Discounted Cash Flow (DCF) Analysis Levered

Emmis Corporation (EMMS)

$2.61

-1.14 (-30.40%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 2.30 | 2.61 | overvalue

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 231.43214.57148.49114.1339.7127.1618.5712.708.695.94
Revenue (%)
Operating Cash Flow 25.1119.050.247.74-12.65-0.28-0.19-0.13-0.09-0.06
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 21.7316.20-1.577.22-12.97-0.57-0.39-0.27-0.18-0.12

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 231.43214.57148.49114.1339.7127.1618.5712.708.695.94
Operating Cash Flow 25.1119.050.247.74-12.65-0.28-0.19-0.13-0.09-0.06
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 21.7316.20-1.577.22-12.97-0.57-0.39-0.27-0.18-0.12
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