Intrinsic value of 21st Century Fox Cl B - FOX

Previous Close

$47.79

  Intrinsic Value

$75.63

stock screener

  Rating & Target

str. buy

+58%

Previous close

$47.79

 
Intrinsic value

$75.63

 
Up/down potential

+58%

 
Rating

str. buy

We calculate the intrinsic value of FOX 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 0001), $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 38.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  29,070
  29,739
  30,503
  31,361
  32,312
  33,355
  34,491
  35,720
  37,045
  38,467
  39,988
  41,611
  43,339
  45,175
  47,124
  49,189
  51,375
  53,687
  56,129
  58,708
  61,430
  64,300
  67,325
  70,512
  73,869
  77,403
  81,123
  85,038
  89,156
  93,488
Variable operating expenses, $m
  14,903
  15,201
  15,542
  15,925
  16,349
  16,815
  17,321
  17,870
  18,461
  19,095
  17,837
  18,560
  19,331
  20,150
  21,020
  21,941
  22,916
  23,947
  25,036
  26,187
  27,401
  28,681
  30,030
  31,452
  32,949
  34,526
  36,185
  37,931
  39,768
  41,700
Fixed operating expenses, $m
  7,961
  8,137
  8,316
  8,498
  8,685
  8,877
  9,072
  9,271
  9,475
  9,684
  9,897
  10,115
  10,337
  10,565
  10,797
  11,034
  11,277
  11,525
  11,779
  12,038
  12,303
  12,574
  12,850
  13,133
  13,422
  13,717
  14,019
  14,327
  14,642
  14,965
Total operating expenses, $m
  22,864
  23,338
  23,858
  24,423
  25,034
  25,692
  26,393
  27,141
  27,936
  28,779
  27,734
  28,675
  29,668
  30,715
  31,817
  32,975
  34,193
  35,472
  36,815
  38,225
  39,704
  41,255
  42,880
  44,585
  46,371
  48,243
  50,204
  52,258
  54,410
  56,665
Operating income, $m
  6,205
  6,401
  6,645
  6,937
  7,277
  7,664
  8,098
  8,579
  9,109
  9,688
  12,254
  12,936
  13,670
  14,460
  15,307
  16,214
  17,182
  18,215
  19,314
  20,484
  21,726
  23,045
  24,444
  25,927
  27,498
  29,160
  30,919
  32,780
  34,746
  36,823
EBITDA, $m
  8,532
  8,736
  8,990
  9,294
  9,647
  10,047
  10,497
  10,995
  11,542
  12,140
  12,790
  13,493
  14,251
  15,066
  15,939
  16,873
  17,870
  18,934
  20,066
  21,270
  22,549
  23,907
  25,347
  26,872
  28,488
  30,198
  32,006
  33,919
  35,940
  38,076
Interest expense (income), $m
  0
  1,235
  1,277
  1,328
  1,386
  1,452
  1,524
  1,603
  1,690
  1,784
  1,884
  1,993
  2,108
  2,232
  2,363
  2,503
  2,652
  2,809
  2,975
  3,151
  3,337
  3,533
  3,741
  3,959
  4,189
  4,432
  4,687
  4,956
  5,240
  5,538
  5,851
Earnings before tax, $m
  4,971
  5,123
  5,317
  5,551
  5,825
  6,140
  6,494
  6,889
  7,326
  7,804
  10,262
  10,827
  11,439
  12,097
  12,804
  13,562
  14,373
  15,239
  16,163
  17,146
  18,193
  19,305
  20,485
  21,738
  23,066
  24,473
  25,963
  27,540
  29,208
  30,972
Tax expense, $m
  1,342
  1,383
  1,436
  1,499
  1,573
  1,658
  1,753
  1,860
  1,978
  2,107
  2,771
  2,923
  3,088
  3,266
  3,457
  3,662
  3,881
  4,115
  4,364
  4,630
  4,912
  5,212
  5,531
  5,869
  6,228
  6,608
  7,010
  7,436
  7,886
  8,362
Net income, $m
  3,629
  3,740
  3,881
  4,052
  4,253
  4,482
  4,741
  5,029
  5,348
  5,697
  7,491
  7,904
  8,350
  8,831
  9,347
  9,900
  10,492
  11,125
  11,799
  12,517
  13,281
  14,092
  14,954
  15,869
  16,838
  17,865
  18,953
  20,104
  21,322
  22,610

