Enterprise Value to FCFF (EV/FCFF)
Paying user area
Try for free
Twenty-First Century Fox Inc. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Twenty-First Century Fox Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to The Firm (FCFF)
Twenty-First Century Fox Inc., FCFF calculation
US$ in millions
Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities displayed fluctuations over the six-year period. Starting at 3002 million USD in 2013, it slightly decreased to 2964 million USD in 2014, followed by a notable increase to 3617 million USD in 2015. There was a subsequent decline in 2016 to 3048 million USD, but this was followed by a consistent upward trend through 2017 and 2018, reaching 3785 million USD and then 4227 million USD respectively. Overall, despite some volatility, the net cash from operating activities showed growth towards the end of the period, reflecting improved operational cash generation capacity.
- Free Cash Flow to the Firm (FCFF)
- The free cash flow to the firm exhibits a generally upward trajectory, though with some variability. It began at 3255 million USD in 2013, decreased marginally to 3141 million USD in 2014, and then increased significantly to 4248 million USD in 2015. The following year saw a dip to 3643 million USD in 2016; however, the FCFF rebounded to the previous peak of 4248 million USD in 2017 and saw further growth to 4546 million USD in 2018. This pattern indicates an overall strengthening in the firm’s ability to generate cash after capital expenditures, with the highest levels recorded in the last two years of the series.
Interest Paid, Net of Tax
Twenty-First Century Fox Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).
2 2018 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
- Effective Income Tax Rate (EITR)
- The effective income tax rate exhibited significant variability over the six-year period. Initially, the rate was 19% in 2013, which then increased substantially to 25% in 2014. In the following year, it decreased to 13%, representing the lowest point in the observed timeframe. After 2015, the rate rose sharply again, reaching 27% in 2016 and peaking at 30% in 2017 before experiencing a slight reduction to 28% in 2018. This trend indicates fluctuations in the company's tax burden that could be influenced by changes in tax laws, profitability composition, or tax planning strategies.
- Cash Paid for Interest, Net of Tax
- The cash paid for interest, net of tax, remained relatively stable with some fluctuation throughout the period. Starting at $875 million in 2013, it decreased slightly to $855 million in 2014, then increased significantly to $1,055 million in 2015, marking the highest outlay during the years reviewed. Subsequently, this figure reverted closer to previous levels, amounting to $858 million in 2016, $840 million in 2017, and rising again to $870 million in 2018. The peak in 2015 might be attributable to increased borrowing costs or higher debt levels, while the general stability in other years suggests consistent financing costs net of tax impact.
Enterprise Value to FCFF Ratio, Current
Twenty-First Century Fox Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Alphabet Inc. | |
| Comcast Corp. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Take-Two Interactive Software Inc. | |
| Walt Disney Co. | |
Based on: 10-K (reporting date: 2018-06-30).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Twenty-First Century Fox Inc., historical EV/FCFF calculation, comparison to benchmarks
| Jun 30, 2018 | Jun 30, 2017 | Jun 30, 2016 | Jun 30, 2015 | Jun 30, 2014 | Jun 30, 2013 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Free cash flow to the firm (FCFF)2 | |||||||
| Valuation Ratio | |||||||
| EV/FCFF3 | |||||||
| Benchmarks | |||||||
| EV/FCFF, Competitors4 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Take-Two Interactive Software Inc. | |||||||
| Walt Disney Co. | |||||||
Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).
3 2018 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrated fluctuations over the observed period. It started at 85,538 million USD in mid-2013, increased to a peak of 95,442 million USD in mid-2014, then experienced a considerable decline in the following years, reaching its lowest point of 65,245 million USD by mid-2016. After this low, it showed a slight recovery to 67,184 million USD in 2017 and then a significant rise again in 2018, hitting 97,094 million USD.
- Free Cash Flow to the Firm (FCFF)
- The FCFF values exhibited moderate growth and some volatility. Initially, it decreased slightly from 3,255 million USD in 2013 to 3,141 million USD in 2014, then increased substantially to 4,248 million USD in 2015. A dip to 3,643 million USD was observed in 2016, followed by a renewed increase back to 4,248 million USD in 2017 and a further rise to 4,546 million USD in 2018. This pattern suggests periods of fluctuating operational cash generation capacity with a general upward trend in latter years.
- EV/FCFF Ratio
- The valuation ratio of enterprise value to free cash flow, EV/FCFF, reflected the changes in both enterprise value and cash flow. It was high at 26.28 in 2013, increased further to 30.39 in 2014, indicating a premium valuation relative to cash flow. Subsequently, the ratio saw a significant decline reaching 17.04 in 2015 and remained relatively stable at 17.91 and 15.82 in 2016 and 2017 respectively. However, in 2018, the ratio increased again to 21.36, reflecting the sharp increase in enterprise value relative to free cash flow. This indicates varying market perceptions of risk and growth potential over the years.