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.


Nike (NKE:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Nike(NKE:NYS)

Consumer Cyclical:Footwear & Accessories

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

Close Price/Date
$74.65 (USD) 04/01/2019

Weighted Valuation
$88.29 (USD)

Overall Rating
Undervalued by 18.3%

Valuation Models Analyst Consensus: $88.29 (USD)
(in order of importance)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (NKE:NYS USD)

Price 74.65
Range 73.12 – 75.12
52 week 62.49 – 85.55
Open 73.45
Vol / Avg. 7.74M/9.34M
Mkt cap 118.55B
P/E 63.17
Div/yield 0.78/0.01
EPS 1.17
Shares 1.59B
Beta 0.69

Company Description

Nike is the world’s largest designer and wholesaler of athletic footwear and apparel. The firm sells to more than 20,000 accounts and 110,000 retail doors, including a network of more than 1,182 company-owned stores (about 30% of revenue including online sales), and independent distributors and licensees in 170 countries. Nike brand sales in North America account for 41% of revenue, followed by Europe, Middle East, and Africa (26%), Asia-Pacific and Latin America (14%), and China (14%). The Converse brand accounts for 5% of sales.

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 NKE:NYS

Using a discounted cash flow model we generated an intrinsic value of $44.62 (USD) for NKE:NYS

Sensitivity Analysis

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

NKE:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $44.62 1% 5% 1% 5%
WACC (or Ke) 7.56 $56.51 $36.73
Terminal Growth Rate 2.60 $37.43 $55.45
Tax Rate 0.34 $48.59 $40.65
Cash Flow 7,581,114,000 $41.70 $47.55
Capital Expenditures -1,017,400,000 $44.23 $45.01
Long Term Debt 2,059,000,000 $44.69 $44.56

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

Comparables Model

Using similar companies and price based ratios we generated a valuation of $108.14 (USD) for NKE:NYS. We also generated a valuation of $85.60 (USD) using other metrics and comparables.
The comparable companies were Booking Holdings (BKNG:NAS), Walt Disney (DIS:NYS), Lowe’s Companies (LOW:NYS), McDonald’s (MCD:NYS) and Netflix (NFLX:NAS).

Company NKE:NYS End Date Value
Earnings/Share $1.27 (USD)
Book Value/Share $5.66 (USD)
Sales/Share $22.61 (USD)
Cash Flow/Share $3.45 (USD)
EBITDA/Share $3.17 (USD)
Price Based on Comps Adjustment Factor (%)
$47.18 (USD) 10.0
$68.53 (USD) 99.3
$110.93 (USD) 87.7
$49.48 (USD) -43.7
$78.65 (USD) 50.5
NKE:NYS Ratios Used Average Values BKNG:NAS DIS:NYS LOW:NYS MCD:NYS NFLX:NAS
58.38 PE Ratio 37.15 29.66 13.12 20.52 26.86 95.59
13.09 PB Ratio 12.10 8.02 3.35 13.75 0.00 23.30
3.28 PS Ratio 4.91 5.95 2.78 1.06 6.64 8.10
21.51 PCF Ratio 15.03 15.49 11.56 11.64 21.43 0.00
21.49 EV to EBITDA 24.84 13.95 9.77 12.02 16.05 72.43

Multiples

Using a multiples approach we generated a valuation of  $59.39 (USD) for NKE:NYS

Company NKE:NYS End Date Value
Earnings/Share $1.27 (USD)
Book Value/Share $5.66 (USD)
Sales/Share $22.61 (USD)
Cash Flow/Share $3.45 (USD)
EBITDA/Share $3.17 (USD)
Price Based on Comps Adjustment Factor
$34.35 (USD) 0
$43.14 (USD) 0
$69.71 (USD) 0
$91.62 (USD) 0
$58.12 (USD) 0
Ratios Ratio Average
PE Ratio 27.05
PB Ratio 7.62
PS Ratio 3.08
PCF Ratio 26.59
EV to EBITDA 18.36

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  NKE:NYS for the last 10 years was  7.61

We ran the Adjusted Book Value for  NKE:NYS and generated a book value of  $5.62 (USD)
By multiplying these we get an adjusted valuation of  $42.74 (USD)

Analyst Data

In the Stockcalc database there are 7 analysts that provide a valuation for NKE:NYS. The 7 analysts have a concensus valuation for NKE:NYS for 2019 of $88.29 (USD).

