Financials Warner Bros. Discovery, Inc.

Equities

WBD

US9344231041

Broadcasting

Real-time Estimate Cboe BZX 16:42:38 24/06/2024 BST 5-day change 1st Jan Change
7.215 USD +0.49% Intraday chart for Warner Bros. Discovery, Inc. -0.83% -36.91%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,834 19,082 15,332 23,021 27,751 17,593 - -
Enterprise Value (EV) 1 35,701 32,395 26,186 68,289 67,640 52,508 47,879 42,626
P/E ratio 11.4 x 16.6 x 15.3 x -2.48 x -8.89 x -14.8 x 92 x -95 x
Yield - - - - - - - -
Capitalization / Revenue 1.96 x 1.79 x 1.26 x 0.68 x 0.67 x 0.43 x 0.42 x 0.42 x
EV / Revenue 3.2 x 3.04 x 2.15 x 2.02 x 1.64 x 1.28 x 1.15 x 1.01 x
EV / EBITDA 7.64 x 7.72 x 6.86 x 8.85 x 6.63 x 5.42 x 4.72 x 4.2 x
EV / FCF 11.5 x 13.9 x 10.8 x 20.6 x 11 x 10.2 x 8.67 x 7.62 x
FCF Yield 8.71% 7.21% 9.26% 4.86% 9.11% 9.81% 11.5% 13.1%
Price to Book 1.81 x 1.44 x 1.03 x 0.39 x 0.61 x 0.4 x 0.39 x 0.38 x
Nbr of stocks (in thousands) 690,990 675,677 658,571 2,428,396 2,438,566 2,450,313 - -
Reference price 2 32.74 30.09 23.54 9.480 11.38 7.180 7.180 7.180
Announcement Date 27/02/20 22/02/21 24/02/22 23/02/23 23/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,144 10,671 12,191 33,817 41,321 41,062 41,673 42,341
EBITDA 1 4,671 4,196 3,817 7,718 10,200 9,694 10,136 10,142
EBIT 1 3,009 2,515 2,012 -7,370 -1,548 1,139 2,007 1,762
Operating Margin 27% 23.57% 16.5% -21.79% -3.75% 2.77% 4.82% 4.16%
Earnings before Tax (EBT) 1 2,294 1,728 1,433 -8,960 -3,863 -1,013 565.3 401.2
Net income 1 2,069 1,219 1,006 -7,371 -3,126 -1,219 224.7 38.33
Net margin 18.57% 11.42% 8.25% -21.8% -7.57% -2.97% 0.54% 0.09%
EPS 2 2.880 1.810 1.540 -3.820 -1.280 -0.4863 0.0781 -0.0756
Free Cash Flow 1 3,110 2,337 2,425 3,317 6,161 5,149 5,524 5,597
FCF margin 27.91% 21.9% 19.89% 9.81% 14.91% 12.54% 13.25% 13.22%
FCF Conversion (EBITDA) 66.58% 55.7% 63.53% 42.98% 60.4% 53.12% 54.49% 55.18%
FCF Conversion (Net income) 150.31% 191.71% 241.05% - - - 2,458.29% 14,599.32%
Dividend per Share 2 - - - - - - - -
Announcement Date 27/02/20 22/02/21 24/02/22 23/02/23 23/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 3,187 3,159 10,823 9,823 11,008 10,700 10,358 9,979 10,284 9,958 10,268 10,100 10,549 10,113 10,569
EBITDA 1 1,137 1,027 1,764 2,424 2,603 2,611 2,149 2,969 2,471 2,102 2,176 2,691 2,752 2,353 2,413
EBIT 1 508 353 -192 -1,583 -1,894 -557 -906 97 -182 -267 -25.64 471 546.2 198.8 76.33
Operating Margin 15.94% 11.17% -1.77% -16.12% -17.21% -5.21% -8.75% 0.97% -1.77% -2.68% -0.25% 4.66% 5.18% 1.97% 0.72%
Earnings before Tax (EBT) 1 183 676 -2,872 -2,242 -2,541 -1,238 -1,480 -532 -613 -819 -469.6 46.78 126.9 -195 -253.5
Net income 1 38 456 -2,151 -1,850 -2,101 -1,069 -1,240 -417 -400 -966 -431 15.54 75.28 -124.2 -289.3
Net margin 1.19% 14.43% -19.87% -18.83% -19.09% -9.99% -11.97% -4.18% -3.89% -9.7% -4.2% 0.15% 0.71% -1.23% -2.74%
EPS 2 0.0800 0.6900 -1.500 -0.7619 -0.8600 -0.4400 -0.5100 -0.1700 -0.1600 -0.4000 -0.1534 0.0120 0.0524 -0.1010 -0.1060
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 24/02/22 26/04/22 04/08/22 03/11/22 23/02/23 05/05/23 03/08/23 08/11/23 23/02/24 09/05/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,867 13,313 10,854 45,268 39,889 34,914 30,286 25,033
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.969 x 3.173 x 2.844 x 5.865 x 3.911 x 3.602 x 2.988 x 2.468 x
Free Cash Flow 1 3,110 2,337 2,425 3,317 6,161 5,149 5,524 5,597
ROE (net income / shareholders' equity) 22.6% 21.1% 9.62% -25.1% -6.77% -2.58% 1.03% 2.35%
ROA (Net income/ Total Assets) 6.24% 6.34% 3.1% -8.75% -2.44% 0.4% 1.39% 1.67%
Assets 1 33,143 19,223 32,477 84,214 128,378 -304,711 16,138 2,294
Book Value Per Share 2 18.10 20.90 22.90 24.30 18.50 18.10 18.40 18.70
Cash Flow per Share 2 4.780 4.080 4.210 2.220 3.070 2.930 2.850 2.820
Capex 1 289 402 373 987 1,316 1,028 1,084 1,169
Capex / Sales 2.59% 3.77% 3.06% 2.92% 3.18% 2.5% 2.6% 2.76%
Announcement Date 27/02/20 22/02/21 24/02/22 23/02/23 23/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
28
Last Close Price
7.18 USD
Average target price
12.3 USD
Spread / Average Target
+71.34%
Consensus
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  4. Financials Warner Bros. Discovery, Inc.