Netflix (NFLX:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Netflix(NFLX:NAS)

Consumer Cyclical:Media-Diversified

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$344.71 (USD) 07/02/2019

Weighted Valuation
$342.94 (USD)

Overall Rating
Fairly valued to slightly Overvalued by 0.5%

Valuation Models Analyst Consensus: $398.10 (USD)
(in order of importance) Adjusted Book Value: $260.19 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (NFLX:NAS USD)

Price 344.71
Range 339.02 – 348.75
52 week 233.88 – 418.97
Open 347.90
Vol / Avg. 7.81M/12.79M
Mkt cap 150.5B
P/E 128.62
Div/yield 0.00/0.00
EPS 2.68
Shares 436.6M
Beta 1.39

Company Description

Netflix’s primary business is a streaming video on demand service now available in almost every country worldwide except China. Netflix delivers original and third-party digital video content to PCs, Internet-connected TVs, and consumer electronic devices, including tablets, video game consoles, Apple TV, Roku, and Chromecast. In 2011, Netflix introduced DVD-only plans and separated the combined streaming and DVD plans, making it necessary for subscribers who want both to have separate plans.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for NFLX:NAS

Using a discounted cash flow model we generated an intrinsic value of $140.99 (USD) for NFLX:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

NFLX:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $140.99 1% 5% 1% 5%
WACC (or Ke) 12.91 $158.31 $126.87
Terminal Growth Rate 3.00 $129.31 $155.30
Tax Rate 0.01 $147.11 $134.91
Cash Flow 6,260,958,000 $134.89 $147.10
Capital Expenditures -123,175,000 $140.89 $141.09
Long Term Debt 2,373,966,000 $141.26 $140.72

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $0.00 (USD) for NFLX:NAS. We also generated a valuation of $200.91 (USD) using other metrics and comparables.
The comparable companies were Walt Disney (DIS:NYS) and Twenty-First Century Fox (FOXA:NAS).

Company NFLX:NAS End Date Value
Earnings/Share $2.68 (USD)
Book Value/Share $0.00 (USD)
Sales/Share $0.00 (USD)
Cash Flow/Share $0.00 (USD)
EBITDA/Share $3.83 (USD)
Price Based on Comps Adjustment Factor (%)
$0.00 (USD) 0.0
$0.00 (USD) 0.0
$0.00 (USD) 56.9
($22.96) (USD) 0.0
$0.00 (USD) 0.0
NFLX:NAS Ratios Used Average Values DIS:NYS FOXA:NAS
0.00 PE Ratio 15.97 13.34 18.61
0.00 PB Ratio 3.92 3.41 4.42
0.00 PS Ratio 2.91 2.83 3.00
0.00 PCF Ratio 17.17 11.76 22.59
0.00 EV to EBITDA 13.01 9.93 16.09

Multiples

Using a multiples approach we generated a valuation of  $524.22 (USD) for NFLX:NAS

Company NFLX:NAS End Date Value
Earnings/Share $2.68 (USD)
Book Value/Share $0.00 (USD)
Sales/Share $0.00 (USD)
Cash Flow/Share $0.00 (USD)
EBITDA/Share $3.83 (USD)
Price Based on Comps Adjustment Factor
$608.99 (USD) 0
$0.00 (USD) 0
$0.00 (USD) 0
$0.00 (USD) 0
$439.45 (USD) 0
Ratios Ratio Average
PE Ratio 227.23
PB Ratio 21.79
PS Ratio 7.11
PCF Ratio 216.75
EV to EBITDA 114.62

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  NFLX:NAS for the last 10 years was  21.68

We ran the Adjusted Book Value for  NFLX:NAS and generated a book value of  $12.00 (USD)
By multiplying these we get an adjusted valuation of  $260.19 (USD)

Analyst Data

In the Stockcalc database there are 10 analysts that provide a valuation for NFLX:NAS. The 10 analysts have a concensus valuation for NFLX:NAS for 2019 of $398.10 (USD).

NFLX:NAS Netflix

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
7 3 2 3.8333 Outperform 2019-2-6

Current Price: 344.71 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 4.22 6.37 9.98
# EPS Analysts 11 9 6
Mean Revenue 20,275.00 24,884.50 29,640.90
# Revenue Analysts 9 8 6
Mean Target Price 398.10
Mean Cash Flow -3.85 -0.94 3.26
Mean EBITDA 2,869.60 4,018.10 6,078.60
Mean Net Income 1,936.20 2,956.30 4,576.60
Mean Debt Outstanding 9,461.10 11,051.00 11,540.70
Mean Tax Rate 12.82 13.78 15.00
Mean Growth Rate 28.17
Mean Capital Expenditure 232.80 286.70 314.80

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Netflix (NFLX:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Netflix(NFLX:NAS)

Consumer Cyclical:Media-Diversified

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$352.19 (USD) 06/02/2019

Weighted Valuation
$398.10 (USD)

Overall Rating
Undervalued by 13.0%

Valuation Models Analyst Consensus: $398.10 (USD)
(in order of importance)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (NFLX:NAS USD)

Price 352.19
Range 347.19 – 357.04
52 week 233.88 – 418.97
Open 357.00
Vol / Avg. 6.68M/13.06M
Mkt cap 153.77B
P/E 131.41
Div/yield 0.00/0.00
EPS 2.68
Shares 436.6M
Beta 1.39

