Discounted Cash Flow (DCF) Analysis Levered

Fox Corporation (FOX)

$27.41

-0.05 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 118.64 | 27.41 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 11,38912,30312,90913,97414,91315,953.9517,067.5618,258.9019,533.4020,896.86
Revenue (%)
Operating Cash Flow 2,5242,3652,6391,8841,8002,788.112,982.733,190.923,413.663,651.93
Operating Cash Flow (%)
Capital Expenditure -235-359-484-307-357-425.06-454.73-486.47-520.43-556.76
Capital Expenditure (%)
Free Cash Flow 2,2892,0062,1551,5771,4432,363.052,527.992,704.452,893.233,095.18

Weighted Average Cost Of Capital

Share price $ 27.41
Beta 0.822
Diluted Shares Outstanding 506
Cost of Debt
Tax Rate 28.63
After-tax Cost of Debt 3.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.211
Total Debt 7,210
Total Equity 13,869.46
Total Capital 21,079.46
Debt Weighting 34.20
Equity Weighting 65.80
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 11,38912,30312,90913,97414,91315,953.9517,067.5618,258.9019,533.4020,896.86
Operating Cash Flow 2,5242,3652,6391,8841,8002,788.112,982.733,190.923,413.663,651.93
Capital Expenditure -235-359-484-307-357-425.06-454.73-486.47-520.43-556.76
Free Cash Flow 2,2892,0062,1551,5771,4432,363.052,527.992,704.452,893.233,095.18
WACC
PV LFCF 1,623.131,631.061,639.031,647.041,655.09
SUM PV LFCF 11,207.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.46
Free cash flow (t + 1) 3,157.08
Terminal Value 70,786.58
Present Value of Terminal Value 51,762.90

Intrinsic Value

Enterprise Value 62,970.18
Net Debt 2,938
Equity Value 60,032.18
Shares Outstanding 506
Equity Value Per Share 118.64