Intrinsic value of News Corp Cl B - NWS

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$14.05

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NWS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.72
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  8,292
  8,673
  9,076
  9,500
  9,948
  10,419
  10,915
  11,438
  11,988
  12,566
  13,175
  13,816
  14,489
  15,197
  15,942
  16,724
  17,547
  18,411
  19,319
  20,274
  21,276
  22,330
  23,436
  24,599
  25,820
  27,103
  28,450
  29,866
  31,352
  32,913
  34,552
Variable operating expenses, $m
 
  8,093
  8,451
  8,829
  9,227
  9,646
  10,088
  10,553
  11,043
  11,558
  12,100
  12,299
  12,898
  13,529
  14,191
  14,888
  15,620
  16,390
  17,198
  18,048
  18,940
  19,878
  20,863
  21,898
  22,985
  24,127
  25,327
  26,587
  27,910
  29,299
  30,759
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  8,140
  8,093
  8,451
  8,829
  9,227
  9,646
  10,088
  10,553
  11,043
  11,558
  12,100
  12,299
  12,898
  13,529
  14,191
  14,888
  15,620
  16,390
  17,198
  18,048
  18,940
  19,878
  20,863
  21,898
  22,985
  24,127
  25,327
  26,587
  27,910
  29,299
  30,759
Operating income, $m
  152
  581
  625
  672
  721
  772
  827
  884
  945
  1,008
  1,075
  1,517
  1,591
  1,669
  1,750
  1,836
  1,926
  2,021
  2,121
  2,226
  2,336
  2,452
  2,573
  2,701
  2,835
  2,976
  3,124
  3,279
  3,442
  3,614
  3,794
EBITDA, $m
  657
  1,216
  1,273
  1,332
  1,395
  1,461
  1,531
  1,604
  1,681
  1,762
  1,848
  1,937
  2,032
  2,131
  2,236
  2,345
  2,461
  2,582
  2,709
  2,843
  2,984
  3,131
  3,287
  3,450
  3,621
  3,801
  3,990
  4,188
  4,397
  4,616
  4,845
Interest expense (income), $m
  0
  13
  19
  26
  33
  40
  48
  56
  65
  74
  84
  94
  104
  115
  127
  139
  152
  166
  180
  195
  211
  227
  245
  263
  282
  302
  323
  346
  369
  393
  419
Earnings before tax, $m
  181
  568
  606
  646
  688
  732
  779
  828
  880
  934
  991
  1,423
  1,486
  1,553
  1,623
  1,697
  1,774
  1,856
  1,941
  2,031
  2,125
  2,224
  2,328
  2,438
  2,553
  2,673
  2,800
  2,933
  3,073
  3,220
  3,374
Tax expense, $m
  -54
  153
  164
  174
  186
  198
  210
  224
  238
  252
  268
  384
  401
  419
  438
  458
  479
  501
  524
  548
  574
  601
  629
  658
  689
  722
  756
  792
  830
  869
  911
Net income, $m
  179
  415
  442
  471
  502
  534
  568
  604
  642
  682
  724
  1,039
  1,085
  1,134
  1,185
  1,239
  1,295
  1,355
  1,417
  1,482
  1,551
  1,624
  1,700
  1,780
  1,863
  1,952
  2,044
  2,141
  2,243
  2,351
  2,463