NKE:NYS Nike

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
7 4 0 4.2727 Outperform 2019-1-3

Current Price: 74.65 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 2.61 3.16 3.60
# EPS Analysts 8 8 5
Mean Revenue 39,322.90 42,295.60 45,162.30
# Revenue Analysts 7 7 5
Mean Target Price 88.29
Mean Cash Flow 3.23 3.43 3.94
Mean EBITDA 5,937.00 6,746.20 7,389.00
Mean Net Income 4,277.80 4,922.90 5,545.40
Mean Debt Outstanding 31.60 1,138.90 1,513.00
Mean Tax Rate 15.07 14.90 14.85
Mean Growth Rate 24.00
Mean Capital Expenditure 1,245.90 1,319.60 1,403.60

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.


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.


Walt Disney (DIS:NYS) and United Technologies (UTX:NYS) Upgraded

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



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
DIS Walt Disney Co 3 1 2 0 1 0 3.7143 3.6250 Outperform
UTX United Technologies Corp 3 0 2 0 0 0 4.2000 4.0000 Outperform
LMT Lockheed Martin Corp 3 0 3 0 0 0 4.0000 3.8571 Outperform
GE General Electric Co 3 1 4 0 0 0 3.8750 3.7778 Outperform
KDP Keurig Dr Pepper Inc 1 0 4 1 0 0 3.1667 3.1429 Hold
BAX Baxter International Inc 2 0 2 0 0 0 4.0000 3.8000 Outperform
JCI Johnson Controls International PLC 2 1 2 0 1 0 3.5000 3.4286 Hold
ZBH Zimmer Biomet Holdings Inc 3 0 5 0 1 0 3.4444 3.4000 Hold
HES Hess Corp 3 0 4 0 0 0 3.8571 3.7500 Outperform
QSR Restaurant Brands International Inc 5 3 2 0 0 0 4.3000 4.1818 Outperform
DHI D.R. Horton Inc 3 1 2 0 0 0 4.1667 4.0000 Outperform
AEG Aegon NV 1 1 4 0 2 0 2.8750 2.6250 Hold
FMC FMC Corp 5 0 2 0 0 0 4.4286 4.3333 Outperform
XPO XPO Logistics Inc 5 0 0 1 0 0 4.5000 4.3333 Outperform
QGEN Qiagen NV 2 0 0 1 0 0 4.0000 3.7500 Outperform
KORS Michael Kors Holdings Ltd 5 0 4 0 0 0 4.1111 3.8889 Outperform
CCK Crown Holdings Inc 2 1 2 0 0 0 4.0000 3.6000 Outperform
FL Foot Locker Inc 4 0 2 0 1 0 3.8571 3.7500 Outperform
MUR Murphy Oil Corp 2 0 3 0 0 0 3.8000 3.6667 Outperform
ERJ Embraer SA 1 0 2 0 0 0 3.6667 3.5000 Outperform
VVV Valvoline Inc 1 1 2 0 0 0 3.7500 3.3333 Outperform
WLL Whiting Petroleum Corp 3 0 2 0 0 0 4.2000 4.0000 Outperform
ERF Enerplus Corp 10 4 0 0 0 0 4.7143 4.6429 Buy
CPE Callon Petroleum Co 4 0 2 0 0 0 4.3333 4.0000 Outperform
ELY Callaway Golf Co 2 0 1 0 0 0 4.3333 4.0000 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
QSR Restaurant Brands International Inc 5 3 2 0 0 0 4.3000 4.1818 Outperform
X TMX Group Ltd 4 1 1 0 0 0 4.5000 4.1667 Outperform
ERF Enerplus Corp 10 4 0 0 0 0 4.7143 4.6429 Buy
CXR Concordia International Corp 0 1 0 0 0 0 4.0000 3.0000 Outperform
CNE Canacol Energy Ltd 2 1 2 0 0 0 4.0000 3.8333 Outperform
HRX Heroux-Devtek Inc 2 2 3 0 0 0 3.8571 3.5714 Outperform
ACQ AutoCanada Inc 2 4 3 0 0 0 3.8889 3.1111 Outperform
EFH Echelon Financial Holdings Inc 0 1 1 0 0 0 3.5000 3.0000 Hold
SXP Supremex Inc 1 0 0 0 0 0 5.0000 4.0000 Buy
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NOU Nouveau Monde Graphite Inc 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
SBUX Starbucks Corp 6 1 1 0 0 0 4.6250 4.2222 Buy
SRPT Sarepta Therapeutics Inc 5 0 1 0 0 0 4.6667 4.6000 Buy
JBLU JetBlue Airways Corp 3 0 1 0 0 0 4.5000 4.2000 Outperform
HAIN The Hain Celestial Group Inc 2 1 2 0 1 0 3.5000 3.4286 Hold
ALTR Altair Engineering Inc 1 0 1 0 0 0 4.0000 3.6667 Outperform

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.

