Discounted Cash Flow (DCF) Analysis Levered
Formula One Group (FWONK)
$73.38
+0.59 (+0.81%)
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 | 178 | 2,136 | 16,681 | 87,592.85 | 459,954.90 | 2,415,248.56 | 12,682,603.61 | 66,597,052 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 268 | 294 | -139 | 481 | 2,546 | -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 | 254 | 250 | -160 | 464 | 1,811 | -5,438.04 | -28,555.44 | -149,946.19 | -787,375.73 | -4,134,553.44 |
Weighted Average Cost Of Capital
| Share price | $ 73.38 |
|---|---|
| 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 | 8.524 |
| Total Debt | 16,632 |
| Total Equity | 17,611.20 |
| Total Capital | 34,243.20 |
| Debt Weighting | 48.57 |
| Equity Weighting | 51.43 |
| 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 | 178 | 2,136 | 16,681 | 87,592.85 | 459,954.90 | 2,415,248.56 | 12,682,603.61 | 66,597,052 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 268 | 294 | -139 | 481 | 2,546 | -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 | 254 | 250 | -160 | 464 | 1,811 | -5,438.04 | -28,555.44 | -149,946.19 | -787,375.73 | -4,134,553.44 |
| WACC | ||||||||||
| PV LFCF | -5,186 | -25,969.83 | -130,048.66 | -651,242.31 | -3,261,214.33 | |||||
| SUM PV LFCF | -4,073,661.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.86 |
| Free cash flow (t + 1) | -4,217,244.51 |
| Terminal Value | -147,456,101.59 |
| Present Value of Terminal Value | -116,309,042.66 |
Intrinsic Value
| Enterprise Value | -120,382,703.79 |
|---|---|
| Net Debt | 14,386 |
| Equity Value | -120,397,089.79 |
| Shares Outstanding | 240 |
| Equity Value Per Share | -501,654.54 |