Discounted Cash Flow (DCF) Analysis Levered
Formula One Group (FWONA)
$56.81
-2.40 (-4.05%)
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 | 1,827 | 2,022 | 1,145 | 2,136 | 16,681 | 47,323.84 | 134,257.29 | 380,886.68 | 1,080,571.93 | 3,065,572.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 268 | 294 | -139 | 481 | 534 | 4,049.89 | 11,489.51 | 32,595.63 | 92,473.51 | 262,346.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -14 | -44 | -21 | -17 | -291 | -692.52 | -1,964.66 | -5,573.74 | -15,812.64 | -44,860.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 254 | 250 | -160 | 464 | 243 | 3,357.38 | 9,524.85 | 27,021.90 | 76,660.87 | 217,486.18 |
Weighted Average Cost Of Capital
| Share price | $ 56.81 |
|---|---|
| Beta | 1.096 |
| Diluted Shares Outstanding | 244 |
| Cost of Debt | |
| Tax Rate | 19.01 |
| After-tax Cost of Debt | 7.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.652 |
| Total Debt | 2,947 |
| Total Equity | 13,861.64 |
| Total Capital | 16,808.64 |
| Debt Weighting | 17.53 |
| Equity Weighting | 82.47 |
| 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 | 1,827 | 2,022 | 1,145 | 2,136 | 16,681 | 47,323.84 | 134,257.29 | 380,886.68 | 1,080,571.93 | 3,065,572.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 268 | 294 | -139 | 481 | 534 | 4,049.89 | 11,489.51 | 32,595.63 | 92,473.51 | 262,346.48 |
| Capital Expenditure | -14 | -44 | -21 | -17 | -291 | -692.52 | -1,964.66 | -5,573.74 | -15,812.64 | -44,860.30 |
| Free Cash Flow | 254 | 250 | -160 | 464 | 243 | 3,357.38 | 9,524.85 | 27,021.90 | 76,660.87 | 217,486.18 |
| WACC | ||||||||||
| PV LFCF | 3,071.71 | 7,972.92 | 20,694.52 | 53,714.69 | 139,421.85 | |||||
| SUM PV LFCF | 224,875.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.30 |
| Free cash flow (t + 1) | 221,835.90 |
| Terminal Value | 3,038,847.97 |
| Present Value of Terminal Value | 1,948,086.17 |
Intrinsic Value
| Enterprise Value | 2,172,961.87 |
|---|---|
| Net Debt | 1,214 |
| Equity Value | 2,171,747.87 |
| Shares Outstanding | 244 |
| Equity Value Per Share | 8,900.61 |