Discounted Cash Flow (DCF) Analysis Levered
Fox Corporation (FOXA)
$36
+1.95 (+5.73%)
All numbers are in Millions, Currency in USD
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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,317 | 2,524 | 2,365 | 2,639 | 1,884 | 2,673.15 | 2,896.19 | 3,137.84 | 3,399.65 | 3,683.31 |
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 | 1,102 | 2,289 | 2,006 | 2,155 | 1,577 | 2,278.15 | 2,468.23 | 2,674.17 | 2,897.29 | 3,139.03 |
Weighted Average Cost Of Capital
Share price | $ 36 |
---|---|
Beta | 0.884 |
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 | 7.811 |
Total Debt | 7,206 |
Total Equity | 21,420 |
Total Capital | 28,626 |
Debt Weighting | 25.17 |
Equity Weighting | 74.83 |
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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,317 | 2,524 | 2,365 | 2,639 | 1,884 | 2,673.15 | 2,896.19 | 3,137.84 | 3,399.65 | 3,683.31 |
Capital Expenditure | -215 | -235 | -359 | -484 | -307 | -395.01 | -427.97 | -463.67 | -502.36 | -544.28 |
Free Cash Flow | 1,102 | 2,289 | 2,006 | 2,155 | 1,577 | 2,278.15 | 2,468.23 | 2,674.17 | 2,897.29 | 3,139.03 |
WACC | ||||||||||
PV LFCF | 2,133.69 | 2,165.14 | 2,197.06 | 2,229.44 | 2,262.30 | |||||
SUM PV LFCF | 10,987.63 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.77 |
Free cash flow (t + 1) | 3,201.81 |
Terminal Value | 67,123.97 |
Present Value of Terminal Value | 48,376.17 |
Intrinsic Value
Enterprise Value | 59,363.79 |
---|---|
Net Debt | 2,006 |
Equity Value | 57,357.79 |
Shares Outstanding | 595 |
Equity Value Per Share | 96.40 |