Company Description

Netflix’s primary business is a streaming video on demand service now available in almost every country worldwide except China. Netflix delivers original and third-party digital video content to PCs, Internet-connected TVs, and consumer electronic devices, including tablets, video game consoles, Apple TV, Roku, and Chromecast. In 2011, Netflix introduced DVD-only plans and separated the combined streaming and DVD plans, making it necessary for subscribers who want both to have separate plans.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for NFLX:NAS

Using a discounted cash flow model we generated an intrinsic value of $140.99 (USD) for NFLX:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

NFLX:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $140.99 1% 5% 1% 5%
WACC (or Ke) 12.91 $158.31 $126.87
Terminal Growth Rate 3.00 $129.31 $155.30
Tax Rate 0.01 $147.11 $134.91
Cash Flow 6,260,958,000 $134.89 $147.10
Capital Expenditures -123,175,000 $140.89 $141.09
Long Term Debt 2,373,966,000 $141.26 $140.72

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $0.00 (USD) for NFLX:NAS. We also generated a valuation of $201.05 (USD) using other metrics and comparables.
The comparable companies were Walt Disney (DIS:NYS) and Twenty-First Century Fox (FOXA:NAS).

Company NFLX:NAS End Date Value
Earnings/Share $2.68 (USD)
Book Value/Share $0.00 (USD)
Sales/Share $0.00 (USD)
Cash Flow/Share $0.00 (USD)
EBITDA/Share $3.83 (USD)
Price Based on Comps Adjustment Factor (%)
$0.00 (USD) 0.0
$0.00 (USD) 0.0
$0.00 (USD) 56.9
($22.96) (USD) 0.0
$0.00 (USD) 0.0
NFLX:NAS Ratios Used Average Values DIS:NYS FOXA:NAS
0.00 PE Ratio 13.34 13.34 0.00
0.00 PB Ratio 3.41 3.41 0.00
0.00 PS Ratio 2.83 2.83 0.00
0.00 PCF Ratio 11.76 11.76 0.00
0.00 EV to EBITDA 9.93 9.93 0.00

Multiples

Using a multiples approach we generated a valuation of  $524.22 (USD) for NFLX:NAS

Company NFLX:NAS End Date Value
Earnings/Share $2.68 (USD)
Book Value/Share $0.00 (USD)
Sales/Share $0.00 (USD)
Cash Flow/Share $0.00 (USD)
EBITDA/Share $3.83 (USD)
Price Based on Comps Adjustment Factor
$608.99 (USD) 0
$0.00 (USD) 0
$0.00 (USD) 0
$0.00 (USD) 0
$439.45 (USD) 0
Ratios Ratio Average
PE Ratio 227.23
PB Ratio 21.79
PS Ratio 7.11
PCF Ratio 216.75
EV to EBITDA 114.62

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  NFLX:NAS for the last 10 years was  21.68

We ran the Adjusted Book Value for  NFLX:NAS and generated a book value of  $12.00 (USD)
By multiplying these we get an adjusted valuation of  $260.09 (USD)

Analyst Data

In the Stockcalc database there are 10 analysts that provide a valuation for NFLX:NAS. The 10 analysts have a concensus valuation for NFLX:NAS for 2019 of $398.10 (USD).

NFLX:NAS Netflix

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
7 3 2 3.8333 Outperform 2019-2-5

Current Price: 352.19 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 4.22 6.37 9.98
# EPS Analysts 11 9 6
Mean Revenue 20,275.00 24,884.50 29,640.90
# Revenue Analysts 9 8 6
Mean Target Price 398.10
Mean Cash Flow -3.85 -0.94 3.26
Mean EBITDA 2,869.60 4,018.10 6,078.60
Mean Net Income 1,936.20 2,956.30 4,576.60
Mean Debt Outstanding 9,461.10 11,051.00 11,540.70
Mean Tax Rate 12.82 13.78 15.00
Mean Growth Rate 28.17
Mean Capital Expenditure 232.80 286.70 314.80

