Discounted Cash Flow (DCF) Analysis Levered
Fox Corporation (FOX)
$27.66
-0.03 (-0.11%)
All numbers are in Millions, Currency in USD
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 | 11,389 | 12,303 | 12,909 | 13,974 | 14,913 | 15,953.95 | 17,067.56 | 18,258.90 | 19,533.40 | 20,896.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,524 | 2,365 | 2,639 | 1,884 | 1,800 | 2,788.11 | 2,982.73 | 3,190.92 | 3,413.66 | 3,651.93 |
| 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 | 2,289 | 2,006 | 2,155 | 1,577 | 1,443 | 2,363.05 | 2,527.99 | 2,704.45 | 2,893.23 | 3,095.18 |
Weighted Average Cost Of Capital
| Share price | $ 27.66 |
|---|---|
| Beta | 0.872 |
| Diluted Shares Outstanding | 506 |
| Cost of Debt | |
| Tax Rate | 28.63 |
| After-tax Cost of Debt | 3.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.414 |
| Total Debt | 7,210 |
| Total Equity | 13,995.96 |
| Total Capital | 21,205.96 |
| Debt Weighting | 34.00 |
| Equity Weighting | 66.00 |
| 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 | 11,389 | 12,303 | 12,909 | 13,974 | 14,913 | 15,953.95 | 17,067.56 | 18,258.90 | 19,533.40 | 20,896.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,524 | 2,365 | 2,639 | 1,884 | 1,800 | 2,788.11 | 2,982.73 | 3,190.92 | 3,413.66 | 3,651.93 |
| Capital Expenditure | -235 | -359 | -484 | -307 | -357 | -425.06 | -454.73 | -486.47 | -520.43 | -556.76 |
| Free Cash Flow | 2,289 | 2,006 | 2,155 | 1,577 | 1,443 | 2,363.05 | 2,527.99 | 2,704.45 | 2,893.23 | 3,095.18 |
| WACC | ||||||||||
| PV LFCF | 2,216.74 | 2,224.65 | 2,232.58 | 2,240.54 | 2,248.53 | |||||
| SUM PV LFCF | 11,163.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.60 |
| Free cash flow (t + 1) | 3,157.08 |
| Terminal Value | 68,632.21 |
| Present Value of Terminal Value | 49,858.81 |
Intrinsic Value
| Enterprise Value | 61,021.87 |
|---|---|
| Net Debt | 2,938 |
| Equity Value | 58,083.87 |
| Shares Outstanding | 506 |
| Equity Value Per Share | 114.79 |