Discounted Cash Flow (DCF) Analysis Unlevered
The Liberty Braves Group (BATRK)
$37.55
+0.51 (+1.38%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 442 | 476 | 178 | 568 | 588 | 834.53 | 1,184.43 | 1,681.03 | 2,385.84 | 3,386.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 100 | 10 | -11 | 90 | 66 | 76.13 | 108.06 | 153.36 | 217.66 | 308.92 |
| EBITDA (%) | ||||||||||
| EBIT | 24 | -61 | -80 | 18 | -5 | -83.47 | -118.47 | -168.14 | -238.63 | -338.69 |
| EBIT (%) | ||||||||||
| Depreciation | 76 | 71 | 69 | 72 | 71 | 159.61 | 226.52 | 321.50 | 456.29 | 647.61 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 107 | 142 | 151 | 142 | 151 | 316.37 | 449.02 | 637.29 | 904.48 | 1,283.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 21 | 28 | 30 | 40 | 45 | 70.41 | 99.93 | 141.82 | 201.28 | 285.68 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 29 | 63 | 53 | 66 | 55 | 117.74 | 167.11 | 237.18 | 336.62 | 477.75 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -33 | -103 | -81 | -35 | -18 | -139.92 | -198.59 | -281.85 | -400.03 | -567.75 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 37.55 |
|---|---|
| Beta | 0.919 |
| Diluted Shares Outstanding | 53 |
| Cost of Debt | |
| Tax Rate | -29.63 |
| After-tax Cost of Debt | 5.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.878 |
| Total Debt | 542 |
| Total Equity | 1,990.15 |
| Total Capital | 2,532.15 |
| Debt Weighting | 21.40 |
| Equity Weighting | 78.60 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 442 | 476 | 178 | 568 | 588 | 834.53 | 1,184.43 | 1,681.03 | 2,385.84 | 3,386.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 100 | 10 | -11 | 90 | 66 | 76.13 | 108.06 | 153.36 | 217.66 | 308.92 |
| EBIT | 24 | -61 | -80 | 18 | -5 | -83.47 | -118.47 | -168.14 | -238.63 | -338.69 |
| Tax Rate | 225.00% | 16.30% | 32.76% | -266.67% | -29.63% | -4.45% | -4.45% | -4.45% | -4.45% | -4.45% |
| EBIAT | -30 | -51.05 | -53.79 | 66 | -6.48 | -87.18 | -123.74 | -175.61 | -249.25 | -353.75 |
| Depreciation | 76 | 71 | 69 | 72 | 71 | 159.61 | 226.52 | 321.50 | 456.29 | 647.61 |
| Accounts Receivable | - | -7 | -2 | -10 | -5 | -25.41 | -29.52 | -41.90 | -59.46 | -84.39 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 34 | -10 | 13 | -11 | 62.74 | 49.37 | 70.07 | 99.44 | 141.14 |
| Capital Expenditure | -33 | -103 | -81 | -35 | -18 | -139.92 | -198.59 | -281.85 | -400.03 | -567.75 |
| UFCF | 13 | -56.05 | -77.79 | 106 | 30.52 | -30.16 | -75.95 | -107.80 | -153 | -217.15 |
| WACC | ||||||||||
| PV UFCF | -27.90 | -64.97 | -85.29 | -111.96 | -146.97 | |||||
| SUM PV UFCF | -437.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.12 |
| Free cash flow (t + 1) | -221.49 |
| Terminal Value | -3,619.09 |
| Present Value of Terminal Value | -2,449.45 |
Intrinsic Value
| Enterprise Value | -2,886.54 |
|---|---|
| Net Debt | 391 |
| Equity Value | -3,277.54 |
| Shares Outstanding | 53 |
| Equity Value Per Share | -61.84 |