Discounted Cash Flow (DCF) Analysis Unlevered

Fox Corporation (FOXA)

$31.425

+0.42 (+1.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 95.13 | 31.425 | 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 2,3432,5912,0283,5622,4003,242.333,512.863,805.964,123.524,467.57
EBITDA (%)
EBIT 2,1722,3791,7703,2622,0372,922.443,166.283,430.473,716.694,026.80
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 ----2,2962,487.572,695.132,9203,163.633,427.60
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 $ 31.425
Beta 0.826
Diluted Shares Outstanding 595
Cost of Debt
Tax Rate 28.87
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.452
Total Debt 7,206
Total Equity 18,697.88
Total Capital 25,903.88
Debt Weighting 27.82
Equity Weighting 72.18
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 2,3432,5912,0283,5622,4003,242.333,512.863,805.964,123.524,467.57
EBIT 2,1722,3791,7703,2622,0372,922.443,166.283,430.473,716.694,026.80
Tax Rate -0.78%28.28%31.76%26.32%28.87%22.89%22.89%22.89%22.89%22.89%
EBIAT 2,189.021,706.161,207.812,403.461,448.992,253.512,441.542,645.252,865.963,105.09
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 -----191.57207.55224.87243.64263.96
Capital Expenditure -215-235-359-484-307-395.01-427.97-463.67-502.36-544.28
UFCF 2,145.021,600.161,458.812,205.461,343.991,612.462,260.952,449.592,653.982,875.42
WACC
PV UFCF 1,515.471,997.132,033.622,070.772,108.59
SUM PV UFCF 9,725.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.40
Free cash flow (t + 1) 2,932.93
Terminal Value 66,657.45
Present Value of Terminal Value 48,881.05

Intrinsic Value

Enterprise Value 58,606.63
Net Debt 2,006
Equity Value 56,600.63
Shares Outstanding 595
Equity Value Per Share 95.13