Financials Warner Bros. Discovery, Inc.

Equities

WBD

US9344231041

Broadcasting

End-of-day quote Nasdaq Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
7.77 ^USD	-2.39%		+5.57%	-31.72%

May. 06	Equity Markets Rise as Investors Weigh Fed Official's Remarks	MT
May. 06	S&P 500 Companies' Quarterly Earnings, Revenue up so Far Annually, Oppenheimer Says	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	19,038	-	-
Enterprise Value (EV) ¹	35,701	32,395	26,186	68,289	67,640	54,020	49,007	44,060
P/E ratio	11.4 x	16.6 x	15.3 x	-2.48 x	-8.89 x	-24.3 x	162 x	65.4 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.96 x	1.79 x	1.26 x	0.68 x	0.67 x	0.46 x	0.45 x	0.44 x
EV / Revenue	3.2 x	3.04 x	2.15 x	2.02 x	1.64 x	1.3 x	1.16 x	1.02 x
EV / EBITDA	7.64 x	7.72 x	6.86 x	8.85 x	6.63 x	5.47 x	4.74 x	4.27 x
EV / FCF	11.5 x	13.9 x	10.8 x	20.6 x	11 x	10.7 x	8.77 x	7.61 x
FCF Yield	8.71%	7.21%	9.26%	4.86%	9.11%	9.31%	11.4%	13.1%
Price to Book	1.81 x	1.44 x	1.03 x	0.39 x	0.61 x	0.42 x	0.41 x	0.4 x
Nbr of stocks (in thousands)	690,990	675,677	658,571	2,428,396	2,438,566	2,450,130	-	-
Reference price ²	32.74	30.09	23.54	9.480	11.38	7.770	7.770	7.770
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	41,558	42,389	43,315
EBITDA ¹	4,671	4,196	3,817	7,718	10,200	9,876	10,347	10,323
EBIT ¹	3,009	2,515	2,012	-7,370	-1,548	982.8	1,888	1,539
Operating Margin	27%	23.57%	16.5%	-21.79%	-3.75%	2.36%	4.45%	3.55%
Earnings before Tax (EBT) ¹	2,294	1,728	1,433	-8,960	-3,863	-880.5	385.5	219.2
Net income ¹	2,069	1,219	1,006	-7,371	-3,126	-914.1	20.83	-398.5
Net margin	18.57%	11.42%	8.25%	-21.8%	-7.57%	-2.2%	0.05%	-0.92%
EPS ²	2.880	1.810	1.540	-3.820	-1.280	-0.3200	0.0481	0.1188
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	5,027	5,590	5,790
FCF margin	27.91%	21.9%	19.89%	9.81%	14.91%	12.1%	13.19%	13.37%
FCF Conversion (EBITDA)	66.58%	55.7%	63.53%	42.98%	60.4%	50.9%	54.03%	56.08%
FCF Conversion (Net income)	150.31%	191.71%	241.05%	-	-	-	26,832.95%	-
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 Q3	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
Net sales ¹	3,150	3,187	3,159	10,823	9,823	11,008	10,700	10,358	9,979	10,284	10,224	10,340	10,142	10,551	10,378
EBITDA ¹	726	1,137	1,027	1,764	2,424	2,603	2,611	2,149	2,969	2,471	2,147	2,177	2,768	2,762	2,336
EBIT ¹	329	508	353	-192	-1,583	-1,894	-557	-906	97	-182	-147.7	-127.5	562	542.1	-327
Operating Margin	10.44%	15.94%	11.17%	-1.77%	-16.12%	-17.21%	-5.21%	-8.75%	0.97%	-1.77%	-1.44%	-1.23%	5.54%	5.14%	-3.15%
Earnings before Tax (EBT) ¹	233	183	676	-2,872	-2,242	-2,541	-1,238	-1,480	-532	-613	-647.1	-606.1	63.87	108.7	-721.5
Net income ¹	156	38	456	-2,151	-1,850	-2,101	-1,069	-1,240	-417	-400	-542.7	-495.5	32.3	68.74	-573
Net margin	4.95%	1.19%	14.43%	-19.87%	-18.83%	-19.09%	-9.99%	-11.97%	-4.18%	-3.89%	-5.31%	-4.79%	0.32%	0.65%	-5.52%
EPS ²	0.2400	0.0800	0.6900	-1.500	-0.7619	-0.8600	-0.4400	-0.5100	-0.1700	-0.1600	-0.2121	-0.1901	0.0192	0.0430	-0.1867
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/3/21	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	-	-	-	-	-

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	34,983	29,970	25,023
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.969 x	3.173 x	2.844 x	5.865 x	3.911 x	3.542 x	2.897 x	2.424 x
Free Cash Flow ¹	3,110	2,337	2,425	3,317	6,161	5,027	5,590	5,790
ROE (net income / shareholders' equity)	22.6%	21.1%	9.62%	-25.1%	-6.77%	2.67%	4.55%	6.45%
ROA (Net income/ Total Assets)	6.24%	6.34%	3.1%	-8.75%	-2.44%	0.41%	1.05%	1.75%
Assets ¹	33,143	19,223	32,477	84,214	128,378	-223,235	1,978	-22,782
Book Value Per Share ²	18.10	20.90	22.90	24.30	18.50	18.40	18.70	19.40
Cash Flow per Share ²	4.780	4.080	4.210	2.220	3.070	2.300	2.800	2.910
Capex ¹	289	402	373	987	1,316	1,138	1,110	1,130
Capex / Sales	2.59%	3.77%	3.06%	2.92%	3.18%	2.74%	2.62%	2.61%
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

7.77 USD

Average target price

13.01 USD

Spread / Average Target

+67.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
WARNER BROS. DISCOVERY, INC.	-31.72%	19.04B
FOX CORPORATION	+8.93%	14.77B
NEXSTAR MEDIA GROUP, INC.	+6.15%	5.48B
RTL GROUP S.A.	-15.76%	4.91B
NIPPON TELEVISION HOLDINGS, INC.	+44.04%	3.7B
SUN TV NETWORK LIMITED	-10.00%	2.99B
TEGNA INC.	-4.25%	2.58B
M6 MÉTROPOLE TÉLÉVISION	+1.39%	1.78B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-50.40%	1.54B
HICON NETWORK TECHNOLOGY (SHANDONG) CO.,LTD.	-13.55%	1.56B

Television Broadcasting