DIS:NYS Walt Disney

http://www.disney.com
Walt Disney has 199000 employees and is headquartered in United States.
Walt Disney Co together with its subsidiaries is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products & Interactive Media.

UTX:NYS United Technologies

http://www.utc.com
United Technologies has 204700 employees and is headquartered in United States.
United Technologies Corp is a diversified industrial conglomerate. It provides high technology products and services to the building systems and aerospace industries.

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


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.


United Technologies (UTX:NYS) and ASML Holding (ASML:NAS) Downgraded

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com



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
KO Coca-Cola Co 5 1 4 0 0 0 4.1000 4.2222 Outperform
DIS Walt Disney Co 4 1 3 0 1 0 3.7778 3.8750 Outperform
BP BP PLC 7 0 2 0 0 0 4.5556 4.7500 Buy
UTX United Technologies Corp 3 0 3 0 0 0 4.0000 4.2000 Outperform
BBVA Banco Bilbao Vizcaya Argentaria SA 0 0 4 0 0 0 3.0000 3.4000 Hold
VFC VF Corp 5 0 5 0 0 0 4.0000 4.1111 Outperform
FCX Freeport-McMoRan Inc 0 0 3 1 1 0 2.4000 2.8000 Underperform
UAL United Continental Holdings Inc 2 0 4 0 0 0 3.6667 3.8000 Outperform
TAP.A Molson Coors Brewing Co 2 1 2 0 0 0 4.0000 4.2500 Outperform
TAP Molson Coors Brewing Co 2 1 2 0 0 0 4.0000 4.2500 Outperform
HFC HollyFrontier Corp 2 0 2 1 0 0 3.6000 3.7500 Outperform
KORS Michael Kors Holdings Ltd 5 0 3 0 1 0 3.8889 4.0000 Outperform
ST Sensata Technologies Holding PLC 3 0 2 0 0 0 4.2000 4.5000 Outperform
QGEN Qiagen NV 2 0 1 1 0 0 3.7500 4.0000 Outperform
FL Foot Locker Inc 5 0 3 0 1 0 3.8889 4.0000 Outperform
CRI Carter’s Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
CFX Colfax Corp 4 0 5 0 0 0 3.8889 4.0000 Outperform
VMI Valmont Industries Inc 1 0 2 0 0 0 3.6667 4.3333 Outperform
WTS Watts Water Technologies Inc 1 0 4 0 0 0 3.4000 3.5000 Hold
SBH Sally Beauty Holdings Inc 0 0 3 0 0 0 3.0000 3.6667 Hold
GES Guess? Inc 1 0 1 1 0 0 3.3333 3.5000 Hold
MWA Mueller Water Products, Inc. 4 0 2 0 1 0 3.8571 4.3333 Outperform
ELY Callaway Golf Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
LTC LTC Properties Inc 1 0 0 0 1 0 3.0000 4.0000 Hold
HL Hecla Mining Co 1 0 2 0 0 0 3.6667 4.3333 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CCL.B CCL Industries Inc 2 5 1 0 0 0 4.1250 4.1429 Outperform
CCL.A CCL Industries Inc 2 5 1 0 0 0 4.1250 4.1429 Outperform
WPK Winpak Ltd 1 1 4 0 0 0 3.5000 3.6000 Hold
OGC OceanaGold Corp 6 5 3 0 0 0 4.2143 4.3571 Outperform
LIF Labrador Iron Ore Royalty Corp 0 2 1 0 0 0 3.6667 4.0000 Outperform
ITP Intertape Polymer Group Inc 1 3 2 0 0 0 3.8333 4.0000 Outperform
TDG Trinidad Drilling Ltd 3 5 5 0 0 0 3.8462 3.9231 Outperform
KPT KP Tissue Inc 0 2 4 0 0 0 3.3333 3.5000 Hold
ARZ Aralez Pharmaceuticals Inc 0 1 0 0 0 0 4.0000 4.5000 Outperform
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
LNG Cheniere Energy Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
ASML ASML Holding NV 3 0 4 1 0 0 3.6250 3.7143 Outperform
SBUX Starbucks Corp 5 1 3 0 0 0 4.2222 4.3750 Outperform
AMAT Applied Materials Inc 5 0 4 0 0 0 4.1111 4.2500 Outperform
CTXS Citrix Systems Inc 1 0 4 1 0 0 3.1667 3.4000 Hold
COLM Columbia Sportswear Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
PRAH PRA Health Sciences Inc 1 0 0 1 0 0 3.5000 4.0000 Hold
JBLU JetBlue Airways Corp 3 0 2 0 0 0 4.2000 4.5000 Outperform
SYNH Syneos Health Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
KLIC Kulicke & Soffa Industries Inc 2 0 1 0 0 0 4.3333 5.0000 Outperform
RBBN Ribbon Communications Inc 1 0 0 0 1 0 3.0000 5.0000 Hold
FLDM Fluidigm Corp 0 0 1 0 0 0 3.0000 5.0000 Hold
TLGT Teligent Inc 1 0 1 0 1 0 3.0000 3.6667 Hold
ACRX AcelRx Pharmaceuticals Inc 3 0 1 0 0 0 4.5000 5.0000 Outperform
ARLZ Aralez Pharmaceuticals Inc 0 1 0 0 0 0 4.0000 4.5000 Outperform

