Stock Analysis on Net

Warner Bros. Discovery Inc. (NASDAQ:WBD)

This company has been moved to the archive! The financial data has not been updated since November 4, 2022.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Warner Bros. Discovery Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) available to Discovery, Inc. 1,006 1,219 2,069 594 (337)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests 191 136 144 87 24
Net noncash charges 4,838 4,483 4,159 4,815 3,837
Changes in operating assets and liabilities, net of acquisitions and dispositions (3,237) (3,099) (2,973) (2,920) (1,895)
Cash provided by operating activities 2,798 2,739 3,399 2,576 1,629
Purchases of property and equipment (373) (402) (289) (147) (135)
Principal repayments of debt, including premiums to par value and discount payment (574) (2,193) (2,658) (16) (650)
Borrowings from debt, net of discount and issuance costs 1,979 1,479 7,488
Principal repayments of revolving credit facility (500) (225) (200) (475)
Borrowings under revolving credit facility 500 350
Borrowings under term loan facilities 2,000
Principal repayments of term loans (2,000)
Free cash flow to equity (FCFE) 1,851 2,123 1,706 2,213 8,207

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Warner Bros. Discovery 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. Warner Bros. Discovery Inc. FCFE increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Price to FCFE Ratio, Current

Warner Bros. Discovery Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 2,428,396,015
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 1,851
FCFE per share 0.76
Current share price (P) 10.43
Valuation Ratio
P/FCFE 13.68
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
P/FCFE, Sector
Media & Entertainment 39.49
P/FCFE, Industry
Communication Services 34.39

Based on: 10-K (reporting date: 2021-12-31).

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.


Price to FCFE Ratio, Historical

Warner Bros. Discovery Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 506,245,821 487,334,195 520,922,321 523,978,060 381,907,924
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 1,851 2,123 1,706 2,213 8,207
FCFE per share3 3.66 4.36 3.27 4.22 21.49
Share price1, 4 27.73 55.29 24.67 29.08 24.32
Valuation Ratio
P/FCFE5 7.58 12.69 7.53 6.89 1.13
Benchmarks
P/FCFE, Competitors6
Alphabet Inc. 29.75 26.58 32.39
Comcast Corp. 27.57 18.17 64.70
Meta Platforms Inc. 16.84 32.77 28.91
Netflix Inc. 81.38 116.48
Walt Disney Co. 18.20 55.35
P/FCFE, Sector
Media & Entertainment 29.77 27.24 36.47
P/FCFE, Industry
Communication Services 26.52 20.51 33.69

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,851,000,000 ÷ 506,245,821 = 3.66

4 Closing price as at the filing date of Warner Bros. Discovery Inc. Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 27.73 ÷ 3.66 = 7.58

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Warner Bros. Discovery Inc. P/FCFE ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.