Discounted Cash Flow (DCF) Analysis Unlevered

Fox Corporation (FOXA)

$29.71

+0.16 (+0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.98 | 29.71 | undervalue

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 11,38912,30312,90913,97414,91315,953.9517,067.5618,258.9019,533.4020,896.86
Revenue (%)
EBITDA 2,6652,5423,6482,4282,4763,391.773,628.523,881.804,152.764,442.62
EBITDA (%)
EBIT 2,4532,2843,3482,0652,0653,020.493,231.323,456.873,698.173,956.31
EBIT (%)
Depreciation 212258300363411371.28397.20424.93454.59486.32
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 3,2344,6455,8865,2004,2725,6676,062.576,485.756,938.467,422.78
Total Cash (%)
Account Receivables 1,9671,8882,0292,1282,1772,493.952,668.032,854.263,053.503,266.63
Account Receivables (%)
Inventories 1,1298567297915431,015.301,086.171,161.981,243.091,329.86
Inventories (%)
Accounts Payable 5141,3921,828686-1601,079.261,154.601,235.191,321.411,413.64
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 11,38912,30312,90913,97414,91315,953.9517,067.5618,258.9019,533.4020,896.86
EBITDA 2,6652,5423,6482,4282,4763,391.773,628.523,881.804,152.764,442.62
EBIT 2,4532,2843,3482,0652,0653,020.493,231.323,456.873,698.173,956.31
Tax Rate 28.28%31.76%26.32%28.87%28.63%28.77%28.77%28.77%28.77%28.77%
EBIAT 1,759.231,558.552,466.831,468.901,473.812,151.442,301.612,462.262,634.132,818
Depreciation 212258300363411371.28397.20424.93454.59486.32
Accounts Receivable -79-141-99-49-316.95-174.08-186.23-199.23-213.14
Inventories -273127-62248-472.30-70.87-75.82-81.11-86.77
Accounts Payable -878436-1,142-8461,239.2675.3380.5986.2292.24
Capital Expenditure -235-359-484-307-357-425.06-454.73-486.47-520.43-556.76
UFCF 1,736.232,687.552,704.83221.91880.812,547.672,074.462,219.262,374.172,539.89
WACC
PV UFCF 2,392.631,829.651,838.251,846.881,855.56
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