Discounted Cash Flow (DCF) Analysis Levered
Manchester United plc (MANU)
$21.86
-0.52 (-2.32%)
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 | 590.02 | 627.12 | 509.04 | 494.12 | 583.20 | 586.93 | 590.68 | 594.45 | 598.25 | 602.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 95.25 | 244.78 | -3.82 | 113.08 | 96.37 | 110.15 | 110.85 | 111.56 | 112.28 | 112.99 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -168.22 | -191.91 | -241.87 | -144.43 | -123.74 | -184.38 | -185.56 | -186.75 | -187.94 | -189.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -72.96 | 52.87 | -245.69 | -31.35 | -27.37 | -74.23 | -74.71 | -75.18 | -75.66 | -76.15 |
Weighted Average Cost Of Capital
| Share price | $ 21.86 |
|---|---|
| Beta | 0.691 |
| Diluted Shares Outstanding | 162.94 |
| Cost of Debt | |
| Tax Rate | 22.80 |
| After-tax Cost of Debt | 10.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.793 |
| Total Debt | 640.55 |
| Total Equity | 3,561.85 |
| Total Capital | 4,202.40 |
| Debt Weighting | 15.24 |
| Equity Weighting | 84.76 |
| 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 | 590.02 | 627.12 | 509.04 | 494.12 | 583.20 | 586.93 | 590.68 | 594.45 | 598.25 | 602.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 95.25 | 244.78 | -3.82 | 113.08 | 96.37 | 110.15 | 110.85 | 111.56 | 112.28 | 112.99 |
| Capital Expenditure | -168.22 | -191.91 | -241.87 | -144.43 | -123.74 | -184.38 | -185.56 | -186.75 | -187.94 | -189.14 |
| Free Cash Flow | -72.96 | 52.87 | -245.69 | -31.35 | -27.37 | -74.23 | -74.71 | -75.18 | -75.66 | -76.15 |
| WACC | ||||||||||
| PV LFCF | -69.16 | -64.84 | -60.79 | -57 | -53.44 | |||||
| SUM PV LFCF | -305.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.34 |
| Free cash flow (t + 1) | -77.67 |
| Terminal Value | -1,454.49 |
| Present Value of Terminal Value | -1,020.71 |
Intrinsic Value
| Enterprise Value | -1,325.93 |
|---|---|
| Net Debt | 519.33 |
| Equity Value | -1,845.26 |
| Shares Outstanding | 162.94 |
| Equity Value Per Share | -11.32 |