Discounted Cash Flow (DCF) Analysis Levered
Formula One Group (FWONK)
$70.6715
-1.15 (-1.60%)
All numbers are in Millions, Currency in USD
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 | 1,783 | 1,827 | 2,022 | 178 | 2,136 | 7,593.18 | 26,992.70 | 95,955.28 | 341,107.63 | 1,212,590 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -75 | 268 | 294 | -139 | 481 | -464.23 | -1,650.26 | -5,866.44 | -20,854.39 | -74,134.45 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10 | -14 | -44 | -21 | -17 | -244.45 | -868.99 | -3,089.15 | -10,981.51 | -39,037.72 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -85 | 254 | 250 | -160 | 464 | -708.68 | -2,519.25 | -8,955.60 | -31,835.90 | -113,172.18 |
Weighted Average Cost Of Capital
| Share price | $ 70.6,715 |
|---|---|
| Beta | 1.075 |
| Diluted Shares Outstanding | 240 |
| Cost of Debt | |
| Tax Rate | -21.02 |
| After-tax Cost of Debt | 3.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.701 |
| Total Debt | 3,631 |
| Total Equity | 16,961.16 |
| Total Capital | 20,592.16 |
| Debt Weighting | 17.63 |
| Equity Weighting | 82.37 |
| 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 | 1,783 | 1,827 | 2,022 | 178 | 2,136 | 7,593.18 | 26,992.70 | 95,955.28 | 341,107.63 | 1,212,590 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -75 | 268 | 294 | -139 | 481 | -464.23 | -1,650.26 | -5,866.44 | -20,854.39 | -74,134.45 |
| Capital Expenditure | -10 | -14 | -44 | -21 | -17 | -244.45 | -868.99 | -3,089.15 | -10,981.51 | -39,037.72 |
| Free Cash Flow | -85 | 254 | 250 | -160 | 464 | -708.68 | -2,519.25 | -8,955.60 | -31,835.90 | -113,172.18 |
| WACC | ||||||||||
| PV LFCF | -657.65 | -2,169.49 | -7,156.85 | -23,609.50 | -77,884.63 | |||||
| SUM PV LFCF | -111,478.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.76 |
| Free cash flow (t + 1) | -115,435.62 |
| Terminal Value | -2,004,090.62 |
| Present Value of Terminal Value | -1,379,206.97 |
Intrinsic Value
| Enterprise Value | -1,490,685.07 |
|---|---|
| Net Debt | 1,557 |
| Equity Value | -1,492,242.07 |
| Shares Outstanding | 240 |
| Equity Value Per Share | -6,217.68 |