Discounted Cash Flow (DCF) Analysis Levered
Emmis Corporation (EMMS)
$2.61
-1.14 (-30.40%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 231.43 | 214.57 | 148.49 | 114.13 | 39.71 | 27.16 | 18.57 | 12.70 | 8.69 | 5.94 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 25.11 | 19.05 | 0.24 | 7.74 | -12.65 | -0.28 | -0.19 | -0.13 | -0.09 | -0.06 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -3.39 | -2.85 | -1.81 | -0.52 | -0.32 | -0.29 | -0.20 | -0.13 | -0.09 | -0.06 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 21.73 | 16.20 | -1.57 | 7.22 | -12.97 | -0.57 | -0.39 | -0.27 | -0.18 | -0.12 |
Weighted Average Cost Of Capital
Share price | $ 2.61 |
---|---|
Beta | 1.124 |
Diluted Shares Outstanding | 12.61 |
Cost of Debt | |
Tax Rate | 247.98 |
After-tax Cost of Debt | -8.64% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.089 |
Total Debt | 65.46 |
Total Equity | 32.90 |
Total Capital | 98.37 |
Debt Weighting | 66.55 |
Equity Weighting | 33.45 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 231.43 | 214.57 | 148.49 | 114.13 | 39.71 | 27.16 | 18.57 | 12.70 | 8.69 | 5.94 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 25.11 | 19.05 | 0.24 | 7.74 | -12.65 | -0.28 | -0.19 | -0.13 | -0.09 | -0.06 |
Capital Expenditure | -3.39 | -2.85 | -1.81 | -0.52 | -0.32 | -0.29 | -0.20 | -0.13 | -0.09 | -0.06 |
Free Cash Flow | 21.73 | 16.20 | -1.57 | 7.22 | -12.97 | -0.57 | -0.39 | -0.27 | -0.18 | -0.12 |
WACC | ||||||||||
PV LFCF | -0.58 | -0.41 | -0.29 | -0.20 | -0.14 | |||||
SUM PV LFCF | -1.63 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | -2.71 |
Free cash flow (t + 1) | -0.13 |
Terminal Value | 2.69 |
Present Value of Terminal Value | 3.09 |
Intrinsic Value
Enterprise Value | 1.46 |
---|---|
Net Debt | -27.57 |
Equity Value | 29.03 |
Shares Outstanding | 12.61 |
Equity Value Per Share | 2.30 |