Fox Entertainment Group, LLC
NYSE-FOX
BUILD UP FREE CASH | 2002-06-30 (A) | 2003-06-30 (A) | 2004-06-30 (A) | 2005-06-30 (E) | 2006-06-30 (E) | 2007-06-30 (E) | 2008-06-30 (E) | 2009-06-30 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 9,725 | 11,002 | 12,175 | 12,175 | 12,175 | 12,175 | 12,175 | 12,175 |
Revenue % Chg. | 15.6% | 13.1% | 10.7% | |||||
EBIT | 806 | 1,783 | 2,298 | 1,760.1 | 1,760.1 | 1,760.1 | 1,760.1 | 1,760.1 |
EBIT Margin | 8.3% | 16.2% | 18.9% | |||||
Tax Rate | 38.8% | 35.6% | 37.9% | |||||
NOPAT | 493.4 | 1,148.2 | 1,428 | 1,101.5 | 1,101.5 | 1,101.5 | 1,101.5 | 1,101.5 |
NOPAT Margin | 5.1% | 10.4% | 11.7% | 9% | 9% | 9% | 9% | 9% |
D&A | 400 | 183 | 175 | 292.8 | 292.8 | 292.8 | 292.8 | 292.8 |
D&A / Revenue | 4.1% | 1.7% | 1.4% | |||||
Capex | -80 | -170 | -128 | -138.8 | -138.8 | -138.8 | -138.8 | -138.8 |
Capex / Revenue | -0.8% | -1.5% | -1.1% | |||||
Chg. NWC | 371 | -266 | -559 | -129.6 | -129.6 | -129.6 | -129.6 | -129.6 |
Chg. NWC / Revenue | 3.8% | -2.4% | -4.6% | |||||
Unlevered FCF (UFCF) | 1,184.4 | 895.2 | 916 | 1,125.9 | 1,125.9 | 1,125.9 | 1,125.9 | 1,125.9 |
UFCF % Chg. | -744.3% | -24.4% | 2.3% | 22.9% | — | — | — | — |
PV of UFCF | — | — | — | 1,031.4 | 944.8 | 865.4 | 792.8 | 726.2 |
Sum of PV of UFCF | — | — | — | 1,031.4 | 1,976.1 | 2,841.5 | 3,634.3 | 4,360.5 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 35.3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 659 |
| Market Cap | 35,421.6 |
| Total Capital | 36,080.6 |
| Debt Weighting | 1.8% |
| Equity Weighting | 98.2% |
| WACC | 9.2% |
| Exit Multiple EV/FCF | |
| Terminal Value | 35,422.6 |
| PV of Terminal Value | 20,928.5 |
| Cumulative PV of UFCF | 4,360.5 |
| Net Debt | -8 |
| Equity Value | 25,297 |
| Shares Outstanding | 974.5 |
| Implied Share Price | 26 |
| Current Share Price | 36.4 |
| Implied Upside / (Downside) | -28.6% |