Discounted Cash Flow (DCF) Analysis Levered

Entravision Communications Corporat... (EVC)

$4.45

-0.21 (-4.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 240.95 | 4.45 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	273.57	344.03	760.19	956.21	1,506.05	2,372.06	3,736.05	5,884.36	9,267.99	14,597.29
Revenue (%)
Operating Cash Flow	31.54	63.45	65.25	78.92	176.24	277.58	437.20	688.59	1,084.55	1,708.19
Operating Cash Flow (%)
Capital Expenditure	-27.58	-9.22	-5.82	-11.47	-55.45	-87.33	-137.55	-216.64	-341.22	-537.42
Capital Expenditure (%)
Free Cash Flow	3.96	54.23	59.43	67.45	120.79	190.25	299.65	471.95	743.33	1,170.77

Weighted Average Cost Of Capital

Share price	$ 4.45
Beta	1.131
Diluted Shares Outstanding	87.77
Cost of Debt
Tax Rate	42.89
After-tax Cost of Debt	2.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.081
Total Debt	263.40
Total Equity	390.58
Total Capital	653.98
Debt Weighting	40.28
Equity Weighting	59.72
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	273.57	344.03	760.19	956.21	1,506.05	2,372.06	3,736.05	5,884.36	9,267.99	14,597.29
Operating Cash Flow	31.54	63.45	65.25	78.92	176.24	277.58	437.20	688.59	1,084.55	1,708.19
Capital Expenditure	-27.58	-9.22	-5.82	-11.47	-55.45	-87.33	-137.55	-216.64	-341.22	-537.42
Free Cash Flow	3.96	54.23	59.43	67.45	120.79	190.25	299.65	471.95	743.33	1,170.77
WACC
PV LFCF					106.36	157.19	232.31	343.34	507.43	749.94
SUM PV LFCF										2,260.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.57
Free cash flow (t + 1)	1,194.18
Terminal Value	26,130.89
Present Value of Terminal Value	19,009.88

Intrinsic Value

Enterprise Value	21,270.19
Net Debt	121.95
Equity Value	21,148.24
Shares Outstanding	87.77
Equity Value Per Share	240.95