Discounted Cash Flow (DCF) Analysis Unlevered

Grupo Televisa, S.A.B. (TV)

$8.27

+0.09 (+1.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 795.19 | 8.27 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 94,274.24101,282.33101,757.1897,361.63103,521.80106,086.56108,714.86111,408.28114,168.43116,996.96
Revenue (%)
EBITDA 36,580.5639,941.4438,705.4035,720.5143,461.1741,362.3442,387.0943,437.2344,513.4045,616.22
EBITDA (%)
EBIT 18,044.2920,107.2417,696.6114,459.7322,042.8019,632.0320,118.4220,616.8521,127.6321,651.07
EBIT (%)
Depreciation 18,536.2719,834.2021,008.8021,260.7921,418.3721,730.3122,268.6822,820.3823,385.7623,965.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 44,748.6332,099.2827,45229,058.0925,789.9034,137.6634,983.4235,850.1436,738.3337,648.53
Total Cash (%)
Account Receivables 30,531.3227,203.7925,993.3925,786.2331,93430,154.5030,901.5831,667.1732,451.7233,255.72
Account Receivables (%)
Inventories 1,492.951,026.431,151.421,641.302,212.901,602.331,642.031,682.711,724.401,767.12
Inventories (%)
Accounts Payable 19,959.7922,029.5520,909.6521,943.2322,588.5022,878.4523,445.2724,026.1224,621.3725,231.37
Accounts Payable (%)
Capital Expenditure -18,537.16-26,273.94-21,215.03-21,366.92-25,167.25-23,914.03-24,506.50-25,113.65-25,735.84-26,373.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.27
Beta 0.795
Diluted Shares Outstanding 557.25
Cost of Debt
Tax Rate 61.72
After-tax Cost of Debt 2.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.640
Total Debt 135,472.70
Total Equity 4,608.47
Total Capital 140,081.17
Debt Weighting 96.71
Equity Weighting 3.29
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 94,274.24101,282.33101,757.1897,361.63103,521.80106,086.56108,714.86111,408.28114,168.43116,996.96
EBITDA 36,580.5639,941.4438,705.4035,720.5143,461.1741,362.3442,387.0943,437.2344,513.4045,616.22
EBIT 18,044.2920,107.2417,696.6114,459.7322,042.8019,632.0320,118.4220,616.8521,127.6321,651.07
Tax Rate 58.31%49.95%47.28%122.61%61.72%67.97%67.97%67.97%67.97%67.97%
EBIAT 7,523.4110,064.559,329.29-3,268.948,437.516,287.636,443.416,603.056,766.646,934.28
Depreciation 18,536.2719,834.2021,008.8021,260.7921,418.3721,730.3122,268.6822,820.3823,385.7623,965.14
Accounts Receivable -3,327.531,210.41207.16-6,147.771,779.50-747.08-765.59-784.56-803.99
Inventories -466.52-124.99-489.88-571.60610.57-39.70-40.68-41.69-42.72
Accounts Payable -2,069.75-1,119.891,033.57645.27289.95566.82580.86595.25610
Capital Expenditure -18,537.16-26,273.94-21,215.03-21,366.92-25,167.25-23,914.03-24,506.50-25,113.65-25,735.84-26,373.45
UFCF 7,522.529,488.619,088.57-2,624.22-1,385.466,783.943,985.634,084.374,185.564,289.26
WACC
PV UFCF 6,604.303,777.343,768.433,759.533,750.65
SUM PV UFCF 21,660.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.72
Free cash flow (t + 1) 4,375.04
Terminal Value 607,644.88
Present Value of Terminal Value 531,342.78

Intrinsic Value

Enterprise Value 553,003.04
Net Debt 109,879.40
Equity Value 443,123.64
Shares Outstanding 557.25
Equity Value Per Share 795.19