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,832
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,483
  14,289
  14,952
  15,651
  16,388
  17,164
  17,982
  18,843
  19,749
  20,703
  21,706
  22,761
  23,870
  25,037
  26,263
  27,552
  28,907
  30,331
  31,827
  33,400
  35,052
  36,787
  38,610
  40,526
  42,538
  44,651
  46,871
  49,202
  51,651
  54,222
  56,923
Adjusted assets (=assets-cash), $m
  13,651
  14,289
  14,952
  15,651
  16,388
  17,164
  17,982
  18,843
  19,749
  20,703
  21,706
  22,761
  23,870
  25,037
  26,263
  27,552
  28,907
  30,331
  31,827
  33,400
  35,052
  36,787
  38,610
  40,526
  42,538
  44,651
  46,871
  49,202
  51,651
  54,222
  56,923
Revenue / Adjusted assets
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
Average production assets, $m
  3,408
  3,565
  3,730
  3,905
  4,088
  4,282
  4,486
  4,701
  4,927
  5,165
  5,415
  5,678
  5,955
  6,246
  6,552
  6,874
  7,212
  7,567
  7,940
  8,332
  8,745
  9,178
  9,632
  10,110
  10,612
  11,139
  11,693
  12,275
  12,886
  13,527
  14,201
Working capital, $m
  1,447
  -399
  -417
  -437
  -458
  -479
  -502
  -526
  -551
  -578
  -606
  -636
  -667
  -699
  -733
  -769
  -807
  -847
  -889
  -933
  -979
  -1,027
  -1,078
  -1,132
  -1,188
  -1,247
  -1,309
  -1,374
  -1,442
  -1,514
  -1,589
Total debt, $m
  369
  557
  746
  946
  1,157
  1,379
  1,613
  1,859
  2,118
  2,391
  2,678
  2,980
  3,297
  3,630
  3,981
  4,350
  4,737
  5,145
  5,573
  6,022
  6,495
  6,991
  7,513
  8,060
  8,636
  9,240
  9,875
  10,542
  11,242
  11,978
  12,750
Total liabilities, $m
  3,899
  4,087
  4,276
  4,476
  4,687
  4,909
  5,143
  5,389
  5,648
  5,921
  6,208
  6,510
  6,827
  7,160
  7,511
  7,880
  8,267
  8,675
  9,103
  9,552
  10,025
  10,521
  11,043
  11,590
  12,166
  12,770
  13,405
  14,072
  14,772
  15,508
  16,280
Total equity, $m
  11,584
  10,202
  10,676
  11,175
  11,701
  12,255
  12,839
  13,454
  14,101
  14,782
  15,498
  16,251
  17,043
  17,876
  18,752
  19,672
  20,640
  21,656
  22,725
  23,847
  25,027
  26,266
  27,568
  28,935
  30,372
  31,881
  33,466
  35,130
  36,879
  38,715
  40,643
Total liabilities and equity, $m
  15,483
  14,289
  14,952
  15,651
  16,388
  17,164
  17,982
  18,843
  19,749
  20,703
  21,706
  22,761
  23,870
  25,036
  26,263
  27,552
  28,907
  30,331
  31,828
  33,399
  35,052
  36,787
  38,611
  40,525
  42,538
  44,651
  46,871
  49,202
  51,651
  54,223
  56,923
Debt-to-equity ratio
  0.032
  0.050
  0.070
  0.080
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
Adjusted equity ratio
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  179
  415
  442
  471
  502
  534
  568
  604
  642
  682
  724
  1,039
  1,085
  1,134
  1,185
  1,239
  1,295
  1,355
  1,417
  1,482
  1,551
  1,624
  1,700
  1,780
  1,863
  1,952
  2,044
  2,141
  2,243
  2,351
  2,463
Depreciation, amort., depletion, $m
  505
  635
  648
  661
  674
  689
  704
  720
  736
  754
  773
  421
  441
  463
  485
  509
  534
  561
  588
  617
  648
  680
  714
  749
  786
  825
  866
  909
  954
  1,002
  1,052
Funds from operations, $m
  1,264
  1,050
  1,090
  1,132
  1,176
  1,223
  1,272
  1,324
  1,379
  1,436
  1,496
  1,459
  1,526
  1,596
  1,670
  1,748
  1,829
  1,915
  2,005
  2,100
  2,199
  2,304
  2,413
  2,528
  2,650
  2,777
  2,910
  3,051
  3,198
  3,353
  3,515
Change in working capital, $m
  373
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
Cash from operations, $m
  891
  1,068
  1,108
  1,151
  1,197
  1,245
  1,295
  1,348
  1,404
  1,463
  1,524
  1,489
  1,557
  1,629
  1,704
  1,784
  1,867
  1,955
  2,047
  2,144
  2,245
  2,352
  2,464
  2,582
  2,706
  2,836
  2,972
  3,116
  3,266
  3,424
  3,591
Maintenance CAPEX, $m
  0
  -252
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -365
  -383
  -401
  -421
  -441
  -463
  -485
  -509
  -534
  -561
  -588
  -617
  -648
  -680
  -714
  -749
  -786
  -825
  -866
  -909
  -954
  -1,002
New CAPEX, $m
  -256
  -157
  -165
  -174
  -184
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -322
  -338
  -355
  -373
  -392
  -412
  -433
  -455
  -478
  -502
  -527
  -554
  -582
  -611
  -642
  -674
Cash from investing activities, $m
  -1,124
  -409
  -429
  -450
  -473
  -497
  -521
  -547
  -574
  -603
  -633
  -664
  -698
  -732
  -769
  -807
  -847
  -889
  -934
  -980
  -1,029
  -1,081
  -1,135
  -1,192
  -1,251
  -1,313
  -1,379
  -1,448
  -1,520
  -1,596
  -1,676
Free cash flow, $m
  -233
  658
  679
  701
  724
  748
  774
  801
  830
  860
  891
  825
  860
  897
  936
  977
  1,020
  1,065
  1,113
  1,163
  1,216
  1,271
  1,329
  1,391
  1,455
  1,522
  1,593
  1,668
  1,746
  1,828
  1,915
Issuance/(repayment) of debt, $m
  342
  188
  190
  200
  211
  222
  234
  246
  259
  273
  287
  302
  317
  334
  351
  369
  388
  407
  428
  450
  472
  496
  521
  548
  575
  604
  635
  667
  700
  736
  772
Issuance/(repurchase) of shares, $m
  -41
  36
  31
  28
  24
  20
  15
  10
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  297
  224
  221
  228
  235
  242
  249
  256
  264
  273
  287
  302
  317
  334
  351
  369
  388
  407
  428
  450
  472
  496
  521
  548
  575
  604
  635
  667
  700
  736
  772
Total cash flow (excl. dividends), $m
  28
  881
  900
  929
  959
  990
  1,023
  1,057
  1,093
  1,132
  1,178
  1,126
  1,177
  1,231
  1,287
  1,346
  1,408
  1,473
  1,541
  1,613
  1,688
  1,768
  1,851
  1,938
  2,030
  2,127
  2,228
  2,335
  2,446
  2,564
  2,687
Retained Cash Flow (-), $m
  381
  -450
  -473
  -499
  -526
  -554
  -584
  -615
  -647
  -681
  -716
  -753
  -792
  -833
  -876
  -920
  -967
  -1,017
  -1,068
  -1,123
  -1,179
  -1,239
  -1,302
  -1,368
  -1,437
  -1,509
  -1,585
  -1,665
  -1,748
  -1,836
  -1,928
Prev. year cash balance distribution, $m
 
  1,832
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,263
  426
  429
  433
  436
  439
  443
  447
  452
  462
  373
  385
  398
  411
  425
  440
  456
  473
  490
  509
  528
  549
  571
  594
  618
  643
  670
  698
  728
  759
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,170
  390
  374
  356
  338
  319
  299
  279
  259
  242
  177
  164
  151
  138
  125
  112
  99
  87
  75
  65
  55
  46
  37
  30
  24
  19
  14
  11
  8
  6
Current shareholders' claim on cash, %
  100
  99.5
  99.0
  98.7
  98.4
  98.1
  98.0
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8

News Corporation, a media and information services company, focuses on creating and distributing content to consumers and businesses worldwide. The company distributes content and data products, such as The Wall Street Journal, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barron’s, MarketWatch, Dow Jones Private Markets, and DJX through various media channels, including newspapers, newswires, Websites, newsletters, magazines, proprietary databases, conferences, and video, as well as applications for mobile devices, tablets, and electronic readers. It also owns and operates daily, Sunday, weekly, and bi-weekly newspapers, including The Australian, The Weekend Australian, The Daily Telegraph, The Sunday Telegraph, Herald Sun, Sunday Herald Sun, The Courier Mail, The Sunday Mail, The Advertiser, Sunday Mail, The Sun, The Sun on Sunday, The Times, The Sunday Times, and New York Post, as well as digital mastheads and other Websites. In addition, the company provides home-delivered shopper media, such as free-standing inserts and direct mail products; in-store marketing products and services primarily to consumer packaged goods manufacturers; in-store merchandising services; and digital marketing solutions. Further, it publishes general fiction, nonfiction, children’s, and religious books; and offers sports programming services with seven television channels distributed through cable, satellite and IP, various interactive viewing applications, and broadcast rights to live sporting events. Additionally, the company provides digital advertising services for property and property-related services on Websites and mobile applications; online real estate services; and professional software and services products, including Top Producer, TigerLead, and ListHub, as well as operates residential and commercial property Websites. News Corporation is headquartered in New York, New York.

FINANCIAL RATIOS  of  News Corp Cl B (NWS)

Valuation Ratios
P/E Ratio 45.5
Price to Sales 1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.9%
Cap. Spend. - 3 Yr. Gr. Rate -5.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 3.2%
Total Debt to Equity 3.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 1.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 1.5%
Return On Equity - 3 Yr. Avg. 0.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 8.3%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate -29.8%
Eff/ Tax Rate - 3 Yr. Avg. 116.2%
Payout Ratio 82.1%

NWS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWS stock intrinsic value calculation we used $8292 million for the last fiscal year's total revenue generated by News Corp Cl B. The default revenue input number comes from 2016 income statement of News Corp Cl B. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NWS stock valuation model: a) initial revenue growth rate of 4.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NWS is calculated based on our internal credit rating of News Corp Cl B, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of News Corp Cl B.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NWS stock the variable cost ratio is equal to 93.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NWS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for News Corp Cl B.

Corporate tax rate of 27% is the nominal tax rate for News Corp Cl B. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NWS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NWS are equal to 41.1%.

Life of production assets of 13.5 years is the average useful life of capital assets used in News Corp Cl B operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NWS is equal to -4.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $11584 million for News Corp Cl B - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 561.94 million for News Corp Cl B is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of News Corp Cl B at the current share price and the inputted number of shares is $7.9 billion.


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COMPANY NEWS

▶ Wall Street Journal adds top jobs in digital push   [Jul-12-17 05:12PM  Reuters]
▶ News Corp. Value Analysis (NASDAQ:NWS) : July 10, 2017   [Jul-10-17 04:20PM  Capital Cube]
▶ The big lesson from Photobuckets ransom images debacle   [Jul-07-17 03:10PM  Yahoo Finance]
▶ [$$] How Fox's bid for Sky came under scrutiny   [Jun-29-17 01:48PM  Financial Times]
▶ Facebook Subscriptions Coming?   [Jun-21-17 04:34PM  TheStreet.com]
▶ News Corp. Continues To Form Base After 75% Earnings Spike   [Jun-19-17 01:57PM  Investor's Business Daily]
▶ ETFs with exposure to News Corp. : May 31, 2017   [May-31-17 12:41PM  Capital Cube]
▶ [$$] Fox News May Tap Heat Street Editor for Website   [May-30-17 08:13PM  The Wall Street Journal]
▶ [$$] Rush for self-driving tech risks dotcom detour   [May-26-17 12:00AM  Financial Times]
▶ [$$] News Corp Beats Revenue Estimates   [01:07AM  The Wall Street Journal]
▶ [$$] News Corp Beats Revenue Estimates   [May-09-17 07:06PM  The Wall Street Journal]
▶ News Corp. reports 3Q loss   [05:04PM  Associated Press]
▶ Storyful and Moat Launch Initiative to Combat Fake News   [May-02-17 09:15AM  Business Wire]
▶ Lawsuit claims CNN is 'rife with racism' akin to allegations at Fox, New York Times   [Apr-27-17 01:55PM  American City Business Journals]
▶ News Corp. Value Analysis (NASDAQ:NWS) : April 24, 2017   [Apr-24-17 03:40PM  Capital Cube]
▶ [$$] Sky Earnings Fall on Weaker Advertising Market, Soccer TV Costs   [Apr-20-17 12:11PM  The Wall Street Journal]
▶ Money Basics: What Are Stocks?   [Apr-17-17 12:38PM  Yahoo Finance Video]
▶ Dual-Class Voting Structures Spur Growing Revolt   [Apr-15-17 11:40AM  TheStreet.com]
▶ Vanity Fair is planning a digital paywall   [Apr-12-17 04:59PM  Yahoo Finance]
▶ [$$] 21st Century Foxs $14.5 Billion Sky Deal Gains EU Approval   [Apr-07-17 10:55PM  The Wall Street Journal]
▶ Jesse Angelo Named Chief of Digital Advertising Solutions   [Apr-06-17 01:12PM  Business Wire]
▶ News Corp. Adds Former NH Senator Ayotte to Its Board   [Apr-03-17 12:44PM  TheStreet.com]
▶ Theranos to Offer Investors Shares if They Don't Sue   [Mar-24-17 01:38PM  MarketWatch]
▶ Netflix vs. Hollywood Battle Heating up   [01:02PM  MarketWatch]
▶ Realtor.com® Names Top Cities for Millennials   [Mar-22-17 09:00AM  PR Newswire]
▶ [$$] 21st Century Fox's Bid for Sky Referred to Regulators   [Mar-16-17 01:37PM  at The Wall Street Journal]
▶ Fox Says It Has Learned Lessons From Phone-Hacking Crisis   [Mar-09-17 12:58PM  at Bloomberg]
Stock chart of NWS Financial statements of NWS Annual reports of NWS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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