Discounted Cash Flow (DCF) Analysis Levered

Formula One Group (FWONK)

$72.53

-0.61 (-0.83%)
All numbers are in Millions, Currency in USD
Stock DCF: -494,028.85 | 72.53 | 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 1,8272,0221782,13616,68187,592.85459,954.902,415,248.5612,682,603.6166,597,052
Revenue (%)
Operating Cash Flow 268294-1394812,546-1,944.45-10,210.42-53,615.50-281,537.95-1,478,371.31
Operating Cash Flow (%)
Capital Expenditure -14-44-21-17-735-3,493.59-18,345.02-96,330.69-505,837.78-2,656,182.13
Capital Expenditure (%)
Free Cash Flow 254250-1604641,811-5,438.04-28,555.44-149,946.19-787,375.73-4,134,553.44

Weighted Average Cost Of Capital

Share price $ 72.53
Beta 1.090
Diluted Shares Outstanding 240
Cost of Debt
Tax Rate 41.39
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.644
Total Debt 16,632
Total Equity 17,407.20
Total Capital 34,039.20
Debt Weighting 48.86
Equity Weighting 51.14
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 1,8272,0221782,13616,68187,592.85459,954.902,415,248.5612,682,603.6166,597,052
Operating Cash Flow 268294-1394812,546-1,944.45-10,210.42-53,615.50-281,537.95-1,478,371.31
Capital Expenditure -14-44-21-17-735-3,493.59-18,345.02-96,330.69-505,837.78-2,656,182.13
Free Cash Flow 254250-1604641,811-5,438.04-28,555.44-149,946.19-787,375.73-4,134,553.44
WACC
PV LFCF -5,184.02-25,950.03-129,899.95-650,249.57-3,255,001.31
SUM PV LFCF -4,066,284.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.90
Free cash flow (t + 1) -4,217,244.51
Terminal Value -145,422,224.32
Present Value of Terminal Value -114,486,253.14

Intrinsic Value

Enterprise Value -118,552,538.02
Net Debt 14,386
Equity Value -118,566,924.02
Shares Outstanding 240
Equity Value Per Share -494,028.85