Enterprise Value (EV)
Current Enterprise Value (EV)
Twenty-First Century Fox Inc., current enterprise value calculation
| Current share price (P) | $49.43 |
| No. shares of common stock outstanding | 1,856,929,453 |
| US$ in millions | |
| Common equity (market value)1 | 91,788) |
| Add: Noncontrolling interests (per books) | 1,234) |
| Total equity | 93,022) |
| Add: Current borrowings (per books) | 1,054) |
| Add: Non-current borrowings (per books) | 18,469) |
| Total equity and debt | 112,545) |
| Less: Cash and cash equivalents | 7,622) |
| Enterprise value (EV) | 104,923) |
Based on: 10-K (reporting date: 2018-06-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 49.43 × 1,856,929,453
Historical Enterprise Value (EV)
Twenty-First Century Fox Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Twenty-First Century Fox Inc. Annual Report.
3 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.32 × 1,852,574,153
The financial trajectory from June 30, 2013, to June 30, 2018, is characterized by a period of initial growth, a significant mid-period contraction, and a robust recovery culminating in the final year of the analysis. All primary valuation metrics, including Enterprise Value (EV) and common equity, exhibit a high degree of correlation, moving in tandem across the six-year span.
- Enterprise Value Trends
- Enterprise Value experienced an initial increase from US$ 85,538 million in 2013 to a peak of US$ 95,442 million in 2014. This was followed by a downward trend, reaching a low of US$ 65,245 million by June 30, 2016. A subsequent reversal occurred, with EV climbing to US$ 97,094 million by June 30, 2018, marking the highest valuation in the period analyzed.
- Equity Valuation Analysis
- Common equity market value mirrored the fluctuations seen in the Enterprise Value. After rising to US$ 78,316 million in 2014, market value declined sharply for two consecutive years, bottoming out at US$ 48,724 million in 2016. A substantial recovery is observed by 2018, where market value surged to US$ 83,959 million. Throughout the entire period, the market value of common equity remained consistently and marginally below the total equity (book value), indicating a persistent slight discount in market valuation relative to accounting equity.
- Capital Structure and Debt Integration
- The total equity and debt figure followed the same cyclical pattern as the other metrics, peaking in 2014 at US$ 100,857 million and hitting a trough in 2016 at US$ 69,669 million before rising to US$ 104,716 million in 2018. The consistent gap between Total Equity and Debt and the Enterprise Value suggests the presence of cash and cash equivalents that offset the total capital obligations when calculating the net enterprise valuation.
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