Discounted Cash Flow (DCF) Analysis Levered

Fox Corporation (FOX)

$31.81

+1.04 (+3.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 102.80 | 31.81 | undervalue

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 9,92110,15311,38912,30312,90913,795.3014,742.4615,754.6416,836.3217,992.27
Revenue (%)
Operating Cash Flow 1,6551,3172,5242,3652,6392,524.022,697.312,882.503,080.413,291.91
Operating Cash Flow (%)
Capital Expenditure -191-215-235-359-484-352.43-376.63-402.48-430.12-459.65
Capital Expenditure (%)
Free Cash Flow 1,4641,1022,2892,0062,1552,171.592,320.692,480.022,650.292,832.26

Weighted Average Cost Of Capital

Share price $ 31.81
Beta 0.942
Diluted Shares Outstanding 595
Cost of Debt
Tax Rate 26.32
After-tax Cost of Debt 3.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.201
Total Debt 8,452
Total Equity 18,926.95
Total Capital 27,378.95
Debt Weighting 30.87
Equity Weighting 69.13
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 9,92110,15311,38912,30312,90913,795.3014,742.4615,754.6416,836.3217,992.27
Operating Cash Flow 1,6551,3172,5242,3652,6392,524.022,697.312,882.503,080.413,291.91
Capital Expenditure -191-215-235-359-484-352.43-376.63-402.48-430.12-459.65
Free Cash Flow 1,4641,1022,2892,0062,1552,171.592,320.692,480.022,650.292,832.26
WACC
PV LFCF 2,047.902,063.852,079.922,096.112,112.44
SUM PV LFCF 10,400.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.04
Free cash flow (t + 1) 2,888.90
Terminal Value 71,507.47
Present Value of Terminal Value 53,333.84

Intrinsic Value

Enterprise Value 63,734.05
Net Debt 2,566
Equity Value 61,168.05
Shares Outstanding 595
Equity Value Per Share 102.80