Intrinsic value of News Corp Cl A - NWSA

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$12.89

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$12.89

 
Intrinsic value

$14.78

 
Up/down potential

+15%

 
Rating

hold

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

We calculate the intrinsic value of NWSA 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 7.5

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8,292
  8,458
  8,652
  8,875
  9,124
  9,401
  9,705
  10,035
  10,393
  10,778
  11,192
  11,634
  12,107
  12,609
  13,144
  13,711
  14,311
  14,947
  15,620
  16,331
  17,081
  17,873
  18,708
  19,588
  20,515
  21,492
  22,520
  23,603
  24,742
  25,940
  27,200
Variable operating expenses, $m
 
  7,901
  8,074
  8,272
  8,494
  8,740
  9,010
  9,305
  9,623
  9,966
  10,334
  10,357
  10,777
  11,225
  11,701
  12,205
  12,740
  13,306
  13,905
  14,538
  15,206
  15,911
  16,654
  17,437
  18,263
  19,132
  20,048
  21,011
  22,025
  23,092
  24,214
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
  7,901
  8,074
  8,272
  8,494
  8,740
  9,010
  9,305
  9,623
  9,966
  10,334
  10,357
  10,777
  11,225
  11,701
  12,205
  12,740
  13,306
  13,905
  14,538
  15,206
  15,911
  16,654
  17,437
  18,263
  19,132
  20,048
  21,011
  22,025
  23,092
  24,214
Operating income, $m
  152
  557
  579
  603
  630
  661
  694
  730
  770
  812
  857
  1,277
  1,329
  1,384
  1,443
  1,505
  1,571
  1,641
  1,715
  1,793
  1,875
  1,962
  2,054
  2,151
  2,252
  2,360
  2,472
  2,591
  2,716
  2,848
  2,986
EBITDA, $m
  657
  1,186
  1,213
  1,245
  1,280
  1,318
  1,361
  1,407
  1,457
  1,511
  1,569
  1,632
  1,698
  1,768
  1,843
  1,923
  2,007
  2,096
  2,190
  2,290
  2,395
  2,506
  2,623
  2,747
  2,877
  3,014
  3,158
  3,310
  3,470
  3,638
  3,814
Interest expense (income), $m
  0
  13
  16
  19
  23
  27
  31
  36
  42
  48
  54
  61
  68
  76
  84
  93
  103
  112
  123
  134
  146
  158
  171
  185
  199
  215
  231
  248
  266
  284
  304
Earnings before tax, $m
  181
  544
  563
  584
  608
  634
  663
  694
  728
  764
  803
  1,216
  1,261
  1,308
  1,359
  1,412
  1,469
  1,529
  1,592
  1,659
  1,730
  1,804
  1,883
  1,966
  2,053
  2,145
  2,242
  2,344
  2,451
  2,563
  2,682
Tax expense, $m
  -54
  147
  152
  158
  164
  171
  179
  187
  196
  206
  217
  328
  340
  353
  367
  381
  397
  413
  430
  448
  467
  487
  508
  531
  554
  579
  605
  633
  662
  692
  724
Net income, $m
  179
  397
  411
  426
  444
  463
  484
  507
  531
  558
  586
  888
  920
  955
  992
  1,031
  1,072
  1,116
  1,162
  1,211
  1,263
  1,317
  1,374
  1,435
  1,499
  1,566
  1,636
  1,711
  1,789
  1,871
  1,958

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
  13,934
  14,254
  14,621
  15,032
  15,488
  15,988
  16,532
  17,122
  17,757
  18,438
  19,167
  19,945
  20,773
  21,653
  22,587
  23,577
  24,625
  25,733
  26,904
  28,140
  29,445
  30,820
  32,270
  33,798
  35,407
  37,101
  38,884
  40,760
  42,734
  44,811
Adjusted assets (=assets-cash), $m
  13,651
  13,934
  14,254
  14,621
  15,032
  15,488
  15,988
  16,532
  17,122
  17,757
  18,438
  19,167
  19,945
  20,773
  21,653
  22,587
  23,577
  24,625
  25,733
  26,904
  28,140
  29,445
  30,820
  32,270
  33,798
  35,407
  37,101
  38,884
  40,760
  42,734
  44,811
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
  3,476
  3,556
  3,648
  3,750
  3,864
  3,989
  4,124
  4,271
  4,430
  4,600
  4,782
  4,976
  5,182
  5,402
  5,635
  5,882
  6,143
  6,420
  6,712
  7,020
  7,346
  7,689
  8,051
  8,432
  8,833
  9,256
  9,701
  10,169
  10,661
  11,179
Working capital, $m
  1,447
  -389
  -398
  -408
  -420
  -432
  -446
  -462
  -478
  -496
  -515
  -535
  -557
  -580
  -605
  -631
  -658
  -688
  -719
  -751
  -786
  -822
  -861
  -901
  -944
  -989
  -1,036
  -1,086
  -1,138
  -1,193
  -1,251
Total debt, $m
  369
  455
  547
  652
  769
  899
  1,042
  1,198
  1,367
  1,548
  1,743
  1,952
  2,174
  2,411
  2,663
  2,930
  3,213
  3,513
  3,830
  4,165
  4,518
  4,891
  5,285
  5,699
  6,136
  6,596
  7,081
  7,591
  8,127
  8,692
  9,286
Total liabilities, $m
  3,899
  3,985
  4,077
  4,182
  4,299
  4,429
  4,572
  4,728
  4,897
  5,078
  5,273
  5,482
  5,704
  5,941
  6,193
  6,460
  6,743
  7,043
  7,360
  7,695
  8,048
  8,421
  8,815
  9,229
  9,666
  10,126
  10,611
  11,121
  11,657
  12,222
  12,816
Total equity, $m
  11,584
  9,949
  10,178
  10,439
  10,733
  11,058
  11,415
  11,804
  12,225
  12,678
  13,165
  13,685
  14,241
  14,832
  15,461
  16,127
  16,834
  17,582
  18,373
  19,209
  20,092
  21,023
  22,006
  23,041
  24,132
  25,280
  26,490
  27,763
  29,103
  30,512
  31,995
Total liabilities and equity, $m
  15,483
  13,934
  14,255
  14,621
  15,032
  15,487
  15,987
  16,532
  17,122
  17,756
  18,438
  19,167
  19,945
  20,773
  21,654
  22,587
  23,577
  24,625
  25,733
  26,904
  28,140
  29,444
  30,821
  32,270
  33,798
  35,406
  37,101
  38,884
  40,760
  42,734
  44,811
Debt-to-equity ratio
  0.032
  0.050
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
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
  397
  411
  426
  444
  463
  484
  507
  531
  558
  586
  888
  920
  955
  992
  1,031
  1,072
  1,116
  1,162
  1,211
  1,263
  1,317
  1,374
  1,435
  1,499
  1,566
  1,636
  1,711
  1,789
  1,871
  1,958
Depreciation, amort., depletion, $m
  505
  629
  635
  642
  649
  658
  667
  677
  688
  700
  712
  354
  369
  384
  400
  417
  436
  455
  476
  497
  520
  544
  570
  596
  625
  654
  686
  719
  753
  790
  828
Funds from operations, $m
  1,264
  1,026
  1,046
  1,068
  1,093
  1,120
  1,151
  1,183
  1,219
  1,257
  1,298
  1,242
  1,289
  1,339
  1,392
  1,448
  1,508
  1,571
  1,638
  1,708
  1,783
  1,861
  1,944
  2,031
  2,123
  2,220
  2,322
  2,429
  2,542
  2,661
  2,786
Change in working capital, $m
  373
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
Cash from operations, $m
  891
  2,238
  1,054
  1,078
  1,104
  1,133
  1,164
  1,199
  1,235
  1,275
  1,317
  1,262
  1,311
  1,362
  1,417
  1,474
  1,535
  1,600
  1,669
  1,741
  1,817
  1,898
  1,982
  2,072
  2,166
  2,265
  2,369
  2,479
  2,595
  2,716
  2,844
Maintenance CAPEX, $m
  0
  -252
  -257
  -263
  -270
  -278
  -286
  -295
  -306
  -316
  -328
  -341
  -354
  -369
  -384
  -400
  -417
  -436
  -455
  -476
  -497
  -520
  -544
  -570
  -596
  -625
  -654
  -686
  -719
  -753
  -790
New CAPEX, $m
  -256
  -69
  -80
  -91
  -103
  -114
  -125
  -136
  -147
  -158
  -170
  -182
  -194
  -207
  -220
  -233
  -247
  -261
  -276
  -292
  -308
  -325
  -343
  -362
  -381
  -401
  -423
  -445
  -468
  -492
  -518
Cash from investing activities, $m
  -1,124
  -321
  -337
  -354
  -373
  -392
  -411
  -431
  -453
  -474
  -498
  -523
  -548
  -576
  -604
  -633
  -664
  -697
  -731
  -768
  -805
  -845
  -887
  -932
  -977
  -1,026
  -1,077
  -1,131
  -1,187
  -1,245
  -1,308
Free cash flow, $m
  -233
  1,917
  717
  723
  731
  742
  754
  767
  783
  800
  819
  740
  762
  787
  813
  841
  871
  903
  937
  973
  1,012
  1,052
  1,095
  1,140
  1,188
  1,239
  1,292
  1,349
  1,408
  1,470
  1,536
Issuance/(repayment) of debt, $m
  342
  86
  92
  105
  118
  130
  143
  156
  169
  182
  195
  209
  222
  237
  252
  267
  283
  300
  317
  335
  354
  373
  393
  415
  437
  460
  485
  510
  537
  565
  594
Issuance/(repurchase) of shares, $m
  -41
  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 from financing (excl. dividends), $m  
  297
  86
  92
  105
  118
  130
  143
  156
  169
  182
  195
  209
  222
  237
  252
  267
  283
  300
  317
  335
  354
  373
  393
  415
  437
  460
  485
  510
  537
  565
  594
Total cash flow (excl. dividends), $m
  28
  2,003
  809
  828
  849
  872
  897
  923
  951
  982
  1,014
  948
  985
  1,024
  1,065
  1,108
  1,154
  1,203
  1,254
  1,308
  1,365
  1,425
  1,488
  1,555
  1,625
  1,699
  1,777
  1,859
  1,945
  2,035
  2,130
Retained Cash Flow (-), $m
  381
  -197
  -229
  -262
  -294
  -325
  -357
  -389
  -421
  -453
  -487
  -521
  -555
  -591
  -628
  -667
  -707
  -748
  -791
  -836
  -883
  -931
  -982
  -1,035
  -1,091
  -1,149
  -1,210
  -1,273
  -1,340
  -1,409
  -1,483
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
 
