Discounted Cash Flow (DCF) Analysis Unlevered

Fox Corporation (FOX)

$30.7

+0.60 (+1.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.05 | 30.7 | undervalue

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 10,15311,38912,30312,90913,97415,139.9516,403.1717,771.8019,254.6220,861.17
Revenue (%)
EBITDA 2,3432,5912,0283,5622,4063,243.633,514.273,807.494,125.174,469.36
EBITDA (%)
EBIT 2,1722,3791,7703,2622,0432,923.743,167.693,431.993,718.354,028.59
EBIT (%)
Depreciation 171212258300363319.89346.58375.50406.83440.77
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 2,5003,2344,6455,8865,2005,256.055,694.606,169.746,684.527,242.25
Total Cash (%)
Account Receivables 1,8331,9671,8882,0292,1282,471.342,677.552,900.953,1433,405.24
Account Receivables (%)
Inventories 1,1801,1298567297911,205.161,305.711,414.661,532.691,660.58
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -215-235-359-484-307-395.01-427.97-463.67-502.36-544.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.7
Beta 0.869
Diluted Shares Outstanding 595
Cost of Debt
Tax Rate 28.87
After-tax Cost of Debt 3.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.582
Total Debt 7,718
Total Equity 18,266.50
Total Capital 25,984.50
Debt Weighting 29.70
Equity Weighting 70.30
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 10,15311,38912,30312,90913,97415,139.9516,403.1717,771.8019,254.6220,861.17
EBITDA 2,3432,5912,0283,5622,4063,243.633,514.273,807.494,125.174,469.36
EBIT 2,1722,3791,7703,2622,0432,923.743,167.693,431.993,718.354,028.59
Tax Rate -0.78%28.28%31.76%26.32%28.87%22.89%22.89%22.89%22.89%22.89%
EBIAT 2,189.021,706.161,207.812,403.461,453.262,254.512,442.622,646.432,867.243,106.47
Depreciation 171212258300363319.89346.58375.50406.83440.77
Accounts Receivable --13479-141-99-343.34-206.20-223.41-242.05-262.24
Inventories -51273127-62-414.16-100.55-108.94-118.03-127.88
Accounts Payable ----------
Capital Expenditure -215-235-359-484-307-395.01-427.97-463.67-502.36-544.28
UFCF 2,145.021,600.161,458.812,205.461,348.261,421.892,054.482,225.902,411.622,612.84
WACC
PV UFCF 1,336.861,816.121,849.991,884.501,919.64
SUM PV UFCF 8,807.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) 2,665.09
Terminal Value 61,126.01
Present Value of Terminal Value 44,909.11

Intrinsic Value

Enterprise Value 53,716.23
Net Debt 2,518
Equity Value 51,198.23
Shares Outstanding 595
Equity Value Per Share 86.05