Discounted Cash Flow (DCF) Analysis Unlevered
Fox Corporation (FOXA)
$36
+1.95 (+5.73%)
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 | 2,400 | 3,242.33 | 3,512.86 | 3,805.96 | 4,123.52 | 4,467.57 |
EBITDA (%) | ||||||||||
EBIT | 2,172 | 2,379 | 1,770 | 3,262 | 2,037 | 2,922.44 | 3,166.28 | 3,430.47 | 3,716.69 | 4,026.80 |
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 | - | - | - | - | 2,296 | 2,487.57 | 2,695.13 | 2,920 | 3,163.63 | 3,427.60 |
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 | $ 36 |
---|---|
Beta | 0.884 |
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 | 7.811 |
Total Debt | 7,206 |
Total Equity | 21,420 |
Total Capital | 28,626 |
Debt Weighting | 25.17 |
Equity Weighting | 74.83 |
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 | 2,400 | 3,242.33 | 3,512.86 | 3,805.96 | 4,123.52 | 4,467.57 |
EBIT | 2,172 | 2,379 | 1,770 | 3,262 | 2,037 | 2,922.44 | 3,166.28 | 3,430.47 | 3,716.69 | 4,026.80 |
Tax Rate | -0.78% | 28.28% | 31.76% | 26.32% | 28.87% | 22.89% | 22.89% | 22.89% | 22.89% | 22.89% |
EBIAT | 2,189.02 | 1,706.16 | 1,207.81 | 2,403.46 | 1,448.99 | 2,253.51 | 2,441.54 | 2,645.25 | 2,865.96 | 3,105.09 |
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 | - | - | - | - | - | 191.57 | 207.55 | 224.87 | 243.64 | 263.96 |
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 | 1,343.99 | 1,612.46 | 2,260.95 | 2,449.59 | 2,653.98 | 2,875.42 |
WACC | ||||||||||
PV UFCF | 1,510.22 | 1,983.32 | 2,012.55 | 2,042.21 | 2,072.31 | |||||
SUM PV UFCF | 9,620.60 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.77 |
Free cash flow (t + 1) | 2,932.93 |
Terminal Value | 61,486.96 |
Present Value of Terminal Value | 44,313.57 |
Intrinsic Value
Enterprise Value | 53,934.18 |
---|---|
Net Debt | 2,006 |
Equity Value | 51,928.18 |
Shares Outstanding | 595 |
Equity Value Per Share | 87.27 |