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


UnitedHealth Group (UNH:NYS) and Unilever (UN:NYS) Downgraded

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I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
UNH UnitedHealth Group Inc 6 0 0 1 0 0 4.5714 4.6250 Buy
BUD Anheuser-Busch InBev SA/NV 5 0 3 0 0 0 4.2500 4.4000 Outperform
UN Unilever NV 2 1 1 0 0 0 4.2500 4.4000 Outperform
ACN Accenture PLC 4 0 4 0 0 0 4.0000 4.2000 Outperform
SU Suncor Energy Inc 8 5 2 0 0 0 4.4000 4.4375 Outperform
BAM Brookfield Asset Management Inc 5 2 0 0 0 0 4.7143 4.7500 Buy
KMB Kimberly-Clark Corp 0 0 4 0 2 0 2.3333 2.4286 Underperform
AFL Aflac Inc 0 0 2 0 1 0 2.3333 2.5000 Underperform
STZ.B Constellation Brands Inc 6 0 2 0 0 0 4.5000 4.5556 Outperform
STZ Constellation Brands Inc 6 0 2 0 0 0 4.5000 4.5556 Outperform
PEG Public Service Enterprise Group Inc 2 0 2 1 0 0 3.6000 3.8333 Outperform
TRI Thomson Reuters Corp 5 1 4 0 0 0 4.1000 4.2000 Outperform
FDC First Data Corp 4 0 2 0 0 0 4.3333 4.4286 Outperform
RMD ResMed Inc 1 0 1 2 0 0 3.0000 3.2500 Hold
NBL Noble Energy Inc 5 0 3 0 0 0 4.2500 4.3333 Outperform
CVE Cenovus Energy Inc 6 5 6 0 0 0 4.0000 4.0556 Outperform
ACB Aurora Cannabis Inc 1 2 1 0 0 0 4.0000 4.2000 Outperform
KT KT Corp 1 1 1 0 0 0 4.0000 4.5000 Outperform
PCG PG&E Corp 1 0 3 0 1 0 3.0000 3.2000 Hold
ESNT Essent Group Ltd 2 0 1 0 0 0 4.3333 4.5000 Outperform
VET Vermilion Energy Inc 6 3 2 0 0 0 4.3636 4.4167 Outperform
CNS Cohen & Steers Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
ELY Callaway Golf Co 2 0 1 0 0 0 4.3333 5.0000 Outperform
BTE Baytex Energy Corp 6 6 1 0 0 0 4.3846 4.4286 Outperform
TGI Triumph Group Inc 0 0 2 0 0 0 3.0000 3.6667 Hold
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
SU Suncor Energy Inc 8 5 2 0 0 0 4.4000 4.4375 Outperform
BAM.A Brookfield Asset Management Inc 5 2 0 0 0 0 4.7143 4.7500 Buy
CNQ Canadian Natural Resources Ltd 9 8 0 0 0 0 4.5294 4.5556 Buy
TRI Thomson Reuters Corp 5 1 4 0 0 0 4.1000 4.2000 Outperform
IMO Imperial Oil Ltd 0 1 8 0 4 0 2.4615 2.5000 Underperform
CVE Cenovus Energy Inc 6 5 6 0 0 0 4.0000 4.0556 Outperform
ACB Aurora Cannabis Inc 1 2 1 0 0 0 4.0000 4.2000 Outperform
BBD.B Bombardier Inc 4 6 1 0 0 0 4.2727 4.3333 Outperform
BBD.A Bombardier Inc 4 6 1 0 0 0 4.2727 4.3333 Outperform
VET Vermilion Energy Inc 6 3 2 0 0 0 4.3636 4.4167 Outperform
ERF Enerplus Corp 8 4 0 0 0 0 4.6667 4.6923 Buy
HEXO HEXO Corp 1 4 0 0 0 0 4.2000 4.4286 Outperform
BTE Baytex Energy Corp 6 6 1 0 0 0 4.3846 4.4286 Outperform
TLG Troilus Gold Corp 3 5 0 0 0 0 4.3750 4.4286 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
KBLT Cobalt 27 Capital Corp 4 6 0 0 0 0 4.4000 4.4444 Outperform
GQC GoldQuest Mining Corp 0 0 1 0 1 0 2.0000 3.0000 Underperform
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
IMO Imperial Oil Ltd 0 1 8 0 4 0 2.4615 2.5000 Underperform
HEXO HEXO Corp 1 4 0 0 0 0 4.2000 4.4286 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FOXA Twenty-First Century Fox Inc 2 0 6 0 1 0 3.2222 3.4444 Hold
FOX Twenty-First Century Fox Inc 2 0 6 0 1 0 3.2222 3.4444 Hold
NVDA NVIDIA Corp 9 0 2 0 0 0 4.6364 4.6667 Buy
ISRG Intuitive Surgical Inc 3 0 2 0 1 0 3.6667 4.2000 Outperform
VIAB Viacom Inc 2 1 7 0 1 0 3.2727 3.4545 Hold
VIA Viacom Inc 2 1 7 0 1 0 3.2727 3.4545 Hold
PFPT Proofpoint Inc 3 1 2 0 0 0 4.1667 4.2857 Outperform
GWPH GW Pharmaceuticals PLC 1 0 1 0 0 0 4.0000 4.3333 Outperform
SBCF Seacoast Banking Corp of Florida 0 0 1 0 0 0 3.0000 5.0000 Hold
INBK First Internet Bancorp 0 0 1 0 0 0 3.0000 5.0000 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

UNH:NYS UnitedHealth Group

http://www.unitedhealthgroup.com
UnitedHealth Group has 260000 employees and is headquartered in United States.
UnitedHealth Group Inc is a diversified health care company in the United States. It designs products, provides services and applies technologies that improve access to health and well-being services, and make health care more affordable.

UN:NYS Unilever

http://www.unilever.nl
Unilever has 161000 employees and is headquartered in Netherlands.
Unilever NV is engaged in the household products industry. The company is a supplier of fast moving consumer goods. Its areas of operations are personal care, home care, foods and refreshment.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Exxon Mobil (XOM:NYS) and Twenty-First Century Fox (FOX:NAS) Upgraded

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Upgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been upgraded by at least one analyst in the last few days.

Why Do Companies Get Upgraded?

