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
Stock DCF: 15.61 | 27.73 | overvalue

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 386442476178568821.751,188.861,719.972,488.353,599.99
Revenue (%)
EBITDA 21926-219352.7476.30110.39159.71231.05
EBITDA (%)
EBIT -4616-65-9021-113.10-163.63-236.73-342.48-495.48
EBIT (%)
Depreciation 6776716972165.84239.93347.12502.19726.54
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 132107142152.022,8141,099.601,590.842,301.533,329.724,817.24
Total Cash (%)
Account Receivables 32212830828298.38431.68624.53903.531,307.17
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 582963531,832636.25920.491,331.711,926.642,787.35
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 386442476178568821.751,188.861,719.972,488.353,599.99
EBITDA 21926-219352.7476.30110.39159.71231.05
EBIT -4616-65-9021-113.10-163.63-236.73-342.48-495.48
Tax Rate 59.68%225.00%16.30%32.76%-266.67%13.41%13.41%13.41%13.41%13.41%
EBIAT -18.55-20-54.40-60.5277-97.93-141.68-204.97-296.54-429.02
Depreciation 6776716972165.84239.93347.12502.19726.54
Accounts Receivable -11-7-2-798529.62-133.30-192.85-279-403.64
Inventories ----------
Accounts Payable --2934-101,779-1,195.75284.24411.22594.93860.71
Capital Expenditure -219-33-103-81-35-225.99-326.95-473.02-684.34-990.06
UFCF -170.555-59.40-84.521,095-824.21-77.76-112.50-162.76-235.47
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