  3,639
  580
  566
  555
  546
  540
  534
  531
  528
  528
  428
  430
  432
  436
  441
  447
  455
  463
  472
  482
  494
  506
  520
  535
  550
  567
  585
  605
  626
  648
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
 
  3,489
  531
  493
  457
  424
  392
  361
  332
  304
  277
  203
  183
  164
  146
  130
  114
  99
  85
  73
  61
  51
  42
  34
  27
  21
  17
  13
  9
  7
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 A (NWSA)

Valuation Ratios
P/E Ratio 41.8
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 11.8
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%

NWSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWSA stock intrinsic value calculation we used $8292 million for the last fiscal year's total revenue generated by News Corp Cl A. The default revenue input number comes from 2016 income statement of News Corp Cl A. 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 NWSA stock valuation model: a) initial revenue growth rate of 2% 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 NWSA is calculated based on our internal credit rating of News Corp Cl A, 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 A.
    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 NWSA 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 NWSA 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 A.

Corporate tax rate of 27% is the nominal tax rate for News Corp Cl A. 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 NWSA 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 NWSA 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 A 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 NWSA 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 A - 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 578.462 million for News Corp Cl A 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 A at the current share price and the inputted number of shares is $7.5 billion.


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COMPANY NEWS

▶ [$$] U.K. Government Delays Review of Fox Bid for Sky Due to Election   [Apr-21-17 01:39PM  The Wall Street Journal]
▶ Why OReillys firing hasnt hit Fox stock   [Apr-20-17 03:30PM  Yahoo Finance]
▶ Bill OReilly might not return to Fox News, reports say   [Apr-18-17 09:58PM  MarketWatch]
▶ News Corp to Report Fiscal 2017 Third Quarter Earnings   [Apr-17-17 09:47AM  Business Wire]
▶ Dual-Class Voting Structures Spur Growing Revolt   [Apr-15-17 11:40AM  TheStreet.com]
▶ Dual-Class Voting Structures Spur Growing Revolt   [Apr-12-17 03:36PM  TheStreet.com]
▶ [$$] 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]
▶ Bull market for cable news   [10:23AM  Yahoo Finance Video]
▶ Active Managers Holdings Update: It's All Pro-Cyclical   [Mar-29-17 02:46PM  at Barrons.com]
▶ Realtor.com® Names Top Cities for Millennials   [Mar-22-17 09:00AM  PR Newswire]
▶ [$$] 21st Century Fox's Bid for Sky Referred to Regulators   [Mar-16-17 01:37PM  at The Wall Street Journal]
▶ Fox Says It Has Learned Lessons From Phone-Hacking Crisis   [Mar-09-17 12:58PM  at Bloomberg]
▶ [$$] Record-breaking auction for Obamas' book deal tops $65m   [Feb-28-17 10:40PM  at Financial Times]
▶ News Corp picks Australian as new CFO   [Feb-23-17 06:06PM  Other]
▶ News Corp slips to Q2 loss on writedowns   [Feb-09-17 10:43PM  Other]
▶ [$$] News Corp Revenue Declines 2%   [06:46PM  at The Wall Street Journal]
▶ News Corp. reports 2Q loss   [04:39PM  AP]
▶ [$$] Ivanka Trump oversaw Murdoch daughters' trust   [06:00AM  at Financial Times]
▶ [$$] Dow Jones to Cut Jobs Amid Overseas Reorganization   [Jan-31-17 06:07PM  at The Wall Street Journal]
▶ 5 Best Home Appraisal Online Calculators (NWSA, Z)   [Jan-27-17 06:59AM  at Investopedia]
▶ Aust share market closes lower   [Jan-20-17 01:14AM  Other]
Stock chart of NWSA Financial statements of NWSA
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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