Discounted Cash Flow (DCF) Analysis Unlevered

Formula One Group (FWONK)

$71.4

+1.39 (+1.99%)

All numbers are in Millions, Currency in USD

Stock DCF: -5,172,863.48 | 71.4 | overvalue

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	1,827	2,022	178	2,136	16,681	87,592.85	459,954.90	2,415,248.56	12,682,603.61	66,597,052
Revenue (%)
EBITDA	452	247	-190	293	1,714	-8,022.37	-42,125.93	-221,205.59	-1,161,562.76	-6,099,430.19
EBITDA (%)
EBIT	-8	-206	-631	-104	670	-64,113.16	-336,661.75	-1,767,829.42	-9,282,969.95	-48,745,387.88
EBIT (%)
Depreciation	460	453	441	397	1,044	56,090.79	294,535.82	1,546,623.84	8,121,407.19	42,645,957.69
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	160	587	3,849	2,074	2,246	404,803.28	2,125,644.37	11,161,875.99	58,611,627.30	307,772,892.09
Total Cash (%)
Account Receivables	110	69	823	66	837	84,071.69	441,465.07	2,318,157.48	12,172,772.96	63,919,903.12
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	233	264	22.97	275.65	2,152.64	11,303.65	59,356.09	311,682.13	1,636,660.06	8,594,192.39
Accounts Payable (%)
Capital Expenditure	-14	-44	-21	-17	-735	-3,493.59	-18,345.02	-96,330.69	-505,837.78	-2,656,182.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 71.4
Beta	1.086
Diluted Shares Outstanding	240
Cost of Debt
Tax Rate	41.39
After-tax Cost of Debt	0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.935
Total Debt	16,632
Total Equity	17,136
Total Capital	33,768
Debt Weighting	49.25
Equity Weighting	50.75
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	1,827	2,022	178	2,136	16,681	87,592.85	459,954.90	2,415,248.56	12,682,603.61	66,597,052
EBITDA	452	247	-190	293	1,714	-8,022.37	-42,125.93	-221,205.59	-1,161,562.76	-6,099,430.19
EBIT	-8	-206	-631	-104	670	-64,113.16	-336,661.75	-1,767,829.42	-9,282,969.95	-48,745,387.88
Tax Rate	25.00%	22.44%	16.95%	-21.02%	41.39%	16.95%	16.95%	16.95%	16.95%	16.95%
EBIAT	-6	-159.77	-524.03	-125.86	392.71	-53,244.23	-279,588.39	-1,468,134.07	-7,709,253.10	-40,481,713.81
Depreciation	460	453	441	397	1,044	56,090.79	294,535.82	1,546,623.84	8,121,407.19	42,645,957.69
Accounts Receivable	-	41	-754	757	-771	-83,234.69	-357,393.39	-1,876,692.41	-9,854,615.48	-51,747,130.16
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	31	-241.03	252.68	1,877	9,151.01	48,052.44	252,326.03	1,324,977.94	6,957,532.33
Capital Expenditure	-14	-44	-21	-17	-735	-3,493.59	-18,345.02	-96,330.69	-505,837.78	-2,656,182.13
UFCF	440	321.23	-1,099.06	1,263.82	1,807.71	-74,730.71	-312,738.53	-1,642,207.30	-8,623,321.24	-45,281,536.09
WACC
PV UFCF						-71,158.55	-283,555.04	-1,417,790.09	-7,089,025.02	-35,445,497.90
SUM PV UFCF										-44,307,026.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.02
Free cash flow (t + 1)	-46,187,166.81
Terminal Value	-1,529,376,384.33
Present Value of Terminal Value	-1,197,165,823.15

Intrinsic Value

Enterprise Value	-1,241,472,849.74
Net Debt	14,386
Equity Value	-1,241,487,235.74
Shares Outstanding	240
Equity Value Per Share	-5,172,863.48