Companies can get upgraded for a number of reasons, but primarily due to improved future earnings potential due to new contracts, new products, cost savings or restructuring.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
XOM Exxon Mobil Corp 4 1 3 0 0 0 4.1250 4.0000 Outperform
CVS CVS Health Corp 5 1 0 0 0 0 4.8333 4.8000 Buy
LYB LyondellBasell Industries NV 3 0 3 0 0 0 4.0000 3.6667 Outperform
EIX Edison International 2 1 2 0 0 0 4.0000 3.8333 Outperform
CMS CMS Energy Corp 3 0 2 1 0 0 3.8333 3.7143 Outperform
ALV Autoliv Inc 0 0 4 0 0 0 3.0000 2.5000 Hold
HP Helmerich & Payne Inc 3 0 3 1 1 0 3.3750 3.3333 Hold
EV Eaton Vance Corp 1 1 2 0 0 0 3.7500 3.5000 Outperform
RRC Range Resources Corp 3 0 3 0 0 0 4.0000 3.8571 Outperform
CLB Core Laboratories NV 2 0 3 0 0 0 3.8000 3.6000 Outperform
TGNA Tegna Inc 4 0 2 0 0 0 4.3333 4.2000 Outperform
RH RH 2 0 3 1 0 0 3.5000 3.4286 Hold
CMP Compass Minerals International Inc 0 1 2 0 0 0 3.3333 2.6667 Hold
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CEU CES Energy Solutions Corp 9 1 2 0 0 0 4.5833 4.4167 Buy
CFW Calfrac Well Services Ltd 5 5 2 0 0 0 4.2500 4.0833 Outperform
III Imperial Metals Corp 0 0 3 0 1 0 2.5000 2.0000 Underperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BGM Barkerville Gold Mines Ltd 1 3 0 0 0 0 4.2500 4.2000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FOX Twenty-First Century Fox Inc 2 0 7 0 0 0 3.4444 3.2500 Hold
FOXA Twenty-First Century Fox Inc 2 0 7 0 0 0 3.4444 3.2500 Hold
NXST Nexstar Media Group Inc 5 0 1 0 0 0 4.6667 4.6000 Buy
ACIA Acacia Communications Inc 4 0 1 0 0 0 4.6000 4.2000 Buy
NIU Niu Technologies 1 0 0 0 0 0 5.0000 0.0000 Buy

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

XOM:NYS Exxon Mobil

http://www.exxonmobil.com
Exxon Mobil has 71200 employees and is headquartered in United States.
Exxon Mobil Corp is an integrated oil and gas company. It is engaged in exploration for, and production of, crude oil and natural gas. It is also engaged in manufacturing, transportation and sale of crude oil, natural gas and petroleum products.

FOX:NAS Twenty-First Century Fox

http://www.21cf.com
Twenty-First Century Fox has 22400 employees and is headquartered in United States.
Twenty-First Century Fox Inc is a diversified media and entertainment company. It operates in various business segments namely Cable Network Programming, Television, Filmed Entertainment, and Direct Broadcast Satellite Television.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Walt Disney (DIS:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Walt Disney(DIS:NYS)

Consumer Cyclical:Media-Diversified

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$113.03 (USD) 21/11/2018

Weighted Valuation
$117.42 (USD)

Overall Rating
Fairly valued to slightly Undervalued by 3.9%

Valuation Models Analyst Consensus: $118.20 (USD)
(in order of importance) Discounted Cash Flow: $114.71 (USD)
Adjusted Book Value: $120.50 (USD)
Valuation Methods This company is:
Cash Flow: Fairly valued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (DIS:NYS USD)

Price 113.03
Range 112.30 – 113.99
52 week 98.54 – 118.90
Open 112.50
Vol / Avg. 7.23M/8.2M
Mkt cap 166.38B
P/E 14.22
Div/yield 1.68/0.01
EPS 8.36
Shares 1.49B
Beta 1.18

Company Description

Walt Disney owns the rights to some of the most globally recognized characters, from Mickey Mouse to Luke Skywalker. These characters and others are featured in several Disney theme parks around the world. Disney makes live-action and animated films under studios such as Pixar, Marvel, and Lucasfilm, and also operates media networks including ESPN and several TV production studios. Disney recently reorganized into four segments with one new segment, direct-to-consumer and international. The new segment includes the two announced OTT offerings, ESPN+, and the Disney SVOD service. The plan also combines two current segments, parks & resorts and consumer products, into one. The media networks group contains the U.S. cable channels and ABC. The studio segment holds the movie production assets.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for DIS:NYS

Using a discounted cash flow model we generated an intrinsic value of $114.71 (USD) for DIS:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

DIS:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $114.71 1% 5% 1% 5%
WACC (or Ke) 9.42 $138.69 $97.21
Terminal Growth Rate 3.00 $98.99 $136.24
Tax Rate 0.11 $122.89 $106.54
Cash Flow 19,916,595,000 $106.27 $123.16
Capital Expenditures -4,087,400,000 $113.21 $116.22
Long Term Debt 20,441,000,000 $115.40 $114.03

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $261.79 (USD) for DIS:NYS. We also generated a valuation of $106.96 (USD) using other metrics and comparables.
The comparable companies were Twenty-First Century Fox (FOXA:NAS) and Netflix (NFLX:NAS).

