Discounted Cash Flow (DCF) Analysis Levered

Fox Corporation (FOXA)

$32.01

-0.54 (-1.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.73 | 32.01 | undervalue

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 10,15311,38912,30312,90913,97415,139.9516,403.1717,771.8019,254.6220,861.17
Revenue (%)
Operating Cash Flow 1,3172,5242,3652,6391,8842,673.152,896.193,137.843,399.653,683.31
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 1,1022,2892,0062,1551,5772,278.152,468.232,674.172,897.293,139.03

Weighted Average Cost Of Capital

Share price $ 32.01
Beta 0.826
Diluted Shares Outstanding 595
Cost of Debt
Tax Rate 28.87
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.500
Total Debt 7,206
Total Equity 19,045.95
Total Capital 26,251.95
Debt Weighting 27.45
Equity Weighting 72.55
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 10,15311,38912,30312,90913,97415,139.9516,403.1717,771.8019,254.6220,861.17
Operating Cash Flow 1,3172,5242,3652,6391,8842,673.152,896.193,137.843,399.653,683.31
Capital Expenditure -215-235-359-484-307-395.01-427.97-463.67-502.36-544.28
Free Cash Flow 1,1022,2892,0062,1551,5772,278.152,468.232,674.172,897.293,139.03
WACC
PV LFCF 2,140.112,178.182,216.932,256.372,296.51
SUM PV LFCF 11,088.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.45
Free cash flow (t + 1) 3,201.81
Terminal Value 71,950.86
Present Value of Terminal Value 52,639.01

Intrinsic Value

Enterprise Value 63,727.10
Net Debt 2,006
Equity Value 61,721.10
Shares Outstanding 595
Equity Value Per Share 103.73