Discounted Cash Flow (DCF) Analysis Levered

Fox Corporation (FOXA)

$34.19

+0.73 (+2.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 99.41 | 34.19 | 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 $ 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 9,92110,15311,38912,30312,90913,795.3014,742.4615,754.6416,836.3217,992.27
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 1,926.521,939.151,951.861,964.651,977.52
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