Company DIS:NYS End Date Value
Earnings/Share $8.36 (USD)
Book Value/Share $30.73 (USD)
Sales/Share $38.11 (USD)
Cash Flow/Share $9.22 (USD)
EBITDA/Share $12.22 (USD)
Price Based on Comps Adjustment Factor (%)
$529.47 (USD) -51.6
$469.89 (USD) -40.2
$226.92 (USD) -8.2
$170.56 (USD) -51.4
$0.00 (USD) -17.8
DIS:NYS Ratios Used Average Values FOXA:NAS NFLX:NAS
14.44 PE Ratio 63.33 18.89 107.78
3.74 PB Ratio 15.29 4.32 26.27
3.01 PS Ratio 5.95 2.78 9.13
12.45 PCF Ratio 20.00 20.00 0.00
10.78 EV to EBITDA 48.33 15.39 81.26

Multiples

Using a multiples approach we generated a valuation of  $130.70 (USD) for DIS:NYS

Company DIS:NYS End Date Value
Earnings/Share $8.36 (USD)
Book Value/Share $30.73 (USD)
Sales/Share $38.11 (USD)
Cash Flow/Share $9.22 (USD)
EBITDA/Share $12.22 (USD)
Price Based on Comps Adjustment Factor
$159.29 (USD) 0
$113.70 (USD) 0
$118.98 (USD) 0
$131.81 (USD) 0
$129.70 (USD) 0
Ratios Ratio Average
PE Ratio 19.05
PB Ratio 3.70
PS Ratio 3.12
PCF Ratio 14.29
EV to EBITDA 10.61

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  DIS:NYS for the last 10 years was  3.71

We ran the Adjusted Book Value for  DIS:NYS and generated a book value of  $32.52 (USD)
By multiplying these we get an adjusted valuation of  $120.50 (USD)

Analyst Data

In the Stockcalc database there are 5 analysts that provide a valuation for DIS:NYS. The 5 analysts have a concensus valuation for DIS:NYS for 2019 of $118.20 (USD).

DIS:NYS Walt Disney

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
3 2 1 3.7143 Outperform 2018-11-21

Current Price: 113.03 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 7.32 7.63 7.85
# EPS Analysts 7 4 2
Mean Revenue 65,555.70 63,992.80 65,825.60
# Revenue Analysts 4 2 2
Mean Target Price 118.20
Mean Cash Flow 9.61 9.51 10.31
Mean EBITDA 17,671.50 18,564.40 19,336.50
Mean Net Income 11,421.50 11,184.10 11,696.60
Mean Debt Outstanding 15,765.00 14,206.80 9,654.60
Mean Tax Rate 21.00
Mean Growth Rate 12.23
Mean Capital Expenditure 4,574.60 4,671.10 5,295.90

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Twenty-First Century Fox (FOXA:NAS) and Linde (LIN:NYS) Downgraded

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Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
LIN Linde PLC 4 0 2 0 1 0 3.8571 4.0000 Outperform
SCHW Charles Schwab Corp 3 1 3 0 0 0 4.0000 4.2857 Outperform
PPG PPG Industries Inc 4 0 4 0 0 0 4.0000 4.1111 Outperform
BHGE Baker Hughes, a GE Co 3 1 3 0 0 0 4.0000 4.1250 Outperform
MGA Magna International Inc 3 3 3 0 0 0 4.0000 4.1000 Outperform
FNV Franco-Nevada Corp 3 4 6 0 0 0 3.7692 3.7857 Outperform
KMX CarMax Inc 4 0 0 1 0 0 4.4000 4.5000 Outperform
TDOC Teladoc Health Inc 1 1 2 0 0 0 3.7500 4.0000 Outperform
SPB Spectrum Brands Holdings Inc 1 0 1 0 0 0 4.0000 5.0000 Outperform
CMP Compass Minerals International Inc 0 1 1 0 1 0 2.6667 3.0000 Hold
TAHO Tahoe Resources Inc 1 0 1 0 4 0 2.0000 2.3333 Underperform
MAXR Maxar Technologies Ltd 2 6 4 0 0 0 3.8333 3.9231 Outperform
VLRS Controladora Vuela Compania de Aviacion SAB de CV 1 0 1 0 0 0 4.0000 4.3333 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
MG Magna International Inc 3 3 3 0 0 0 4.0000 4.1000 Outperform
FNV Franco-Nevada Corp 3 4 6 0 0 0 3.7692 3.7857 Outperform
LNR Linamar Corp 1 2 3 0 0 0 3.6667 3.8571 Outperform
PBH Premium Brands Holdings Corp 5 3 2 0 0 0 4.3000 4.5000 Outperform
THO Tahoe Resources Inc 1 0 1 0 4 0 2.0000 2.3333 Underperform
MAXR Maxar Technologies Ltd 2 6 4 0 0 0 3.8333 3.9231 Outperform
OSK Osisko Mining Inc 4 6 0 0 0 0 4.4000 4.4545 Outperform
ACR.UN Agellan Commercial Real Estate Investment Trust 0 1 4 0 1 0 2.8333 3.1667 Hold
GUY Guyana Goldfields Inc 0 2 3 0 1 0 3.0000 3.3333 Hold
USA Americas Silver Corp 2 2 0 0 0 0 4.5000 4.6000 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
GRA NanoXplore Inc 1 3 0 0 0 0 4.2500 4.4000 Outperform
TTR Titanium Transportation Group Inc 1 4 0 0 0 0 4.2000 4.2500 Outperform
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
USAS Americas Silver Corp 2 2 0 0 0 0 4.5000 4.6000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FOXA Twenty-First Century Fox Inc 1 0 7 0 0 0 3.2500 3.4444 Hold
FOX Twenty-First Century Fox Inc 1 0 7 0 0 0 3.2500 3.4444 Hold
ORLY O’Reilly Automotive Inc 3 0 2 1 0 0 3.8333 4.0000 Outperform
SYMC Symantec Corp 0 0 8 1 0 0 2.8889 3.0000 Hold
VIAB Viacom Inc 2 0 8 0 1 0 3.1818 3.2727 Hold
VIA Viacom Inc 2 0 8 0 1 0 3.1818 3.2727 Hold
CPRT Copart Inc 0 0 2 0 0 0 3.0000 3.6667 Hold
DXCM DexCom Inc 2 0 0 0 1 0 3.6667 4.0000 Outperform
QRVO Qorvo Inc 2 1 3 0 0 0 3.8333 4.0000 Outperform
BBBY Bed Bath & Beyond Inc 0 0 4 1 0 0 2.8000 3.0000 Hold
TLND Talend SA 0 0 1 0 0 0 3.0000 5.0000 Hold
PETS PetMed Express Inc 0 0 0 0 1 0 1.0000 3.0000 Sell

