equity Value | 62,098.16 |
| Shares Outstanding | 595 |
| Equity Value Per Share | 104.37 |