Discounted Cash Flow (DCF) Analysis Unlevered
The Liberty Braves Group (BATRK)
$27.73
+0.59 (+2.17%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 386 | 442 | 476 | 178 | 568 | 821.75 | 1,188.86 | 1,719.97 | 2,488.35 | 3,599.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 21 | 92 | 6 | -21 | 93 | 52.74 | 76.30 | 110.39 | 159.71 | 231.05 |
| EBITDA (%) | ||||||||||
| EBIT | -46 | 16 | -65 | -90 | 21 | -113.10 | -163.63 | -236.73 | -342.48 | -495.48 |
| EBIT (%) | ||||||||||
| Depreciation | 67 | 76 | 71 | 69 | 72 | 165.84 | 239.93 | 347.12 | 502.19 | 726.54 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 132 | 107 | 142 | 152.02 | 2,814 | 1,099.60 | 1,590.84 | 2,301.53 | 3,329.72 | 4,817.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 32 | 21 | 28 | 30 | 828 | 298.38 | 431.68 | 624.53 | 903.53 | 1,307.17 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 58 | 29 | 63 | 53 | 1,832 | 636.25 | 920.49 | 1,331.71 | 1,926.64 | 2,787.35 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -219 | -33 | -103 | -81 | -35 | -225.99 | -326.95 | -473.02 | -684.34 | -990.06 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 27.73 |
|---|---|
| Beta | 0.937 |
| Diluted Shares Outstanding | 60 |
| Cost of Debt | |
| Tax Rate | -266.67 |
| After-tax Cost of Debt | 0.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.271 |
| Total Debt | 18,590 |
| Total Equity | 1,663.80 |
| Total Capital | 20,253.80 |
| Debt Weighting | 91.79 |
| Equity Weighting | 8.21 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 386 | 442 | 476 | 178 | 568 | 821.75 | 1,188.86 | 1,719.97 | 2,488.35 | 3,599.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 21 | 92 | 6 | -21 | 93 | 52.74 | 76.30 | 110.39 | 159.71 | 231.05 |
| EBIT | -46 | 16 | -65 | -90 | 21 | -113.10 | -163.63 | -236.73 | -342.48 | -495.48 |
| Tax Rate | 59.68% | 225.00% | 16.30% | 32.76% | -266.67% | 13.41% | 13.41% | 13.41% | 13.41% | 13.41% |
| EBIAT | -18.55 | -20 | -54.40 | -60.52 | 77 | -97.93 | -141.68 | -204.97 | -296.54 | -429.02 |
| Depreciation | 67 | 76 | 71 | 69 | 72 | 165.84 | 239.93 | 347.12 | 502.19 | 726.54 |
| Accounts Receivable | - | 11 | -7 | -2 | -798 | 529.62 | -133.30 | -192.85 | -279 | -403.64 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -29 | 34 | -10 | 1,779 | -1,195.75 | 284.24 | 411.22 | 594.93 | 860.71 |
| Capital Expenditure | -219 | -33 | -103 | -81 | -35 | -225.99 | -326.95 | -473.02 | -684.34 | -990.06 |
| UFCF | -170.55 | 5 | -59.40 | -84.52 | 1,095 | -824.21 | -77.76 | -112.50 | -162.76 | -235.47 |
| WACC | ||||||||||
| PV UFCF | -818.32 | -76.65 | -110.10 | -158.15 | -227.17 | |||||
| SUM PV UFCF | -1,390.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 0.72 |
| Free cash flow (t + 1) | -240.18 |
| Terminal Value | 18,763.92 |
| Present Value of Terminal Value | 18,102.77 |
Intrinsic Value
| Enterprise Value | 16,712.37 |
|---|---|
| Net Debt | 15,776 |
| Equity Value | 936.37 |
| Shares Outstanding | 60 |
| Equity Value Per Share | 15.61 |