Discounted Cash Flow (DCF) Analysis Levered
Gray Television, Inc. (GTN)
$17.13
+0.23 (+1.36%)
All numbers are in Millions, Currency in USD
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 | 882.73 | 1,084.13 | 2,122 | 2,381 | 2,413 | 3,209.88 | 4,269.93 | 5,680.06 | 7,555.87 | 10,051.16 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 180.02 | 323.32 | 385 | 652 | 300 | 694.46 | 923.80 | 1,228.88 | 1,634.71 | 2,174.57 |
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 | 145.50 | 253.34 | 275 | 542 | 93 | 509.91 | 678.31 | 902.31 | 1,200.30 | 1,596.69 |
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 | 882.73 | 1,084.13 | 2,122 | 2,381 | 2,413 | 3,209.88 | 4,269.93 | 5,680.06 | 7,555.87 | 10,051.16 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 180.02 | 323.32 | 385 | 652 | 300 | 694.46 | 923.80 | 1,228.88 | 1,634.71 | 2,174.57 |
Capital Expenditure | -34.52 | -69.97 | -110 | -110 | -207 | -184.55 | -245.49 | -326.57 | -434.41 | -577.88 |
Free Cash Flow | 145.50 | 253.34 | 275 | 542 | 93 | 509.91 | 678.31 | 902.31 | 1,200.30 | 1,596.69 |
WACC | ||||||||||
PV LFCF | 492.81 | 633.57 | 814.54 | 1,047.20 | 1,346.32 | |||||
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 |