Same entity as FOX — Fox Corp Class A voting shares. DCF P(above)=100%, FV=$378 vs price $57.7. PE=13.8x. Analyst target $71.7 (24% upside). Below 200dma. Voting shares add governance optionality. Same thesis as FOX: cheap cable/streaming value play, Tubi growing, cord-cutting risk the bear. Analyst target supports 24% upside.
Cable segment validates thesis: distribution +4%, EBITDA +5.8% H1 confirms pricing power resilient. BUT: TV segment EBITDA collapsed -6.1% H1 (-30% in Q2 alone) — sports cost inflation is structural, not transient. FOX One (launched Aug 2025) burning cash faster (-M H1 vs -M prior) signals streaming strategy underperforming. Cash dropped .4B→.0B from massive ASR buyback + normal FCF usage. Interest expense stable but equity investment losses (-M H1 Flutter mark-to-market) erode earnings. Core cable moat intact, but TV profitability cap + FOX One drag + tail risk (Smartmatic trial later 2026) outweigh upside. Conviction down 1 point.
Fair Value Distribution — percentile bands
100.0% of simulations place fair value above current price
KEY VALUE DRIVERS
Spearman correlation — what moves this valuation most
Eagle will generate this view by the next trading session (~7h).
Eagle will generate this view by the next trading session (~7h).
Cable EBITDA +4.6% YoY on pricing power. TV EBITDA -30% in Q2 as sports costs bite hard. FOX One streaming losses widening in Corp/Other (-$138M vs -$81M). Revenue +2% consolidated. $1.8B buyback in H...
FOXA Q2: Revenue +3%, net income -30% from investment losses and cost pressures. Cable strong (EBITDA +6%), TV weak (EBITDA -6%) from sports inflation. MVPD decline offset by rate hikes. FOX One launc...