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

FOXA:NAS Twenty-First Century Fox

http://www.21cf.com
Twenty-First Century Fox has 22400 employees and is headquartered in United States.
Twenty-First Century Fox Inc is a diversified media and entertainment company. It operates in various business segments namely Cable Network Programming, Television, Filmed Entertainment, and Direct Broadcast Satellite Television.

LIN:NYS Linde

http://www.lindepraxairmerger.com
Linde has 26714 employees and is headquartered in United Kingdom.
Praxair Inc is a supplier of gas in the United States. It produces, distributes and sells atmospheric and process gases and surface coatings in North America, Europe, South America, and Asia. Its products are oxygen, helium, nitrogen and specialty gases.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Twenty-First Century Fox (FOXA:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Twenty-First Century Fox(FOXA:NAS)

Consumer Cyclical:Media-Diversified

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$48.16 (USD) 09/11/2018

Weighted Valuation
$48.25 (USD)

Overall Rating
Fairly valued to slightly Undervalued by 0.2%

Valuation Models Analyst Consensus: $49.50 (USD)
(in order of importance) Discounted Cash Flow: $49.89 (USD)
Adjusted Book Value: $41.20 (USD)
Valuation Methods This company is:
Cash Flow: Fairly valued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (FOXA:NAS USD)

Price 48.16
Range 47.89 – 48.58
52 week 28.03 – 49.79
Open 47.93
Vol / Avg. 11.01M/9.67M
Mkt cap 88.47B
P/E 18.17
Div/yield 0.36/0.01
EPS 2.40
Shares 1.86B
Beta 1.22

Company Description

Twenty-First Century Fox Inc is a media conglomerate with a wide range of assets: a film studio, which creates television programs and movies; broadcast television, including the Fox broadcast network and local TV stations in the U.S.; cable networks, which comprise over 300 channels around the world; and direct-broadcast satellite TV in the form of Sky, a satellite pay-tv provider in Europe. The company has four segments namely Cable Network Programming, Television, Filmed Entertainment and Other, Corporate and Eliminations. The company mostly earns from Cable Network Programming Segment.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for FOXA:NAS

Using a discounted cash flow model we generated an intrinsic value of $49.89 (USD) for FOXA:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

FOXA:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $49.89 1% 5% 1% 5%
WACC (or Ke) 8.13 $64.69 $39.92
Terminal Growth Rate 3.00 $40.71 $63.51
Tax Rate 0.08 $54.04 $45.73
Cash Flow 9,024,036,000 $45.92 $53.85
Capital Expenditures -458,600,000 $49.71 $50.07
Long Term Debt 19,488,000,000 $50.41 $49.36

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $92.62 (USD) for FOXA:NAS. We also generated a valuation of $77.98 (USD) using other metrics and comparables.
The comparable companies were Walt Disney (DIS:NYS) and Netflix (NFLX:NAS).

Company FOXA:NAS End Date Value
Earnings/Share $2.63 (USD)
Book Value/Share $10.54 (USD)
Sales/Share $16.37 (USD)
Cash Flow/Share $2.28 (USD)
EBITDA/Share $3.36 (USD)
Price Based on Comps Adjustment Factor (%)
$160.72 (USD) -59.1
$158.03 (USD) -36.6
$99.38 (USD) -33.2
$17.85 (USD) -36.9
$154.34 (USD) 48.0
FOXA:NAS Ratios Used Average Values DIS:NYS NFLX:NAS
18.89 PE Ratio 61.11 14.44 107.78
4.32 PB Ratio 14.99 3.71 26.27
2.78 PS Ratio 6.07 3.01 9.13
20.00 PCF Ratio 12.45 12.45 0.00
15.39 EV to EBITDA 45.98 10.70 81.26

Multiples

Using a multiples approach we generated a valuation of  $40.79 (USD) for FOXA:NAS

Company FOXA:NAS End Date Value
Earnings/Share $2.63 (USD)
Book Value/Share $10.54 (USD)
Sales/Share $16.37 (USD)
Cash Flow/Share $2.28 (USD)
EBITDA/Share $3.36 (USD)
Price Based on Comps Adjustment Factor
$48.56 (USD) 0
$39.43 (USD) 0
$35.91 (USD) 0
$41.98 (USD) 0
$38.09 (USD) 0
Ratios Ratio Average
PE Ratio 18.46
PB Ratio 3.74
PS Ratio 2.19
PCF Ratio 18.44
EV to EBITDA 11.35

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  FOXA:NAS for the last 10 years was  3.69

We ran the Adjusted Book Value for  FOXA:NAS and generated a book value of  $11.17 (USD)
By multiplying these we get an adjusted valuation of  $41.20 (USD)

Analyst Data

In the Stockcalc database there are 6 analysts that provide a valuation for FOXA:NAS. The 6 analysts have a concensus valuation for FOXA:NAS for 2019 of $49.50 (USD).