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  51,726
  52,916
  54,276
  55,802
  57,494
  59,350
  61,372
  63,560
  65,917
  68,446
  71,153
  74,041
  77,115
  80,383
  83,851
  87,525
  91,415
  95,528
  99,874
  104,463
  109,306
  114,412
  119,795
  125,466
  131,439
  137,728
  144,347
  151,313
  158,641
  166,349
Adjusted assets (=assets-cash), $m
  51,726
  52,916
  54,276
  55,802
  57,494
  59,350
  61,372
  63,560
  65,917
  68,446
  71,153
  74,041
  77,115
  80,383
  83,851
  87,525
  91,415
  95,528
  99,874
  104,463
  109,306
  114,412
  119,795
  125,466
  131,439
  137,728
  144,347
  151,313
  158,641
  166,349
Revenue / Adjusted assets
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
Average production assets, $m
  11,686
  11,955
  12,262
  12,607
  12,989
  13,409
  13,865
  14,360
  14,892
  15,464
  16,075
  16,728
  17,422
  18,160
  18,944
  19,774
  20,653
  21,582
  22,564
  23,601
  24,695
  25,848
  27,064
  28,346
  29,695
  31,116
  32,612
  34,185
  35,841
  37,582
Working capital, $m
  3,401
  3,479
  3,569
  3,669
  3,780
  3,903
  4,035
  4,179
  4,334
  4,501
  4,679
  4,868
  5,071
  5,286
  5,514
  5,755
  6,011
  6,281
  6,567
  6,869
  7,187
  7,523
  7,877
  8,250
  8,643
  9,056
  9,491
  9,949
  10,431
  10,938
Total debt, $m
  20,602
  21,423
  22,361
  23,415
  24,582
  25,863
  27,257
  28,767
  30,394
  32,139
  34,006
  35,999
  38,121
  40,375
  42,768
  45,303
  47,987
  50,825
  53,824
  56,991
  60,332
  63,855
  67,569
  71,482
  75,604
  79,943
  84,511
  89,317
  94,373
  99,692
Total liabilities, $m
  35,691
  36,512
  37,450
  38,504
  39,671
  40,952
  42,346
  43,856
  45,483
  47,228
  49,095
  51,088
  53,210
  55,464
  57,857
  60,392
  63,076
  65,914
  68,913
  72,080
  75,421
  78,944
  82,658
  86,571
  90,693
  95,032
  99,600
  104,406
  109,462
  114,781
Total equity, $m
  16,035
  16,404
  16,825
  17,299
  17,823
  18,399
  19,025
  19,703
  20,434
  21,218
  22,057
  22,953
  23,906
  24,919
  25,994
  27,133
  28,339
  29,614
  30,961
  32,384
  33,885
  35,468
  37,136
  38,894
  40,746
  42,696
  44,748
  46,907
  49,179
  51,568
Total liabilities and equity, $m
  51,726
  52,916
  54,275
  55,803
  57,494
  59,351
  61,371
  63,559
  65,917
  68,446
  71,152
  74,041
  77,116
  80,383
  83,851
  87,525
  91,415
  95,528
  99,874
  104,464
  109,306
  114,412
  119,794
  125,465
  131,439
  137,728
  144,348
  151,313
  158,641
  166,349
Debt-to-equity ratio
  1.280
  1.310
  1.330
  1.350
  1.380
  1.410
  1.430
  1.460
  1.490
  1.510
  1.540
  1.570
  1.590
  1.620
  1.650
  1.670
  1.690
  1.720
  1.740
  1.760
  1.780
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.900
  1.920
  1.930
Adjusted equity ratio
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,629
  3,740
  3,881
  4,052
  4,253
  4,482
  4,741
  5,029
  5,348
  5,697
  7,491
  7,904
  8,350
  8,831
  9,347
  9,900
  10,492
  11,125
  11,799
  12,517
  13,281
  14,092
  14,954
  15,869
  16,838
  17,865
  18,953
  20,104
  21,322
  22,610
Depreciation, amort., depletion, $m
  2,326
  2,335
  2,345
  2,357
  2,370
  2,384
  2,399
  2,415
  2,433
  2,452
  536
  558
  581
  605
  631
  659
  688
  719
  752
  787
  823
  862
  902
  945
  990
  1,037
  1,087
  1,140
  1,195
  1,253
Funds from operations, $m
  5,955
  6,075
  6,227
  6,409
  6,622
  6,866
  7,140
  7,445
  7,781
  8,149
  8,027
  8,462
  8,931
  9,436
  9,978
  10,560
  11,181
  11,844
  12,551
  13,304
