Discounted Cash Flow (DCF) Analysis Levered
Fox Corporation (FOXA)
$34.19
+0.73 (+2.18%)
All numbers are in Millions, Currency in USD
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 | 9,921 | 10,153 | 11,389 | 12,303 | 12,909 | 13,795.30 | 14,742.46 | 15,754.64 | 16,836.32 | 17,992.27 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,655 | 1,317 | 2,524 | 2,365 | 2,639 | 2,524.02 | 2,697.31 | 2,882.50 | 3,080.41 | 3,291.91 |
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 | 1,464 | 1,102 | 2,289 | 2,006 | 2,155 | 2,171.59 | 2,320.69 | 2,480.02 | 2,650.29 | 2,832.26 |
Weighted Average Cost Of Capital
Share price | $ 34.19 |
---|---|
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 | 7.304 |
Total Debt | 8,452 |
Total Equity | 20,343.05 |
Total Capital | 28,795.05 |
Debt Weighting | 29.35 |
Equity Weighting | 70.65 |
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 | 9,921 | 10,153 | 11,389 | 12,303 | 12,909 | 13,795.30 | 14,742.46 | 15,754.64 | 16,836.32 | 17,992.27 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,655 | 1,317 | 2,524 | 2,365 | 2,639 | 2,524.02 | 2,697.31 | 2,882.50 | 3,080.41 | 3,291.91 |
Capital Expenditure | -191 | -215 | -235 | -359 | -484 | -352.43 | -376.63 | -402.48 | -430.12 | -459.65 |
Free Cash Flow | 1,464 | 1,102 | 2,289 | 2,006 | 2,155 | 2,171.59 | 2,320.69 | 2,480.02 | 2,650.29 | 2,832.26 |
WACC | ||||||||||
PV LFCF | 1,926.52 | 1,939.15 | 1,951.86 | 1,964.65 | 1,977.52 | |||||
SUM PV LFCF | 10,361.87 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.17 |
Free cash flow (t + 1) | 2,888.90 |
Terminal Value | 69,278.22 |
Present Value of Terminal Value | 51,355.58 |
Intrinsic Value
Enterprise Value | 61,717.45 |
---|---|
Net Debt | 2,566 |
Equity Value | 59,151.45 |
Shares Outstanding | 595 |
Equity Value Per Share | 99.41 |