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Discounted Cash Flow (DCF) Analysis Unlevered


Twenty-First Century Fox Inc.

Twenty-First Century Fox Inc. (FOXA)

Consumer Cyclical

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8,894.009,921.2610,153.4111,389.0812,378.8013,454.5114,623.7115,894.51
Revenue (%)
EBITDA 1,995.812,395.982,343.412,591.022,859.503,107.993,378.083,671.63
EBITDA (%)
EBIT 1,825.942,227.322,172.832,379.182,637.922,867.163,116.313,387.12
EBIT (%)
Depreciation 169.88168.66170.58211.84221.58240.84261.76284.51
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash -18.852,499.773,234.502,196.002,386.832,594.252,819.69
Total Cash (%)
Account Receivables -1,692.571,832.691,966.892,161.342,349.162,553.302,775.18
Account Receivables (%)
Inventories -1,051.651,179.831,128.661,325.771,440.981,566.201,702.30
Inventories (%)
Accounts Payable -2,041.791,758.571,711.782,184.862,374.722,581.092,805.38
Accounts Payable (%)
Capital Expenditure -106.73-191.48-215.25-234.62-226.53-246.22-267.61-290.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.49
Diluted Shares Outstanding 620.53
Cost of Debt
Tax Rate 26.70
After-tax Cost of Debt -1.29
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.46
Total Debt 6,751.00
Total Equity 22,022.43
Total Capital 28,773.43
Debt Weighting 23.46
Equity Weighting 76.54
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8,894.009,921.2610,153.4111,389.0812,378.8013,454.5114,623.7115,894.51
EBITDA 1,995.812,395.982,343.412,591.022,859.503,107.993,378.083,671.63
EBIT 1,825.942,227.322,172.832,379.182,637.922,867.163,116.313,387.12
Tax Rate 40.71%37.75%-2.72%26.70%25.61%25.61%25.61%25.61%
EBIAT 1,082.641,386.522,232.021,743.931,962.392,132.922,318.282,519.73
Depreciation 169.88168.66170.58211.84221.58240.84261.76284.51
Accounts Receivable ---140.12-134.20-194.44-187.82-204.14-221.88
Inventories ---128.1751.17-197.11-115.21-125.22-136.10
Accounts Payable ---283.22-46.79473.08189.86206.36224.30
Capital Expenditure -84.7523.7719.36-8.0819.6921.4023.26
UFCF 1,252.511,639.931,874.851,845.302,257.412,280.282,478.442,693.81
WACC
PV UFCF 2,319.272,280.282,412.342,552.04
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.74
Free cash flow (t + 1) 2,801.56
Terminal Value -222,346.41
Present Value of Terminal Value -194,237.16

Intrinsic Value

Enterprise Value -
Net Debt 3,516.50
Equity Value -
Shares Outstanding 620.53
Equity Value Per Share -