Discounted Cash Flow (DCF) Analysis Levered

Madison Square Garden Sports Corp. (MSGS)

$164.6256

-0.36 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -124.78 | 164.6256 | 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 1,559.101,631.07603.32415.72821.35837.95854.89872.17889.80907.78
Revenue (%)
Operating Cash Flow 220.65161.253.57-35.33178.0663.3764.6565.9567.2968.65
Operating Cash Flow (%)
Capital Expenditure -191.91-188.83-362.47-0.47-0.93-141.10-143.95-146.86-149.83-152.86
Capital Expenditure (%)
Free Cash Flow 28.73-27.58-358.91-35.79177.12-77.73-79.30-80.91-82.54-84.21

Weighted Average Cost Of Capital

Share price $ 164.6,256
Beta 0.688
Diluted Shares Outstanding 24.41
Cost of Debt
Tax Rate 30.84
After-tax Cost of Debt 0.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.824
Total Debt 993.29
Total Equity 4,017.69
Total Capital 5,010.97
Debt Weighting 19.82
Equity Weighting 80.18
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 1,559.101,631.07603.32415.72821.35837.95854.89872.17889.80907.78
Operating Cash Flow 220.65161.253.57-35.33178.0663.3764.6565.9567.2968.65
Capital Expenditure -191.91-188.83-362.47-0.47-0.93-141.10-143.95-146.86-149.83-152.86
Free Cash Flow 28.73-27.58-358.91-35.79177.12-77.73-79.30-80.91-82.54-84.21
WACC
PV LFCF -73.59-71.07-68.65-66.30-64.04
SUM PV LFCF -343.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.63
Free cash flow (t + 1) -85.89
Terminal Value -2,366.19
Present Value of Terminal Value -1,799.34

Intrinsic Value

Enterprise Value -2,142.99
Net Debt 902.27
Equity Value -3,045.25
Shares Outstanding 24.41
Equity Value Per Share -124.78