Discounted Cash Flow (DCF) Analysis Levered

Formula One Group (FWONK)

$70.6715

-1.15 (-1.60%)
All numbers are in Millions, Currency in USD
Stock DCF: -6,217.68 | 70.6715 | overvalue

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 1,7831,8272,0221782,1367,593.1826,992.7095,955.28341,107.631,212,590
Revenue (%)
Operating Cash Flow -75268294-139481-464.23-1,650.26-5,866.44-20,854.39-74,134.45
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 -85254250-160464-708.68-2,519.25-8,955.60-31,835.90-113,172.18

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 1,7831,8272,0221782,1367,593.1826,992.7095,955.28341,107.631,212,590
Operating Cash Flow -75268294-139481-464.23-1,650.26-5,866.44-20,854.39-74,134.45
Capital Expenditure -10-14-44-21-17-244.45-868.99-3,089.15-10,981.51-39,037.72
Free Cash Flow -85254250-160464-708.68-2,519.25-8,955.60-31,835.90-113,172.18
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