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	94,274.24	101,282.33	101,757.18	97,361.63	103,521.80	106,086.56	108,714.86	111,408.28	114,168.43	116,996.96
Revenue (%)
EBITDA	36,580.56	39,941.44	38,705.40	35,720.51	43,461.17	41,362.34	42,387.09	43,437.23	44,513.40	45,616.22
EBITDA (%)
EBIT	18,044.29	20,107.24	17,696.61	14,459.73	22,042.80	19,632.03	20,118.42	20,616.85	21,127.63	21,651.07
EBIT (%)
Depreciation	18,536.27	19,834.20	21,008.80	21,260.79	21,418.37	21,730.31	22,268.68	22,820.38	23,385.76	23,965.14
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	44,748.63	32,099.28	27,452	29,058.09	25,789.90	34,137.66	34,983.42	35,850.14	36,738.33	37,648.53
Total Cash (%)
Account Receivables	30,531.32	27,203.79	25,993.39	25,786.23	31,934	30,154.50	30,901.58	31,667.17	32,451.72	33,255.72
Account Receivables (%)
Inventories	1,492.95	1,026.43	1,151.42	1,641.30	2,212.90	1,602.33	1,642.03	1,682.71	1,724.40	1,767.12
Inventories (%)
Accounts Payable	19,959.79	22,029.55	20,909.65	21,943.23	22,588.50	22,878.45	23,445.27	24,026.12	24,621.37	25,231.37
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	94,274.24	101,282.33	101,757.18	97,361.63	103,521.80	106,086.56	108,714.86	111,408.28	114,168.43	116,996.96
EBITDA	36,580.56	39,941.44	38,705.40	35,720.51	43,461.17	41,362.34	42,387.09	43,437.23	44,513.40	45,616.22
EBIT	18,044.29	20,107.24	17,696.61	14,459.73	22,042.80	19,632.03	20,118.42	20,616.85	21,127.63	21,651.07
Tax Rate	58.31%	49.95%	47.28%	122.61%	61.72%	67.97%	67.97%	67.97%	67.97%	67.97%
EBIAT	7,523.41	10,064.55	9,329.29	-3,268.94	8,437.51	6,287.63	6,443.41	6,603.05	6,766.64	6,934.28
Depreciation	18,536.27	19,834.20	21,008.80	21,260.79	21,418.37	21,730.31	22,268.68	22,820.38	23,385.76	23,965.14
Accounts Receivable	-	3,327.53	1,210.41	207.16	-6,147.77	1,779.50	-747.08	-765.59	-784.56	-803.99
Inventories	-	466.52	-124.99	-489.88	-571.60	610.57	-39.70	-40.68	-41.69	-42.72
Accounts Payable	-	2,069.75	-1,119.89	1,033.57	645.27	289.95	566.82	580.86	595.25	610
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	7,522.52	9,488.61	9,088.57	-2,624.22	-1,385.46	6,783.94	3,985.63	4,084.37	4,185.56	4,289.26
WACC
PV UFCF						6,604.30	3,777.34	3,768.43	3,759.53	3,750.65
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