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.

UTX:NYS United Technologies

http://www.utc.com
United Technologies has 204700 employees and is headquartered in United States.
United Technologies Corp is a diversified industrial conglomerate. It provides high technology products and services to the building systems and aerospace industries.

ASML:NAS ASML Holding

http://www.asml.com
ASML Holding has 20265 employees and is headquartered in Netherlands.
ASML Holding NV is a part of the semiconductor industry. Its products include memory chip and logic chip, TWINSCAN systems, equipped with i-line, KrF and ArF light sources.

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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.

Walt Disney (DIS:NYS) and BP (BP: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
KO Coca-Cola Co 5 1 4 0 0 0 4.1000 4.2222 Outperform
DIS Walt Disney Co 4 1 3 0 1 0 3.7778 3.8750 Outperform
BP BP PLC 7 0 2 0 0 0 4.5556 4.7500 Buy
UTX United Technologies Corp 3 0 3 0 0 0 4.0000 4.2000 Outperform
BBVA Banco Bilbao Vizcaya Argentaria SA 0 0 4 0 0 0 3.0000 3.4000 Hold
VFC VF Corp 5 0 5 0 0 0 4.0000 4.1111 Outperform
FCX Freeport-McMoRan Inc 0 0 3 1 1 0 2.4000 2.8000 Underperform
UAL United Continental Holdings Inc 2 0 4 0 0 0 3.6667 3.8000 Outperform
TAP.A Molson Coors Brewing Co 2 1 2 0 0 0 4.0000 4.2500 Outperform
TAP Molson Coors Brewing Co 2 1 2 0 0 0 4.0000 4.2500 Outperform
HFC HollyFrontier Corp 2 0 2 1 0 0 3.6000 3.7500 Outperform
KORS Michael Kors Holdings Ltd 5 0 3 0 1 0 3.8889 4.0000 Outperform
ST Sensata Technologies Holding PLC 3 0 2 0 0 0 4.2000 4.5000 Outperform
QGEN Qiagen NV 2 0 1 1 0 0 3.7500 4.0000 Outperform
FL Foot Locker Inc 5 0 3 0 1 0 3.8889 4.0000 Outperform
CRI Carter’s Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
CFX Colfax Corp 4 0 5 0 0 0 3.8889 4.0000 Outperform
VMI Valmont Industries Inc 1 0 2 0 0 0 3.6667 4.3333 Outperform
WTS Watts Water Technologies Inc 1 0 4 0 0 0 3.4000 3.5000 Hold
SBH Sally Beauty Holdings Inc 0 0 3 0 0 0 3.0000 3.6667 Hold
MWA Mueller Water Products, Inc. 4 0 2 0 1 0 3.8571 4.3333 Outperform
GES Guess? Inc 1 0 1 1 0 0 3.3333 3.5000 Hold
ELY Callaway Golf Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
LTC LTC Properties Inc 1 0 0 0 1 0 3.0000 4.0000 Hold
HL Hecla Mining Co 1 0 2 0 0 0 3.6667 4.3333 Outperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CCL.B CCL Industries Inc 2 5 1 0 0 0 4.1250 4.1429 Outperform
CCL.A CCL Industries Inc 2 5 1 0 0 0 4.1250 4.1429 Outperform
WPK Winpak Ltd 1 1 4 0 0 0 3.5000 3.6000 Hold
OGC OceanaGold Corp 6 5 3 0 0 0 4.2143 4.3571 Outperform
LIF Labrador Iron Ore Royalty Corp 0 2 1 0 0 0 3.6667 4.0000 Outperform
ITP Intertape Polymer Group Inc 1 3 2 0 0 0 3.8333 4.0000 Outperform
TDG Trinidad Drilling Ltd 3 5 5 0 0 0 3.8462 3.9231 Outperform
KPT KP Tissue Inc 0 2 4 0 0 0 3.3333 3.5000 Hold
ARZ Aralez Pharmaceuticals Inc 0 1 0 0 0 0 4.0000 4.5000 Outperform
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
LNG Cheniere Energy Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
ASML ASML Holding NV 3 0 4 1 0 0 3.6250 3.7143 Outperform
SBUX Starbucks Corp 5 1 3 0 0 0 4.2222 4.3750 Outperform
AMAT Applied Materials Inc 5 0 4 0 0 0 4.1111 4.2500 Outperform
CTXS Citrix Systems Inc 1 0 4 1 0 0 3.1667 3.4000 Hold
COLM Columbia Sportswear Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
PRAH PRA Health Sciences Inc 1 0 0 1 0 0 3.5000 4.0000 Hold
JBLU JetBlue Airways Corp 3 0 2 0 0 0 4.2000 4.5000 Outperform
SYNH Syneos Health Inc 1 0 2 0 0 0 3.6667 4.0000 Outperform
KLIC Kulicke & Soffa Industries Inc 2 0 1 0 0 0 4.3333 5.0000 Outperform
RBBN Ribbon Communications Inc 1 0 0 0 1 0 3.0000 5.0000 Hold
FLDM Fluidigm Corp 0 0 1 0 0 0 3.0000 5.0000 Hold
TLGT Teligent Inc 1 0 1 0 1 0 3.0000 3.6667 Hold
ACRX AcelRx Pharmaceuticals Inc 3 0 1 0 0 0 4.5000 5.0000 Outperform
ARLZ Aralez Pharmaceuticals Inc 0 1 0 0 0 0 4.0000 4.5000 Outperform

