Discounted Cash Flow (DCF) Analysis Levered
Fox Corporation (FOXA)
$29.71
+0.16 (+0.54%)
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 | $ 29.71 |
---|---|
Beta | 0.794 |
Diluted Shares Outstanding | 506 |
Cost of Debt | |
Tax Rate | 28.63 |
After-tax Cost of Debt | 3.11% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.104 |
Total Debt | 7,210 |
Total Equity | 15,033.26 |
Total Capital | 22,243.26 |
Debt Weighting | 32.41 |
Equity Weighting | 67.59 |
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 | 2,219.24 | 2,229.67 | 2,240.14 | 2,250.66 | 2,261.23 | |||||
SUM PV LFCF | 11,200.94 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.48 |
Free cash flow (t + 1) | 3,157.08 |
Terminal Value | 70,470.57 |
Present Value of Terminal Value | 51,483.44 |
Intrinsic Value
Enterprise Value | 62,684.39 |
---|---|
Net Debt | 2,938 |
Equity Value | 59,746.39 |
Shares Outstanding | 506 |
Equity Value Per Share | 118.08 |