FOXA:NAS Twenty-First Century Fox

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 7 0 3.4444 Hold 2018-11-8

Current Price: 48.16 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 2.07 2.30 2.54
# EPS Analysts 9 6 3
Mean Revenue 31,646.90 33,294.10 35,128.10
# Revenue Analysts 7 4 3
Mean Target Price 49.50
Mean Cash Flow 2.40 2.65 2.93
Mean EBITDA 7,467.00 8,113.30 8,761.20
Mean Net Income 3,760.40 4,069.50 4,574.10
Mean Debt Outstanding 5,303.10 3,448.30 709.50
Mean Tax Rate 25.00
Mean Growth Rate 9.77
Mean Capital Expenditure 451.80 438.70 434.30

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Twenty-First Century Fox (FOX:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Twenty-First Century Fox(FOX:NAS)

Consumer Cyclical:Media-Diversified

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$47.47 (USD) 08/11/2018

Weighted Valuation
$48.89 (USD)

Overall Rating
Fairly valued to slightly Undervalued by 3.0%

Valuation Models Analyst Consensus: $49.33 (USD)
(in order of importance) Discounted Cash Flow: $52.20 (USD)
Adjusted Book Value: $40.93 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (FOX:NAS USD)

Price 0.00
Range 0.00 – 0.00
52 week 0.00 – 0.00
Open 0.00
Vol / Avg. 0/0
Mkt cap 0
P/E 0.00
Div/yield 0.00/0.00
EPS 0.00
Shares 0
Beta 0.00

Company Description

Twenty-First Century Fox Inc is a media conglomerate with a wide range of assets: a film studio, which creates television programs and movies; broadcast television, including the Fox broadcast network and local TV stations in the U.S.; cable networks, which comprise over 300 channels around the world; and direct-broadcast satellite TV in the form of Sky, a satellite pay-tv provider in Europe. The company has four segments namely Cable Network Programming, Television, Filmed Entertainment and Other, Corporate and Eliminations. The company mostly earns from Cable Network Programming Segment.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for FOX:NAS

Using a discounted cash flow model we generated an intrinsic value of $52.20 (USD) for FOX:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

FOX:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $52.20 1% 5% 1% 5%
WACC (or Ke) 7.97 $68.19 $41.58
Terminal Growth Rate 3.00 $42.40 $66.95
Tax Rate 0.08 $56.51 $47.90
Cash Flow 9,067,914,000 $48.09 $56.32
Capital Expenditures -458,600,000 $52.02 $52.39
Long Term Debt 19,488,000,000 $52.73 $51.68

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $94.00 (USD) for FOX:NAS. We also generated a valuation of $78.15 (USD) using other metrics and comparables.
The comparable companies were Walt Disney (DIS:NYS) and Netflix (NFLX:NAS).

Company FOX:NAS End Date Value
Earnings/Share $2.63 (USD)
Book Value/Share $10.54 (USD)
Sales/Share $16.37 (USD)
Cash Flow/Share $2.28 (USD)
EBITDA/Share $3.36 (USD)
Price Based on Comps Adjustment Factor (%)
$160.72 (USD) -58.4
$158.03 (USD) -36.3
$99.38 (USD) -32.3
$17.85 (USD) -36.1
$154.34 (USD) 50.9
FOX:NAS Ratios Used Average Values DIS:NYS NFLX:NAS
18.75 PE Ratio 61.11 14.44 107.78
4.29 PB Ratio 14.99 3.71 26.27
2.76 PS Ratio 6.07 3.01 9.13
19.85 PCF Ratio 12.45 12.45 0.00
15.39 EV to EBITDA 45.98 10.70 81.26

Multiples

Using a multiples approach we generated a valuation of  $40.51 (USD) for FOX:NAS

Company FOX:NAS End Date Value
Earnings/Share $2.63 (USD)
Book Value/Share $10.54 (USD)
Sales/Share $16.37 (USD)
Cash Flow/Share $2.28 (USD)
EBITDA/Share $3.36 (USD)
Price Based on Comps Adjustment Factor
$47.74 (USD) 0
$39.02 (USD) 0
$35.62 (USD) 0
$42.26 (USD) 0
$37.94 (USD) 0
Ratios Ratio Average
PE Ratio 18.15
PB Ratio 3.70
PS Ratio 2.18
PCF Ratio 18.57
EV to EBITDA 11.30

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  FOX:NAS for the last 10 years was  3.66

We ran the Adjusted Book Value for  FOX:NAS and generated a book value of  $11.17 (USD)
By multiplying these we get an adjusted valuation of  $40.93 (USD)

Analyst Data

In the Stockcalc database there are 6 analysts that provide a valuation for FOX:NAS. The 6 analysts have a concensus valuation for FOX:NAS for 2019 of $49.33 (USD).

