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
Stock DCF: -61.84 | 37.55 | overvalue

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 442476178568588834.531,184.431,681.032,385.843,386.17
Revenue (%)
EBITDA 10010-11906676.13108.06153.36217.66308.92
EBITDA (%)
EBIT 24-61-8018-5-83.47-118.47-168.14-238.63-338.69
EBIT (%)
Depreciation 7671697271159.61226.52321.50456.29647.61
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 107142151142151316.37449.02637.29904.481,283.71
Total Cash (%)
Account Receivables 212830404570.4199.93141.82201.28285.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2963536655117.74167.11237.18336.62477.75
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 442476178568588834.531,184.431,681.032,385.843,386.17
EBITDA 10010-11906676.13108.06153.36217.66308.92
EBIT 24-61-8018-5-83.47-118.47-168.14-238.63-338.69
Tax Rate 225.00%16.30%32.76%-266.67%-29.63%-4.45%-4.45%-4.45%-4.45%-4.45%
EBIAT -30-51.05-53.7966-6.48-87.18-123.74-175.61-249.25-353.75
Depreciation 7671697271159.61226.52321.50456.29647.61
Accounts Receivable --7-2-10-5-25.41-29.52-41.90-59.46-84.39
Inventories ----------
Accounts Payable -34-1013-1162.7449.3770.0799.44141.14
Capital Expenditure -33-103-81-35-18-139.92-198.59-281.85-400.03-567.75
UFCF 13-56.05-77.7910630.52-30.16-75.95-107.80-153-217.15
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