Fox Corporation (FOXA)

Industry: Entertainment Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DIS	1	The Walt Disney Co	94,425	16.50	16.50	12.53	9.61	23.15	13.45
NFLX	2	Netflix, Inc.	43,379	48.92	37.62	17.89	15.57	39.88	32.71
PARA	3	Paramount Global	28,756	-	-	12.36	15.83	13.46	19.18
UMG.AS	4	Universal Music Gr	27,800	12.12	12.12	8.47	8.47	13.28	21.84
FOXA	5	Fox Corporation	16,474	13.85	13.21	8.96	8.63	11.60	10.49
DTVL.L	6	Dish TV India Limi	14,417	-	-	19.46	21.28	-	-
VIV.PA	7	Vivendi SE	10,799	15.50	25.72	6.02	7.41	-	18.20
NWS	8	News Corporation	8,500	16.67	16.67	15.13	14.45	14.87	13.38
AESE	9	Allied Esports Ent	7,938	-	-	-	-	-	-
EDR	10	Endeavor Group Hol	7,202	-	-	43.11	50.33	-	-
WMG	11	Warner Music Group	6,707	28.59	28.59	17.09	17.09	30.53	25.17
NXST	12	Nexstar Media Grou	5,148	11.61	11.80	5.46	5.17	17.76	12.30
AMC	13	AMC Entertainment	4,867	-	-	28.40	28.40	37.11	-
ROKU	14	Roku, Inc.	4,543	-	-	56.43	56.43	358.82	-
TKO	15	TKO Group Holdings	4,339	71.97	71.97	15.43	15.43	24.92	20.17
FWONK	16	Formula One Group	4,033	127.40	127.40	36.96	36.96	49.95	80.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.50	16.67	15.28	15.50	23.15	19.18
Full Range Median Multiple	16.67	25.72	16.26	15.70	24.92	19.68
Industry Multiple	38.81	38.71	21.05	21.60	56.70	25.73
Market Implied Multiple	15.81	15.08	10.10	9.73	13.08	11.82
Company (FOXA) Multiple	13.85	13.21	8.96	8.63	11.60	10.49
(*) Net Income / EBITDA / Revenue	2,035	2,134	3,490	3,623	2,696	2,982
Winsorized Enterprise Value	N/A	N/A	53,335	56,149	62,411	57,198
Full Range Median Enterprise Value	N/A	N/A	56,745	56,879	67,171	58,681
(-) Net Debt	3,084	3,084	3,084	3,084	3,084	3,084
Winsorized Equity Value	33,583	35,565	50,251	53,065	59,327	54,114
Full Range Median Equity Value	33,920	54,873	53,661	53,795	64,087	55,597
(/) Shares Outstanding	447	447	447	447	447	447
Winsorized Fair Value	$75.13	$79.56	$112.42	$118.71	$132.72	$121.06
Full Range Median Fair Value	$75.88	$122.76	$120.05	$120.35	$143.37	$124.38
Current Price	$71.99	$71.99	$71.99	$71.99	$71.99	$71.99
Upside / Downside	4.36%	10.52%	56.16%	64.90%	84.36%	68.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$52.59	$55.69	$78.69	$83.10	$92.91	$84.74
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY