Discounted Cash Flow (DCF) Analysis Levered
Gray Television, Inc. (GTN)
$7.63
-0.36 (-4.51%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 1,084.13 | 2,122 | 2,381 | 2,413 | 3,676 | 5,161.32 | 7,246.80 | 10,174.93 | 14,286.20 | 20,058.67 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 323.32 | 385 | 652 | 300 | 829 | 1,138.93 | 1,599.13 | 2,245.27 | 3,152.50 | 4,426.29 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -69.97 | -110 | -110 | -207 | -436 | -378.81 | -531.88 | -746.79 | -1,048.53 | -1,472.20 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 253.34 | 275 | 542 | 93 | 393 | 760.12 | 1,067.25 | 1,498.49 | 2,103.96 | 2,954.09 |
Weighted Average Cost Of Capital
Share price | $ 7.63 |
---|---|
Beta | 1.550 |
Diluted Shares Outstanding | 95 |
Cost of Debt | |
Tax Rate | 34.36 |
After-tax Cost of Debt | 3.56% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.061 |
Total Debt | 6,518 |
Total Equity | 724.85 |
Total Capital | 7,242.85 |
Debt Weighting | 89.99 |
Equity Weighting | 10.01 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 1,084.13 | 2,122 | 2,381 | 2,413 | 3,676 | 5,161.32 | 7,246.80 | 10,174.93 | 14,286.20 | 20,058.67 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 323.32 | 385 | 652 | 300 | 829 | 1,138.93 | 1,599.13 | 2,245.27 | 3,152.50 | 4,426.29 |
Capital Expenditure | -69.97 | -110 | -110 | -207 | -436 | -378.81 | -531.88 | -746.79 | -1,048.53 | -1,472.20 |
Free Cash Flow | 253.34 | 275 | 542 | 93 | 393 | 760.12 | 1,067.25 | 1,498.49 | 2,103.96 | 2,954.09 |
WACC | ||||||||||
PV LFCF | 669.74 | 901.50 | 1,213.45 | 1,633.36 | 2,198.58 | |||||
SUM PV LFCF | 7,199.27 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.31 |
Free cash flow (t + 1) | 3,013.17 |
Terminal Value | 130,440.27 |
Present Value of Terminal Value | 105,628.70 |
Intrinsic Value
Enterprise Value | 112,827.97 |
---|---|
Net Debt | 6,517 |
Equity Value | 106,310.97 |
Shares Outstanding | 95 |
Equity Value Per Share | 1,119.06 |