  14,104
  14,954
  15,856
  16,814
  17,828
  18,902
  20,040
  21,244
  22,517
  23,862
Change in working capital, $m
  67
  78
  89
  100
  111
  122
  133
  144
  155
  166
  178
  190
  202
  215
  228
  242
  256
  270
  286
  302
  318
  336
  354
  373
  393
  414
  435
  458
  482
  507
Cash from operations, $m
  5,888
  5,997
  6,137
  6,309
  6,511
  6,744
  7,007
  7,301
  7,626
  7,983
  7,849
  8,272
  8,729
  9,221
  9,750
  10,318
  10,925
  11,574
  12,265
  13,002
  13,785
  14,618
  15,503
  16,441
  17,435
  18,489
  19,605
  20,786
  22,035
  23,356
Maintenance CAPEX, $m
  -382
  -390
  -398
  -409
  -420
  -433
  -447
  -462
  -479
  -496
  -515
  -536
  -558
  -581
  -605
  -631
  -659
  -688
  -719
  -752
  -787
  -823
  -862
  -902
  -945
  -990
  -1,037
  -1,087
  -1,140
  -1,195
New CAPEX, $m
  -231
  -269
  -307
  -345
  -382
  -419
  -457
  -494
  -533
  -572
  -611
  -652
  -695
  -738
  -783
  -830
  -879
  -929
  -982
  -1,037
  -1,094
  -1,154
  -1,216
  -1,281
  -1,349
  -1,421
  -1,495
  -1,574
  -1,656
  -1,741
Cash from investing activities, $m
  -613
  -659
  -705
  -754
  -802
  -852
  -904
  -956
  -1,012
  -1,068
  -1,126
  -1,188
  -1,253
  -1,319
  -1,388
  -1,461
  -1,538
  -1,617
  -1,701
  -1,789
  -1,881
  -1,977
  -2,078
  -2,183
  -2,294
  -2,411
  -2,532
  -2,661
  -2,796
  -2,936
Free cash flow, $m
  5,276
  5,339
  5,431
  5,555
  5,708
  5,891
  6,103
  6,344
  6,615
  6,915
  6,722
  7,083
  7,476
  7,902
  8,362
  8,856
  9,387
  9,956
  10,564
  11,213
  11,905
  12,641
  13,425
  14,257
  15,141
  16,078
  17,072
  18,125
  19,240
  20,419
Issuance/(repayment) of debt, $m
  689
  821
  938
  1,053
  1,167
  1,281
  1,395
  1,510
  1,626
  1,746
  1,867
  1,993
  2,122
  2,255
  2,393
  2,535
  2,684
  2,838
  2,999
  3,166
  3,341
  3,523
  3,714
  3,913
  4,121
  4,339
  4,567
  4,806
  5,056
  5,318
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  689
  821
  938
  1,053
  1,167
  1,281
  1,395
  1,510
  1,626
  1,746
  1,867
  1,993
  2,122
  2,255
  2,393
  2,535
  2,684
  2,838
  2,999
  3,166
  3,341
  3,523
  3,714
  3,913
  4,121
  4,339
  4,567
  4,806
  5,056
  5,318
Total cash flow (excl. dividends), $m
  5,965
  6,159
  6,370
  6,608
  6,876
  7,172
  7,498
  7,854
  8,241
  8,660
  8,590
  9,076
  9,598
  10,157
  10,754
  11,392
  12,071
  12,794
  13,563
  14,379
  15,246
  16,165
  17,139
  18,170
  19,262
  20,418
  21,639
  22,931
  24,296
  25,738
Retained Cash Flow (-), $m
  -313
  -369
  -422
  -473
  -524
  -575
  -627
  -678
  -731
  -784
  -839
  -895
  -953
  -1,013
  -1,075
  -1,139
  -1,206
  -1,275
  -1,347
  -1,423
  -1,501
  -1,583
  -1,669
  -1,758
  -1,852
  -1,950
  -2,052
  -2,159
  -2,272
  -2,389
Prev. year cash balance distribution, $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 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
  5,651
  5,791
  5,948
  6,135
  6,351
  6,597
  6,871
  7,176
  7,510
  7,876
  7,751
  8,181
  8,645
  9,144
  9,679
  10,253
  10,865
  11,519
  12,216
  12,957
  13,745
  14,582
  15,470
  16,412
  17,411
  18,468
  19,587
  20,772
  22,024
  23,348
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  5,317
  5,094
  4,863
  4,630
  4,392
  4,148
  3,896
  3,637
  3,371
  3,100
  2,646
  2,396
  2,146
  1,899
  1,660
  1,431
  1,215
  1,016
  836
  675
  535
  416
  316
  235
  171
  121
  84
  56
  37
  23
Current shareholders' claim on cash, %
  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

