Financials Warner Bros. Discovery, Inc.

Equities

WBD

US9344231041

Broadcasting

Real-time Estimate Cboe BZX Other stock markets 01:29:33 2024-05-17 pm EDT			5-day change	1st Jan Change
8.06 ^USD	-1.71%		+1.99%	-27.94%

12:00pm	TV companies flaunt ad tech and AI to persuade advertisers to spend	RE
May. 16	ESPN, Fox, Warner Bros. Sports Streaming Service to Be Named Venu Sports	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,834	19,082	15,332	23,021	27,751	20,166	-	-
Enterprise Value (EV) ¹	35,701	32,395	26,186	68,289	67,640	55,280	50,389	45,333
P/E ratio	11.4 x	16.6 x	15.3 x	-2.48 x	-8.89 x	-17.6 x	-120 x	-155 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.96 x	1.79 x	1.26 x	0.68 x	0.67 x	0.49 x	0.48 x	0.47 x
EV / Revenue	3.2 x	3.04 x	2.15 x	2.02 x	1.64 x	1.35 x	1.2 x	1.07 x
EV / EBITDA	7.64 x	7.72 x	6.86 x	8.85 x	6.63 x	5.71 x	4.94 x	4.48 x
EV / FCF	11.5 x	13.9 x	10.8 x	20.6 x	11 x	10.9 x	9.08 x	7.93 x
FCF Yield	8.71%	7.21%	9.26%	4.86%	9.11%	9.15%	11%	12.6%
Price to Book	1.81 x	1.44 x	1.03 x	0.39 x	0.61 x	0.45 x	0.45 x	0.44 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	8.230	8.230	8.230
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

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	40,952	41,856	42,547
EBITDA ¹	4,671	4,196	3,817	7,718	10,200	9,677	10,193	10,123
EBIT ¹	3,009	2,515	2,012	-7,370	-1,548	1,041	2,049	1,935
Operating Margin	27%	23.57%	16.5%	-21.79%	-3.75%	2.54%	4.9%	4.55%
Earnings before Tax (EBT) ¹	2,294	1,728	1,433	-8,960	-3,863	-1,038	351.6	395.6
Net income ¹	2,069	1,219	1,006	-7,371	-3,126	-1,211	66.81	53.09
Net margin	18.57%	11.42%	8.25%	-21.8%	-7.57%	-2.96%	0.16%	0.12%
EPS ²	2.880	1.810	1.540	-3.820	-1.280	-0.4681	-0.0683	-0.0532
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	5,056	5,552	5,714
FCF margin	27.91%	21.9%	19.89%	9.81%	14.91%	12.35%	13.26%	13.43%
FCF Conversion (EBITDA)	66.58%	55.7%	63.53%	42.98%	60.4%	52.25%	54.47%	56.44%
FCF Conversion (Net income)	150.31%	191.71%	241.05%	-	-	-	8,309.45%	10,762.79%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

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	10,224	10,079	10,490	10,044	10,480
EBITDA ¹	1,137	1,027	1,764	2,424	2,603	2,611	2,149	2,969	2,471	2,102	2,185	2,700	2,753	2,337	2,395
EBIT ¹	508	353	-192	-1,583	-1,894	-557	-906	97	-182	-267	11.14	492.8	558.3	187.7	-52.5
Operating Margin	15.94%	11.17%	-1.77%	-16.12%	-17.21%	-5.21%	-8.75%	0.97%	-1.77%	-2.68%	0.11%	4.89%	5.32%	1.87%	-0.5%
Earnings before Tax (EBT) ¹	183	676	-2,872	-2,242	-2,541	-1,238	-1,480	-532	-613	-819	-499	7.693	78.23	-196.5	-313.3
Net income ¹	38	456	-2,151	-1,850	-2,101	-1,069	-1,240	-417	-400	-966	-453.6	-8.118	48.06	-116	-433.5
Net margin	1.19%	14.43%	-19.87%	-18.83%	-19.09%	-9.99%	-11.97%	-4.18%	-3.89%	-9.7%	-4.44%	-0.08%	0.46%	-1.16%	-4.14%
EPS ²	0.0800	0.6900	-1.500	-0.7619	-0.8600	-0.4400	-0.5100	-0.1700	-0.1600	-0.4000	-0.1668	0.001440	0.0433	-0.1092	-0.1325
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/24/22	4/26/22	8/4/22	11/3/22	2/23/23	5/5/23	8/3/23	11/8/23	2/23/24	5/9/24	-	-	-	-	-

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	35,114	30,223	25,166
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.969 x	3.173 x	2.844 x	5.865 x	3.911 x	3.629 x	2.965 x	2.486 x
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	5,056	5,552	5,714
ROE (net income / shareholders' equity)	22.6%	21.1%	9.62%	-25.1%	-6.77%	-1.53%	1.79%	2.6%
ROA (Net income/ Total Assets)	6.24%	6.34%	3.1%	-8.75%	-2.44%	0.4%	1.64%	1.73%
Assets ¹	33,143	19,223	32,477	84,214	128,378	-302,743	4,078	3,072
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	1,031	1,084	1,160
Capex / Sales	2.59%	3.77%	3.06%	2.92%	3.18%	2.52%	2.59%	2.73%
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

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

Ratings for Warner Bros. Discovery, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.23 USD

Average target price

12.72 USD

Spread / Average Target

+54.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
WARNER BROS. DISCOVERY, INC.	-27.94%	20.17B
FOX CORPORATION	+10.21%	14.69B
NEXSTAR MEDIA GROUP, INC.	+8.59%	5.6B
RTL GROUP S.A.	-13.47%	5.06B
NIPPON TELEVISION HOLDINGS, INC.	+34.17%	3.32B
SUN TV NETWORK LIMITED	-5.29%	3.16B
TEGNA INC.	-1.63%	2.55B
M6 MÉTROPOLE TÉLÉVISION	+4.79%	1.82B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-22.52%	1.66B
PT ELANG MAHKOTA TEKNOLOGI TBK	-25.08%	1.64B

Television Broadcasting