Discounted Cash Flow (DCF) Analysis Levered

Gray Television, Inc. (GTN)

$17.13

+0.23 (+1.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 959.10 | 17.13 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 882.731,084.132,1222,3812,4133,209.884,269.935,680.067,555.8710,051.16
Revenue (%)
Operating Cash Flow 180.02323.32385652300694.46923.801,228.881,634.712,174.57
Operating Cash Flow (%)
Capital Expenditure -34.52-69.97-110-110-207-184.55-245.49-326.57-434.41-577.88
Capital Expenditure (%)
Free Cash Flow 145.50253.3427554293509.91678.31902.311,200.301,596.69

Weighted Average Cost Of Capital

Share price $ 17.13
Beta 1.730
Diluted Shares Outstanding 95
Cost of Debt
Tax Rate 46.43
After-tax Cost of Debt 1.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.289
Total Debt 6,827
Total Equity 1,627.35
Total Capital 8,454.35
Debt Weighting 80.75
Equity Weighting 19.25
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 882.731,084.132,1222,3812,4133,209.884,269.935,680.067,555.8710,051.16
Operating Cash Flow 180.02323.32385652300694.46923.801,228.881,634.712,174.57
Capital Expenditure -34.52-69.97-110-110-207-184.55-245.49-326.57-434.41-577.88
Free Cash Flow 145.50253.3427554293509.91678.31902.311,200.301,596.69
WACC
PV LFCF 415.53534.22686.828831,135.21
SUM PV LFCF 4,334.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.47
Free cash flow (t + 1) 1,628.62
Terminal Value 110,790.67
Present Value of Terminal Value 93,418.09

Intrinsic Value

Enterprise Value 97,752.53
Net Debt 6,638
Equity Value 91,114.53
Shares Outstanding 95
Equity Value Per Share 959.10