Discounted Cash Flow (DCF) Analysis Levered
Grupo Televisa, S.A.B. (TV)
$8.27
+0.09 (+1.10%)
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 | 94,274.24 | 101,282.33 | 101,757.18 | 97,361.63 | 103,521.80 | 106,086.56 | 108,714.86 | 111,408.28 | 114,168.43 | 116,996.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 25,099.74 | 33,714.50 | 27,269.08 | 33,160.92 | 29,396.06 | 31,648.92 | 32,433.02 | 33,236.55 | 34,059.99 | 34,903.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -18,537.16 | -26,273.94 | -21,215.03 | -21,366.92 | -25,167.25 | -23,914.03 | -24,506.50 | -25,113.65 | -25,735.84 | -26,373.45 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6,562.58 | 7,440.55 | 6,054.05 | 11,794 | 4,228.81 | 7,734.89 | 7,926.52 | 8,122.90 | 8,324.15 | 8,530.38 |
Weighted Average Cost Of Capital
| Share price | $ 8.27 |
|---|---|
| Beta | 0.795 |
| Diluted Shares Outstanding | 557.25 |
| Cost of Debt | |
| Tax Rate | 61.72 |
| After-tax Cost of Debt | 2.59% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.640 |
| Total Debt | 135,472.70 |
| Total Equity | 4,608.47 |
| Total Capital | 140,081.17 |
| Debt Weighting | 96.71 |
| Equity Weighting | 3.29 |
| 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 | 94,274.24 | 101,282.33 | 101,757.18 | 97,361.63 | 103,521.80 | 106,086.56 | 108,714.86 | 111,408.28 | 114,168.43 | 116,996.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 25,099.74 | 33,714.50 | 27,269.08 | 33,160.92 | 29,396.06 | 31,648.92 | 32,433.02 | 33,236.55 | 34,059.99 | 34,903.83 |
| Capital Expenditure | -18,537.16 | -26,273.94 | -21,215.03 | -21,366.92 | -25,167.25 | -23,914.03 | -24,506.50 | -25,113.65 | -25,735.84 | -26,373.45 |
| Free Cash Flow | 6,562.58 | 7,440.55 | 6,054.05 | 11,794 | 4,228.81 | 7,734.89 | 7,926.52 | 8,122.90 | 8,324.15 | 8,530.38 |
| WACC | ||||||||||
| PV LFCF | 7,530.07 | 7,512.30 | 7,494.56 | 7,476.87 | 7,459.22 | |||||
| SUM PV LFCF | 37,473.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.72 |
| Free cash flow (t + 1) | 8,700.99 |
| Terminal Value | 1,208,470.57 |
| Present Value of Terminal Value | 1,056,722.67 |
Intrinsic Value
| Enterprise Value | 1,094,195.69 |
|---|---|
| Net Debt | 109,879.40 |
| Equity Value | 984,316.29 |
| Shares Outstanding | 557.25 |
| Equity Value Per Share | 1,766.38 |