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
Stock DCF: 1,766.38 | 8.27 | undervalue

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 94,274.24101,282.33101,757.1897,361.63103,521.80106,086.56108,714.86111,408.28114,168.43116,996.96
Revenue (%)
Operating Cash Flow 25,099.7433,714.5027,269.0833,160.9229,396.0631,648.9232,433.0233,236.5534,059.9934,903.83
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 6,562.587,440.556,054.0511,7944,228.817,734.897,926.528,122.908,324.158,530.38

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 94,274.24101,282.33101,757.1897,361.63103,521.80106,086.56108,714.86111,408.28114,168.43116,996.96
Operating Cash Flow 25,099.7433,714.5027,269.0833,160.9229,396.0631,648.9232,433.0233,236.5534,059.9934,903.83
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 6,562.587,440.556,054.0511,7944,228.817,734.897,926.528,122.908,324.158,530.38
WACC
PV LFCF 7,530.077,512.307,494.567,476.877,459.22
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