Loading...

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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8,894.009,921.2610,153.4110,858.0611,611.6112,417.4613,279.2314,200.81
Revenue (%)
EBITDA 1,995.812,395.982,343.412,563.592,741.502,931.763,135.233,352.81
EBITDA (%)
EBIT 1,825.942,227.322,172.832,380.092,545.272,721.912,910.813,112.82
EBIT (%)
Depreciation 169.88168.66170.58183.50196.24209.86224.42239.99
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash -18.852,499.771,347.491,441.001,541.011,647.951,762.32
Total Cash (%)
Account Receivables -1,692.571,832.691,906.682,039.002,180.512,331.832,493.66
Account Receivables (%)
Inventories -1,051.651,179.831,206.331,290.051,379.581,475.321,577.71
Inventories (%)
Accounts Payable -2,041.791,758.572,057.602,200.402,353.112,516.412,691.05
Accounts Payable (%)
Capital Expenditure -106.73-191.48-215.25-219.33-234.55-250.83-268.24-286.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.81
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -2.72
After-tax Cost of Debt 0.19
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.46
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8,894.009,921.2610,153.4110,858.0611,611.6112,417.4613,279.2314,200.81
EBITDA 1,995.812,395.982,343.412,563.592,741.502,931.763,135.233,352.81
EBIT 1,825.942,227.322,172.832,380.092,545.272,721.912,910.813,112.82
Tax Rate 40.71%37.75%-2.72%25.24%25.24%25.24%25.24%25.24%
EBIAT 1,082.641,386.522,232.021,779.251,902.732,034.782,175.992,327.00
Depreciation 169.88168.66170.58183.50196.24209.86224.42239.99
Accounts Receivable ---140.12-73.98-132.32-141.51-151.33-161.83
Inventories ---128.17-26.50-83.72-89.53-95.74-102.39
Accounts Payable ---283.22299.03142.80152.71163.31174.64
Capital Expenditure -84.7523.774.0815.2216.2817.4118.62
UFCF 1,252.511,639.931,874.852,165.372,040.942,182.582,334.052,496.04
WACC
PV UFCF --2,182.58--
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 2,595.88
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -2,499.77
Equity Value -
Shares Outstanding -
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell