Discounted Cash Flow (DCF) Analysis Unlevered
Fox Corporation (FOXA)
$29.71
+0.16 (+0.54%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 11,389 | 12,303 | 12,909 | 13,974 | 14,913 | 15,953.95 | 17,067.56 | 18,258.90 | 19,533.40 | 20,896.86 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,665 | 2,542 | 3,648 | 2,428 | 2,476 | 3,391.77 | 3,628.52 | 3,881.80 | 4,152.76 | 4,442.62 |
EBITDA (%) | ||||||||||
EBIT | 2,453 | 2,284 | 3,348 | 2,065 | 2,065 | 3,020.49 | 3,231.32 | 3,456.87 | 3,698.17 | 3,956.31 |
EBIT (%) | ||||||||||
Depreciation | 212 | 258 | 300 | 363 | 411 | 371.28 | 397.20 | 424.93 | 454.59 | 486.32 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 3,234 | 4,645 | 5,886 | 5,200 | 4,272 | 5,667 | 6,062.57 | 6,485.75 | 6,938.46 | 7,422.78 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,967 | 1,888 | 2,029 | 2,128 | 2,177 | 2,493.95 | 2,668.03 | 2,854.26 | 3,053.50 | 3,266.63 |
Account Receivables (%) | ||||||||||
Inventories | 1,129 | 856 | 729 | 791 | 543 | 1,015.30 | 1,086.17 | 1,161.98 | 1,243.09 | 1,329.86 |
Inventories (%) | ||||||||||
Accounts Payable | 514 | 1,392 | 1,828 | 686 | -160 | 1,079.26 | 1,154.60 | 1,235.19 | 1,321.41 | 1,413.64 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -235 | -359 | -484 | -307 | -357 | -425.06 | -454.73 | -486.47 | -520.43 | -556.76 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 29.71 |
---|---|
Beta | 0.794 |
Diluted Shares Outstanding | 506 |
Cost of Debt | |
Tax Rate | 28.63 |
After-tax Cost of Debt | 3.11% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.104 |
Total Debt | 7,210 |
Total Equity | 15,033.26 |
Total Capital | 22,243.26 |
Debt Weighting | 32.41 |
Equity Weighting | 67.59 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 11,389 | 12,303 | 12,909 | 13,974 | 14,913 | 15,953.95 | 17,067.56 | 18,258.90 | 19,533.40 | 20,896.86 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,665 | 2,542 | 3,648 | 2,428 | 2,476 | 3,391.77 | 3,628.52 | 3,881.80 | 4,152.76 | 4,442.62 |
EBIT | 2,453 | 2,284 | 3,348 | 2,065 | 2,065 | 3,020.49 | 3,231.32 | 3,456.87 | 3,698.17 | 3,956.31 |
Tax Rate | 28.28% | 31.76% | 26.32% | 28.87% | 28.63% | 28.77% | 28.77% | 28.77% | 28.77% | 28.77% |
EBIAT | 1,759.23 | 1,558.55 | 2,466.83 | 1,468.90 | 1,473.81 | 2,151.44 | 2,301.61 | 2,462.26 | 2,634.13 | 2,818 |
Depreciation | 212 | 258 | 300 | 363 | 411 | 371.28 | 397.20 | 424.93 | 454.59 | 486.32 |
Accounts Receivable | - | 79 | -141 | -99 | -49 | -316.95 | -174.08 | -186.23 | -199.23 | -213.14 |
Inventories | - | 273 | 127 | -62 | 248 | -472.30 | -70.87 | -75.82 | -81.11 | -86.77 |
Accounts Payable | - | 878 | 436 | -1,142 | -846 | 1,239.26 | 75.33 | 80.59 | 86.22 | 92.24 |
Capital Expenditure | -235 | -359 | -484 | -307 | -357 | -425.06 | -454.73 | -486.47 | -520.43 | -556.76 |
UFCF | 1,736.23 | 2,687.55 | 2,704.83 | 221.91 | 880.81 | 2,547.67 | 2,074.46 | 2,219.26 | 2,374.17 | 2,539.89 |
WACC | ||||||||||
PV UFCF | 2,392.63 | 1,829.65 | 1,838.25 | 1,846.88 | 1,855.56 | |||||
SUM PV UFCF | 9,762.98 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.48 |
Free cash flow (t + 1) | 2,590.69 |
Terminal Value | 57,827.85 |
Present Value of Terminal Value | 42,247.09 |
Intrinsic Value
Enterprise Value | 52,010.07 |
---|---|
Net Debt | 2,938 |
Equity Value | 49,072.07 |
Shares Outstanding | 506 |
Equity Value Per Share | 96.98 |