Twenty-First Century Fox Inc., FCFE calculation

US$ in millions

12 months ended:	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Net income attributable to Twenty-First Century Fox, Inc. stockholders	4,464)	2,952)	2,755)	8,306)	4,514)	7,097)
Net income attributable to noncontrolling interests	298)	274)	261)	231)	132)	226)
Net noncash charges	961)	1,746)	1,898)	(3,611)	150)	(2,762)
Change in operating assets and liabilities, net of acquisitions and dispositions	(1,496)	(1,187)	(1,866)	(1,309)	(1,832)	(1,559)
Net cash provided by operating activities	4,227)	3,785)	3,048)	3,617)	2,964)	3,002)
Property, plant and equipment	(551)	(377)	(263)	(424)	(678)	(622)
Borrowings	1,469)	918)	1,360)	3,161)	1,155)	1,277)
Repayment of borrowings	(1,872)	(573)	(687)	(2,845)	(296)	(754)
Free cash flow to equity (FCFE)	3,273)	3,753)	3,458)	3,509)	3,145)	2,903)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Twenty-First Century Fox Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Twenty-First Century Fox Inc. FCFE increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Twenty-First Century Fox Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,856,929,453
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,273)
FCFE per share	1.76
Current share price (P)	49.43
Valuation Ratio
P/FCFE	28.04
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	31.58
Comcast Corp.	11.47
Meta Platforms Inc.	27.74
Netflix Inc.	54.55
Walt Disney Co.	28.90

Based on: 10-K (reporting date: 2018-06-30).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Twenty-First Century Fox Inc., historical P/FCFE calculation, comparison to benchmarks

	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
No. shares of common stock outstanding¹	1,852,574,153	1,851,057,916	1,862,528,151	2,019,460,912	2,190,056,341	2,309,530,372
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,273)	3,753)	3,458)	3,509)	3,145)	2,903)
FCFE per share³	1.77	2.03	1.86	1.74	1.44	1.26
Share price^1, 4	45.32	28.21	26.16	30.12	35.76	31.44
Valuation Ratio
P/FCFE⁵	25.65	13.91	14.09	17.33	24.90	25.01
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	—	—	—	—	—	—
Comcast Corp.	—	—	—	—	—	—
Meta Platforms Inc.	—	—	—	—	—	—
Netflix 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,273,000,000 ÷ 1,852,574,153 = 1.77

⁴ Closing price as at the filing date of Twenty-First Century Fox Inc. Annual Report.

⁵ 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= 45.32 ÷ 1.77 = 25.65

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Twenty-First Century Fox Inc. P/FCFE ratio decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Twenty-First Century Fox Inc. (NASDAQ:FOX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical