Twenty-First Century Fox Inc

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Pacific Crest Securities-KBCM Andy Hargreaves ahargreaves@pacific-crest.com
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
FBR Capital Markets & Co Barton Crockett bcrockett@fbr.com
Stifel Nicolaus Benjamin E. Mogil bmogil@stifel.com
Pivotal Research Group Brian Wieser brian@pvtl.com
Deutsche Bank Research Bryan Kraft bryan.kraft@db.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
Topeka Capital Markets David W. Miller teagan@telseygroup.com
Cowen & Company Doug Creutz doug.creutz@cowen.com
Atlantic Equities Hamiton Faber h.faber@atlantic-equities.com
Wedbush Securities James Dix james.dix@wedbush.com
JBL Advisors Jeffrey B. Logsdon jeff@jbladvisors.com
Jefferies John Janedis jjanedis@jefferies.com
Needham Laura Martin lmartin@needhamco.com
Wells Fargo Securities Marci Ryvicker marci.ryvicker@wellsfargo.com
Guggenheim Securities Michael C. Morris michael.morris@guggenheimpartners.com
Credit Suisse Omar Sheikh omar.sheikh@credit-suisse.com
BTIG Richard Greenfield rgreenfield@btig.com
RBC Capital Markets Steven Cahall steven.cahall@rbccm.com
Bernstein Research Todd Juenger todd.juenger@bernstein.com
Telsey Advisory Group Tom Eagan teagan@telseygroup.com
Evercore ISI Vijay Jayant vijay.jayant@evercoreisi.com

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Primary Input Data

 

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Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form
Net Operating Profit Less Adjusted Taxes NOPLAT 3,839 4,228 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 2,742 3,751 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 155 331 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 40,834 42,458 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 9.40% 9.96% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv (3,843) 2,166 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR -100.11% 51.23% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
 WACCMarket 10.01%  20.19% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook   7.70%  7.51%
Enterprise value
 EVMarket 65,682 69,174 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook   63,817  66,550
Long-Run Growth
 g = IR x ROIC
   -9.41%  5.10% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP   2.50%   2.50%
Margin from Operations M   20.37%  23.18% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D   11.08%  7.69% D\,\,=\,\,\frac{D+A}{EBITDA}

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value

Single-stage

multiple g solution

Two-stage valuation

model g solution
12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

  2,27 2.47  11.00%  36.45%  10.72%  25.79%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

 9.89  9.82 11.00% 36.45% 10.72% 25.79%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

 17.11 16.36 11.00% 36.45% 10.72% 25.79%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

  23.95  18.44 11.00% 36.45% 10.72% 25.79%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

 11.12 10.64 11.00% 36.45% 10.72% 25.79%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

 1.61  1.63 11.00% 36.45% 10.72% 25.79%

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