Discounted Cash Flow (DCF) Analysis Unlevered
Fox Corporation (FOX)
$30.7
+0.60 (+1.99%)
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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2,343 | 2,591 | 2,028 | 3,562 | 2,406 | 3,243.63 | 3,514.27 | 3,807.49 | 4,125.17 | 4,469.36 |
| EBITDA (%) | ||||||||||
| EBIT | 2,172 | 2,379 | 1,770 | 3,262 | 2,043 | 2,923.74 | 3,167.69 | 3,431.99 | 3,718.35 | 4,028.59 |
| EBIT (%) | ||||||||||
| Depreciation | 171 | 212 | 258 | 300 | 363 | 319.89 | 346.58 | 375.50 | 406.83 | 440.77 |
| 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 | 2,500 | 3,234 | 4,645 | 5,886 | 5,200 | 5,256.05 | 5,694.60 | 6,169.74 | 6,684.52 | 7,242.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1,833 | 1,967 | 1,888 | 2,029 | 2,128 | 2,471.34 | 2,677.55 | 2,900.95 | 3,143 | 3,405.24 |
| Account Receivables (%) | ||||||||||
| Inventories | 1,180 | 1,129 | 856 | 729 | 791 | 1,205.16 | 1,305.71 | 1,414.66 | 1,532.69 | 1,660.58 |
| 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 | 10,153 | 11,389 | 12,303 | 12,909 | 13,974 | 15,139.95 | 16,403.17 | 17,771.80 | 19,254.62 | 20,861.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,343 | 2,591 | 2,028 | 3,562 | 2,406 | 3,243.63 | 3,514.27 | 3,807.49 | 4,125.17 | 4,469.36 |
| EBIT | 2,172 | 2,379 | 1,770 | 3,262 | 2,043 | 2,923.74 | 3,167.69 | 3,431.99 | 3,718.35 | 4,028.59 |
| Tax Rate | -0.78% | 28.28% | 31.76% | 26.32% | 28.87% | 22.89% | 22.89% | 22.89% | 22.89% | 22.89% |
| EBIAT | 2,189.02 | 1,706.16 | 1,207.81 | 2,403.46 | 1,453.26 | 2,254.51 | 2,442.62 | 2,646.43 | 2,867.24 | 3,106.47 |
| Depreciation | 171 | 212 | 258 | 300 | 363 | 319.89 | 346.58 | 375.50 | 406.83 | 440.77 |
| Accounts Receivable | - | -134 | 79 | -141 | -99 | -343.34 | -206.20 | -223.41 | -242.05 | -262.24 |
| Inventories | - | 51 | 273 | 127 | -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 | 2,145.02 | 1,600.16 | 1,458.81 | 2,205.46 | 1,348.26 | 1,421.89 | 2,054.48 | 2,225.90 | 2,411.62 | 2,612.84 |
| WACC | ||||||||||
| PV UFCF | 1,336.86 | 1,816.12 | 1,849.99 | 1,884.50 | 1,919.64 | |||||
| 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 |