Twenty-First Century Fox, Inc. is a media and entertainment company. The Company's segments include Cable Network Programming; Television; Filmed Entertainment, and Other, Corporate and Eliminations. The Cable Network Programming segment produces and licenses news, business news, sports, general entertainment, factual entertainment and movie programming for distribution. The Television segment is engaged in the operation of broadcast television stations and the broadcasting of network programming in the United States. The Filmed Entertainment segment is engaged in the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media, and the production and licensing of television programming around the world. The Other, Corporate and Eliminations segment consists primarily of corporate overhead and eliminations, and other businesses.

FINANCIAL RATIOS  of  21st Century Fox Cl B (FOX)

Valuation Ratios
P/E Ratio 30
Price to Sales 3.1
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.3%
Cap. Spend. - 3 Yr. Gr. Rate -11.1%
Financial Strength
Quick Ratio 13
Current Ratio 0.1
LT Debt to Equity 123.8%
Total Debt to Equity 126.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 28.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 37%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 21.9%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 16.4%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 23.4%
Payout Ratio 31.9%

FOX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOX stock intrinsic value calculation we used $28500 million for the last fiscal year's total revenue generated by 21st Century Fox Cl B. The default revenue input number comes from 0001 income statement of 21st Century Fox 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 FOX 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 6.3%, whose default value for FOX is calculated based on our internal credit rating of 21st Century Fox 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 21st Century Fox 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 FOX stock the variable cost ratio is equal to 51.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7790 million in the base year in the intrinsic value calculation for FOX 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 6.2% for 21st Century Fox Cl B.

Corporate tax rate of 27% is the nominal tax rate for 21st Century Fox 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 FOX 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 FOX are equal to 40.2%.

Life of production assets of 38.3 years is the average useful life of capital assets used in 21st Century Fox 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 FOX is equal to 11.7%. 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 - $15722 million for 21st Century Fox 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 798.521 million for 21st Century Fox 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 21st Century Fox Cl B at the current share price and the inputted number of shares is $38.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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VIAB Viacom Cl B 31.83 73.11  str.buy
CBS CBS Cl B 57.30 66.10  buy
DISCA Discovery Seri 31.76 1,855.95  str.buy
NFLX Netflix 290.06 364.74  hold
AMCX AMC Networks C 59.97 136.56  str.buy