FOX:NAS Twenty-First Century Fox

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 7 0 3.4444 Hold 2018-11-7

Current Price: 47.47 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 2.04 2.31 2.56
# EPS Analysts 9 6 3
Mean Revenue 31,662.60 33,362.50 35,256.30
# Revenue Analysts 7 4 3
Mean Target Price 49.33
Mean Cash Flow 2.41 2.67 2.98
Mean EBITDA 7,461.70 8,129.00 8,803.80
Mean Net Income 3,737.40 4,102.80 4,649.80
Mean Debt Outstanding 5,303.10 3,448.30 709.50
Mean Tax Rate 25.00
Mean Growth Rate 9.77
Mean Capital Expenditure 446.50 436.20 431.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


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BHP Billiton (BBL:NYS) and Twenty-First Century Fox (FOXA:NAS) Downgraded

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I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BBL BHP Billiton PLC 1 0 3 1 1 0 2.8333 3.1667 Hold
JCI Johnson Controls International PLC 2 1 2 0 1 0 3.5000 3.8333 Hold
CBS.A CBS Corp 7 1 4 0 0 0 4.2500 4.4167 Outperform
CBS CBS Corp 7 1 4 0 0 0 4.2500 4.4167 Outperform
EGN Energen Corp 1 0 6 0 0 0 3.2857 3.5714 Hold
UBP Urstadt Biddle Properties Inc 0 0 2 0 0 0 3.0000 4.0000 Hold
UBA Urstadt Biddle Properties Inc 0 0 2 0 0 0 3.0000 4.0000 Hold
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
TOG TORC Oil & Gas Ltd 7 8 0 0 0 0 4.4667 4.5000 Outperform
BIR Birchcliff Energy Ltd 7 6 2 0 0 0 4.3333 4.3571 Outperform
PONY Painted Pony Energy Ltd 2 3 9 0 0 0 3.5000 3.6429 Hold
FF First Mining Gold Corp 2 2 0 0 0 0 4.5000 4.6667 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
ICC ICC Labs Inc 2 0 0 0 1 0 3.6667 4.6667 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FOXA Twenty-First Century Fox Inc 2 0 7 0 0 0 3.4444 3.6667 Hold
FOX Twenty-First Century Fox Inc 2 0 7 0 0 0 3.4444 3.6667 Hold
FISV Fiserv Inc 2 0 6 1 0 0 3.3333 3.5000 Hold
FTNT Fortinet Inc 3 0 5 0 1 0 3.4444 3.6000 Hold
IDTI Integrated Device Technology Inc 0 0 1 0 0 0 3.0000 5.0000 Hold
EPAY Bottomline Technologies Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
CYBR CyberArk Software Ltd 3 0 1 0 0 0 4.5000 4.6000 Outperform
STBZ State Bank Financial Corp 0 0 1 0 0 0 3.0000 4.0000 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

BBL:NYS BHP Billiton

http://www.bhpbilliton.com
BHP Billiton has 26422 employees and is headquartered in United Kingdom.
BHP Billiton PLC is a producer of major commodities. The company’s operations involved exploration, development and production of oil and gas, mining of copper, iron ore, and metallurgical coal and thermal (energy) coal.

FOXA:NAS Twenty-First Century Fox

http://www.21cf.com
Twenty-First Century Fox has 22400 employees and is headquartered in United States.
Twenty-First Century Fox Inc is a diversified media and entertainment company. It operates in various business segments namely Cable Network Programming, Television, Filmed Entertainment, and Direct Broadcast Satellite Television.

Free Valuation

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Twenty-First Century Fox (FOXA:NAS) and Vodafone Group (VOD:NAS) Upgraded

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I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/toppicks.aspx.

Upgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been upgraded by at least one analyst in the last few days.

Why Do Companies Get Upgraded?

Companies can get upgraded for a number of reasons, but primarily due to improved future earnings potential due to new contracts, new products, cost savings or restructuring.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NSC Norfolk Southern Corp 5 0 3 1 0 0 4.0000 3.7778 Outperform
TPR Tapestry Inc 9 0 2 0 0 0 4.6364 4.6000 Buy
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
SJ Stella-Jones Inc 4 4 1 0 0 0 4.3333 4.2857 Outperform
IIP.UN InterRent Real Estate Investment Trust 5 6 2 0 0 0 4.2308 4.2000 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BME Barsele Minerals Corp 1 0 0 0 0 0 5.0000 0.0000 Buy
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
FOXA Twenty-First Century Fox Inc 3 0 6 0 0 0 3.6667 3.4444 Outperform
FOX Twenty-First Century Fox Inc 3 0 6 0 0 0 3.6667 3.4444 Outperform
VOD Vodafone Group PLC 5 1 1 0 1 0 4.1250 4.0000 Outperform
FANG Diamondback Energy Inc 4 1 0 0 0 0 4.8000 4.6000 Buy
TERP TerraForm Power Inc 2 0 0 0 0 0 5.0000 4.0000 Buy

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

FOXA:NAS Twenty-First Century Fox

http://www.21cf.com
Twenty-First Century Fox has 22400 employees and is headquartered in United States.
Twenty-First Century Fox Inc is a diversified media and entertainment company. It operates in various business segments namely Cable Network Programming, Television, Filmed Entertainment, and Direct Broadcast Satellite Television.

VOD:NAS Vodafone Group

http://www.vodafone.com
Vodafone Group has 95037 employees and is headquartered in United Kingdom.
Vodafone Group PLC is one of the largest wireless phone companies in the world. Its main line of business involves the provision of wireless mobile and data services to various parts of the world.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.