Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


The Walt Disney Company

The Walt Disney Company (DIS)

Consumer Cyclical

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,041.0048,810.9352,461.9955,630.6955,135.5859,430.6469,563.5774,878.2280,598.9286,756.6893,384.89
Revenue (%)
EBITDA 11,548.5114,008.7415,869.7517,256.6416,568.2417,847.0219,220.4121,752.1223,413.9925,202.8127,128.31
EBITDA (%)
EBIT 9,355.0211,719.5013,514.2114,731.0113,783.9014,833.8915,060.5118,045.6519,424.3420,908.3622,505.76
EBIT (%)
Depreciation 2,193.502,289.232,355.542,525.632,784.353,013.134,159.903,706.473,989.654,294.464,622.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 3,932.083,421.654,270.414,611.784,019.384,148.265,419.005,803.066,246.426,723.647,237.33
Total Cash (%)
Account Receivables 6,967.847,824.398,021.449,062.248,634.239,336.5515,477.8912,482.2013,435.8414,462.3415,567.26
Account Receivables (%)
Inventories 1,486.351,571.711,568.611,390.771,372.881,390.681,648.662,059.152,216.472,385.812,568.08
Inventories (%)
Accounts Payable 6,801.197,594.987,843.079,129.008,854.779,479.1917,759.5812,789.2013,766.3014,818.0415,950.14
Accounts Payable (%)
Capital Expenditure -2,797.05-3,309.38-4,265.16-4,773.11-3,622.41-4,463.24-4,876.41-5,436.16-5,851.48-6,298.53-6,779.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 148.81
Diluted Shares Outstanding 1,656.00
Cost of Debt
Tax Rate 21.52
After-tax Cost of Debt -1.03
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.09
Total Debt 38,129.00
Total Equity 246,429.36
Total Capital 284,558.36
Debt Weighting 13.40
Equity Weighting 86.60
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,041.0048,810.9352,461.9955,630.6955,135.5859,430.6469,563.5774,878.2280,598.9286,756.6893,384.89
EBITDA 11,548.5114,008.7415,869.7517,256.6416,568.2417,847.0219,220.4121,752.1223,413.9925,202.8127,128.31
EBIT 9,355.0211,719.5013,514.2114,731.0113,783.9014,833.8915,060.5118,045.6519,424.3420,908.3622,505.76
Tax Rate 32.72%36.12%37.44%35.10%33.00%11.66%21.52%29.65%29.65%29.65%29.65%
EBIAT 6,294.127,485.998,454.709,561.059,235.8913,104.0811,819.5912,695.0513,664.9514,708.9515,832.71
Depreciation 2,193.502,289.232,355.542,525.632,784.353,013.134,159.903,706.473,989.654,294.464,622.55
Accounts Receivable --856.55-197.05-1,040.80428.01-702.32-6,141.342,995.69-953.64-1,026.50-1,104.92
Inventories --85.363.10177.8517.89-17.80-257.98-410.49-157.32-169.34-182.28
Accounts Payable -793.79248.091,285.93-274.22624.418,280.39-4,970.38977.091,051.741,132.10
Capital Expenditure -512.34955.78507.95-1,150.71840.83413.16559.75415.32447.05481.21
UFCF 8,487.6210,139.4411,820.1613,017.6211,041.2116,862.3418,273.7314,576.0917,936.0519,306.3720,781.37
WACC
PV UFCF 12,210.0913,751.2913,547.3913,346.53
SUM PV UFCF 92,361.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.26
Free cash flow (t + 1) 21,612.63
Terminal Value 410,886.48
Present Value of Terminal Value 263,885.71

Intrinsic Value

Enterprise Value 356,246.85
Net Debt 32,710.00
Equity Value 323,536.86
Shares Outstanding 1,656.00
Equity Value Per Share 195.37