COMPANY NEWS

▶ Sinclair reportedly submits bid for Fox regional sports networks   [02:08PM  American City Business Journals]
▶ Amazon puts in a bid for 22 Fox regional sports networks   [12:00PM  American City Business Journals]
▶ Top 5 Companies Owned by Disney (DIS)   [Nov-19-18 02:27PM  Investopedia]
▶ Disney gets Chinas unconditional approval for Fox acquisition   [02:02PM  American City Business Journals]
▶ The Movie Biz: Bohemian Rhapsody' will rock you ¬†even if you know nothing of Queen   [Nov-16-18 11:45AM  American City Business Journals]
▶ Major League Baseball signs seven-year extension with Fox worth $5.1B   [Nov-15-18 03:59PM  American City Business Journals]
▶ Who's going to buy the 22 Fox Sports regional sports networks up for sale?   [Nov-14-18 07:25PM  American City Business Journals]
▶ Major League Baseball local streaming talks heat up   [06:25PM  American City Business Journals]
▶ Yankees wants to regain YES Network on heels of Disney, Fox deal   [08:27AM  American City Business Journals]
▶ Disney Shares Rally on Record Earnings and Revenue   [Nov-09-18 04:30PM  GuruFocus.com]
▶ Disney Shares Rally on Earnings and Revenue Beat   [Nov-08-18 04:40PM  TheStreet.com]
▶ Disney opens up bidding for 22 Fox-branded regional sports networks   [10:33AM  American City Business Journals]
▶ Fox Inc Earnings, Revenue miss in Q1   [Nov-07-18 05:52PM  Investing.com]
▶ Yacktman Fund Comments on Fox   [03:24PM  GuruFocus.com]
▶ NFL Network celebrates 15th anniversary   [01:41PM  American City Business Journals]
▶ [$$] 21st Century Fox Posts Higher Profit   [09:08AM  The Wall Street Journal]
▶ Fox: Fiscal 1Q Earnings Snapshot   [08:22AM  Associated Press]
▶ AMC promotes Barnett after losing executive to Fox   [10:27AM  American City Business Journals]
▶ [$$] Disney gains EU approval for Fox deal   [01:22AM  Financial Times]
▶ NBC, Fox and Facebook pull controversial Trump ad   [Nov-05-18 05:30PM  American City Business Journals]
▶ Hulu adds Spanish-language, entertainment tiers to live TV offering   [Oct-31-18 05:16PM  American City Business Journals]
▶ Hulu nabs YouTube executive to head content partnerships   [Oct-30-18 05:27PM  American City Business Journals]
▶ [$$] NBC Pulls Plug on Megyn Kelly's Morning Show   [03:09PM  The Wall Street Journal]
▶ [$$] Fox News Announces Price and Launch Date for Streaming Service   [Oct-25-18 02:34PM  The Wall Street Journal]
▶ Channel 7's late news scores ratings victory as numbers grow   [02:13PM  American City Business Journals]
▶ Atom adds 1,000 screens to movie ticketing platform   [Oct-23-18 05:48PM  American City Business Journals]
▶ Hulu sees Starz   [01:00PM  American City Business Journals]
▶ Fox names new CEO of Entertainment   [Oct-22-18 02:54PM  American City Business Journals]
▶ Movie Review: In 'The Old Man and the Gun,' it's as if the Sundance Kid survived   [Oct-21-18 08:00AM  American City Business Journals]
▶ [$$] Charlie Collier to Become CEO of Entertainment for New 'Fox'   [Oct-19-18 08:15PM  The Wall Street Journal]
▶ Emma Watts to lead Fox Film after Disney merger   [Oct-18-18 01:45PM  American City Business Journals]
▶ Will Amazon, Facebook, Twitter spend to acquire sports programming rights?   [Oct-17-18 12:58PM  American City Business Journals]
▶ Disney offers concessions for EU approval on Fox acquisition   [01:38PM  American City Business Journals]
▶ Sony stays atop weekend box office with Venom   [12:19PM  American City Business Journals]
▶ Pocket.watch repackages YouTube shows for Hulu, Amazon   [Oct-11-18 05:15PM  American City Business Journals]
▶ Fewer protests help NFL ratings get to strong start   [12:57PM  American City Business Journals]
▶ [$$] Sky Takeover Explained   [09:25AM  The Wall Street Journal]
▶ Fox names top legal, HR executives   [Oct-09-18 02:49PM  American City Business Journals]
▶ Future of television includes continued growth of OTT   [10:02AM  American City Business Journals]
▶ [$$] Fox Hires Former White House Communications Director Hope Hicks   [Oct-08-18 08:43PM  The Wall Street Journal]
▶ [$$] Interest Groups Compete for Trumps TV Attention   [08:42PM  The Wall Street Journal]

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