Financials Warner Bros. Discovery, Inc.

Equities

WBD

US9344231041

Broadcasting

End-of-day quote Nasdaq Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
8.15 ^USD	+1.37%		+2.26%	-28.38%

May. 10	Deutsche Bank Adjusts Warner Bros. Discovery Price Target to $16 From $18, Maintains Buy Rating	MT
May. 10	Bernstein Adjusts Price Target on Warner Bros. to $10 From $11	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	19,970	-	-
Enterprise Value (EV) ¹	35,701	32,395	26,186	68,289	67,640	55,108	49,825	44,330
P/E ratio	11.4 x	16.6 x	15.3 x	-2.48 x	-8.89 x	-17.5 x	-73.4 x	-65.9 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.96 x	1.79 x	1.26 x	0.68 x	0.67 x	0.49 x	0.47 x	0.46 x
EV / Revenue	3.2 x	3.04 x	2.15 x	2.02 x	1.64 x	1.34 x	1.18 x	1.03 x
EV / EBITDA	7.64 x	7.72 x	6.86 x	8.85 x	6.63 x	5.68 x	4.87 x	4.34 x
EV / FCF	11.5 x	13.9 x	10.8 x	20.6 x	11 x	11.1 x	8.95 x	7.7 x
FCF Yield	8.71%	7.21%	9.26%	4.86%	9.11%	9.03%	11.2%	13%
Price to Book	1.81 x	1.44 x	1.03 x	0.39 x	0.61 x	0.45 x	0.44 x	0.43 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	8.150	8.150	8.150
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	41,044	42,072	42,949
EBITDA ¹	4,671	4,196	3,817	7,718	10,200	9,695	10,225	10,210
EBIT ¹	3,009	2,515	2,012	-7,370	-1,548	1,048	1,883	1,705
Operating Margin	27%	23.57%	16.5%	-21.79%	-3.75%	2.55%	4.48%	3.97%
Earnings before Tax (EBT) ¹	2,294	1,728	1,433	-8,960	-3,863	-872.2	415.2	435.2
Net income ¹	2,069	1,219	1,006	-7,371	-3,126	-1,047	95.75	-306.3
Net margin	18.57%	11.42%	8.25%	-21.8%	-7.57%	-2.55%	0.23%	-0.71%
EPS ²	2.880	1.810	1.540	-3.820	-1.280	-0.4651	-0.1110	-0.1236
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	4,975	5,565	5,760
FCF margin	27.91%	21.9%	19.89%	9.81%	14.91%	12.12%	13.23%	13.41%
FCF Conversion (EBITDA)	66.58%	55.7%	63.53%	42.98%	60.4%	51.32%	54.43%	56.41%
FCF Conversion (Net income)	150.31%	191.71%	241.05%	-	-	-	5,812.67%	-
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	10,233	10,085	10,483	10,239	10,493
EBITDA ¹	1,137	1,027	1,764	2,424	2,603	2,611	2,149	2,969	2,471	2,102	2,192	2,695	2,743	2,331	2,380
EBIT ¹	508	353	-192	-1,583	-1,894	-557	-906	97	-182	-267	48	473.3	597.7	-128	-300.5
Operating Margin	15.94%	11.17%	-1.77%	-16.12%	-17.21%	-5.21%	-8.75%	0.97%	-1.77%	-2.68%	0.47%	4.69%	5.7%	-1.25%	-2.86%
Earnings before Tax (EBT) ¹	183	676	-2,872	-2,242	-2,541	-1,238	-1,480	-532	-613	-819	-413.4	55.52	177	-351	-431.3
Net income ¹	38	456	-2,151	-1,850	-2,101	-1,069	-1,240	-417	-400	-966	-454.8	3.955	85.94	-217.5	-567
Net margin	1.19%	14.43%	-19.87%	-18.83%	-19.09%	-9.99%	-11.97%	-4.18%	-3.89%	-9.7%	-4.44%	0.04%	0.82%	-2.12%	-5.4%
EPS ²	0.0800	0.6900	-1.500	-0.7619	-0.8600	-0.4400	-0.5100	-0.1700	-0.1600	-0.4000	-0.1881	0.001950	0.0419	-0.1550	-0.1600
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	35,138	29,855	24,360
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.969 x	3.173 x	2.844 x	5.865 x	3.911 x	3.624 x	2.92 x	2.386 x
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	4,975	5,565	5,760
ROE (net income / shareholders' equity)	22.6%	21.1%	9.62%	-25.1%	-6.77%	-0.49%	3.56%	5.08%
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	-261,689	5,844	-17,725
Book Value Per Share ²	18.10	20.90	22.90	24.30	18.50	18.10	18.50	18.90
Cash Flow per Share ²	4.780	4.080	4.210	2.220	3.070	3.280	2.850	2.820
Capex ¹	289	402	373	987	1,316	994	1,080	1,163
Capex / Sales	2.59%	3.77%	3.06%	2.92%	3.18%	2.42%	2.57%	2.71%
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

8.15 USD

Average target price

12.85 USD

Spread / Average Target

+57.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
WARNER BROS. DISCOVERY, INC.	-28.38%	19.97B
FOX CORPORATION	+12.61%	15.01B
NEXSTAR MEDIA GROUP, INC.	+9.92%	5.66B
RTL GROUP S.A.	-14.62%	4.97B
NIPPON TELEVISION HOLDINGS, INC.	+37.45%	3.41B
SUN TV NETWORK LIMITED	-6.00%	3.16B
TEGNA INC.	-0.33%	2.59B
M6 MÉTROPOLE TÉLÉVISION	+2.94%	1.8B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-25.00%	1.6B
PT ELANG MAHKOTA TEKNOLOGI TBK	-29.49%	1.58B

Television Broadcasting