Discounted Cash Flow (DCF) Analysis Levered

Formula One Group (FWONA)

$56.44

-0.84 (-1.47%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 23.06 | 56.44 | overvalue

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 1,8272,0221,1452,1362,5733,050.993,617.794,289.885,086.826,031.82
Revenue (%)
Operating Cash Flow 268294-139481534368.21436.61517.72613.90727.94
Operating Cash Flow (%)
Capital Expenditure -14-44-21-17-291-103.01-122.15-144.84-171.75-203.66
Capital Expenditure (%)
Free Cash Flow 254250-160464243265.19314.46372.87442.15524.28

Weighted Average Cost Of Capital

Share price $ 56.44
Beta 1.083
Diluted Shares Outstanding 244
Cost of Debt
Tax Rate -122.31
After-tax Cost of Debt 5.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.350
Total Debt 2,947
Total Equity 13,771.36
Total Capital 16,718.36
Debt Weighting 17.63
Equity Weighting 82.37
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 1,8272,0221,1452,1362,5733,050.993,617.794,289.885,086.826,031.82
Operating Cash Flow 268294-139481534368.21436.61517.72613.90727.94
Capital Expenditure -14-44-21-17-291-103.01-122.15-144.84-171.75-203.66
Free Cash Flow 254250-160464243265.19314.46372.87442.15524.28
WACC
PV LFCF 244.21266.67291.20317.98347.23
SUM PV LFCF 1,467.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.59
Free cash flow (t + 1) 534.77
Terminal Value 8,114.86
Present Value of Terminal Value 5,374.43

Intrinsic Value

Enterprise Value 6,841.73
Net Debt 1,214
Equity Value 5,627.73
Shares Outstanding 244
Equity Value Per Share 23.06