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.

DIS:NYS Walt Disney

http://www.disney.com
Walt Disney has 199000 employees and is headquartered in United States.
Walt Disney Co together with its subsidiaries is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products & Interactive Media.

BP:NYS BP

http://www.bp.com
BP has 74000 employees and is headquartered in United Kingdom.
BP PLC is an integrated oil and gas company. Its business activities involved oil and natural gas exploration, midstream transportation, supply and trading of crude oil, petrochemicals products and related services to wholesale and retail customers.

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.

RELX (RENX:NYS) Fundamental Valuation Report


This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all terms and conditions mentioned in the legal disclaimer.
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RELX 15.32 (GBP) / $21.40 (USD) Close Price as of 23/02/2018

Based on the analysis conducted in this report, RELX, (RENX:NYS) is found to be  Undervalued. Use a conversion rate of 1.39680216 from GBP to USD.

Company RELX
Symbol:Exchange RENX:NYS
Industry Consumer Cyclical:Publishing
Close Price/Date 15.32 (GBP) / $21.40 (USD) 23/02/2018
Weighted Average Valuation 18.88 (GBP) / $26.37 (USD)
Summary RENX:NYS is found to be  Undervalued by 23.2% using the 2 valuation models shown below.
Valuation Models Used Analyst Consensus: 21.20 (GBP) / $29.61 (USD)
(in order of importance) Multiples: 15.39 (GBP) / $21.50 (USD)
Valuation Methods Analysis This company is:
Cash Flow Basis: Overvalued on a Cash Flow Valuation basis
Comparable Company Basis: Undervalued on a Comparable Valuation basis
Asset Basis: Overvalued on an Asset Valuation basis

Valuation Details

RELX Valuations

Summary chart

 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 RENX:NYS

Using a discounted cash flow model we generated an intrinsic value of 5.82 (GBP) / $8.13 (USD) for RENX:NYS

Sensitivity Analysis

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

RENX:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $5.82 1% 5% 1% 5%
WACC (or Ke)