DCF Studio

    FOXA · NMS · Communication Services

    Fox Corporation

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 94.18

    Market price

    USD 62.76

    Implied upside

    +50.1%

    10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2026-06-30

    Value Per Share

    Perpetuity growth
    USD 94.18+50.1%
    Exit multiple
    USD 70.79+12.8%
    Market price
    USD 62.76

    Same forecast, different terminal treatment. Percentages vs price.

    Forecast Cashflows

    Reporting currency (USD). Outflows negative.

    0bn1bn3bnFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
    Nominal FCFFDiscounted to todayUSD
    LineFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36CAGR
    RevenueUSD 17.9bnUSD 17.6bnUSD 17.5bnUSD 17.5bnUSD 17.5bnUSD 17.6bnUSD 17.8bnUSD 18.1bnUSD 18.5bnUSD 18.9bn+0.6%
    EBITUSD 3.4bnUSD 3.4bnUSD 3.3bnUSD 3.3bnUSD 3.3bnUSD 3.4bnUSD 3.4bnUSD 3.5bnUSD 3.5bnUSD 3.6bn+0.6%
    NOPATUSD 2.7bnUSD 2.7bnUSD 2.6bnUSD 2.6bnUSD 2.6bnUSD 2.7bnUSD 2.7bnUSD 2.7bnUSD 2.8bnUSD 2.9bn+0.6%
    Add depreciation & amortisationUSD 459.8mUSD 454.2mUSD 450.9mUSD 449.6mUSD 450.5mUSD 453.4mUSD 458.4mUSD 465.6mUSD 475.1mUSD 487.0m+0.6%
    Less capital expenditureUSD -438.7mUSD -487.2mUSD -536.9mUSD -588.6mUSD -643.0mUSD -700.8mUSD -762.8mUSD -829.9mUSD -903.0mUSD -983.2m+9.4%
    Capex, % of revenue2.5%2.8%3.1%3.4%3.7%4.0%4.3%4.6%4.9%5.2%-
    Less increase in working capitalUSD 151.6mUSD -44.1mUSD -26.8mUSD -10.0mUSD 6.6mUSD 23.3mUSD 40.2mUSD 57.5mUSD 75.6mUSD 94.7m+5.1%
    Free cashflow to firmUSD 2.9bnUSD 2.6bnUSD 2.5bnUSD 2.5bnUSD 2.5bnUSD 2.4bnUSD 2.4bnUSD 2.4bnUSD 2.4bnUSD 2.5bn-1.7%
    Discount factor0.96580.90090.84040.78400.73130.68220.63640.59360.55370.5165-
    Present valueUSD 2.8bnUSD 2.3bnUSD 2.1bnUSD 2.0bnUSD 1.8bnUSD 1.7bnUSD 1.5bnUSD 1.4bnUSD 1.3bnUSD 1.3bn-
    Present Value Of The ForecastUSD 18.2bn

    Discount Rate

    Source shown per component. All overridable above.

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta0.747Reported 0.623, pulled toward 1.0 (Blume)
    Cost of equity8.06%Risk-free + beta x equity risk premium
    Cost of debt5.33%Interest expense / average total debt
    Market capitalisationUSD 26.5bn77.8% of capital
    Total debtUSD 7.6bn22.2% of capital, book value as a proxy
    Tax rate21.0%Effective, capped at statutory
    WACC7.20%E/V x Re + D/V x Rd x (1 - t)

    Terminal Value

    Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.

    Perpetuity growth at 2.50%

    Value per shareUSD 94.18

    59% of EV

    Forecast FCFF, final year
    USD 2.5bn
    Capex at depreciation, working capital in reinvestment
    USD 2.9bn
    Less reinvestment at g/ROIC (19.1% of NOPAT)
    USD -555.3m
    Capitalised
    USD 2.3bn
    ROIC (reported)
    13.1%
    Terminal value, undiscounted
    USD 51.2bn
    Terminal value, discounted
    USD 26.5bn
    Enterprise value
    USD 44.7bn
    Less net debt
    USD 3.4bn
    Equity value
    USD 41.3bn

    Exit at 7.6x EBITDA

    Value per shareUSD 70.79

    47% of EV

    Terminal value, undiscounted
    USD 31.3bn
    Terminal value, discounted
    USD 16.2bn
    Enterprise value
    USD 34.4bn
    Less net debt
    USD 3.4bn
    Equity value
    USD 31.1bn

    Spread between methods: 28%.

    Sensitivity

    Value per share (USD) by discount rate and long-run growth.

    Long-run growth
    Discount rate1.50%2.00%2.50%3.00%3.50%
    5.20%138.44148.67162.94184.01217.88
    6.20%108.66113.28119.32127.46138.86
    7.20%89.3091.4494.1897.72102.39
    8.20%75.6876.6177.8079.3381.32
    9.20%65.5865.8666.2666.8167.56

    Outlined: this model. Green text: above today's price of 62.76. Shading: distance from this model's own value.

    Priced In

    What each input would have to be to justify the current price, one at a time.

    InputActualModelImplied
    Revenue growth, a year4.7%1.0%-2.9%
    EBIT margin20.4%19.1%13.1%
    Discount rate-7.2%9.6%
    Download as Excel

    Live formulas, not pasted numbers - edit a driver and the workbook reprices.

    Yahoo Finance and RBA data. General information, not advice. Methodology.