Discounted Cash Flow (DCF) Analysis Levered
MSG Networks Inc. (MSGN)
$14.17
-0.13 (-0.91%)
All numbers are in Millions, Currency in USD
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 | 658.20 | 675.35 | 696.65 | 720.85 | 685.80 | 693.29 | 700.87 | 708.52 | 716.27 | 724.09 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 68.16 | 196.18 | 210.61 | 205.96 | 210.03 | 178.64 | 180.59 | 182.56 | 184.56 | 186.58 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -3.32 | -4.89 | -3.72 | -2.88 | -2.81 | -3.57 | -3.61 | -3.65 | -3.69 | -3.73 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 64.83 | 191.29 | 206.89 | 203.08 | 207.22 | 175.07 | 176.98 | 178.92 | 180.87 | 182.85 |
Weighted Average Cost Of Capital
Share price | $ 14.17 |
---|---|
Beta | 1.170 |
Diluted Shares Outstanding | 63.52 |
Cost of Debt | |
Tax Rate | 28.51 |
After-tax Cost of Debt | 2.40% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.369 |
Total Debt | 1,081.01 |
Total Equity | 900.01 |
Total Capital | 1,981.02 |
Debt Weighting | 54.57 |
Equity Weighting | 45.43 |
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 | 658.20 | 675.35 | 696.65 | 720.85 | 685.80 | 693.29 | 700.87 | 708.52 | 716.27 | 724.09 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 68.16 | 196.18 | 210.61 | 205.96 | 210.03 | 178.64 | 180.59 | 182.56 | 184.56 | 186.58 |
Capital Expenditure | -3.32 | -4.89 | -3.72 | -2.88 | -2.81 | -3.57 | -3.61 | -3.65 | -3.69 | -3.73 |
Free Cash Flow | 64.83 | 191.29 | 206.89 | 203.08 | 207.22 | 175.07 | 176.98 | 178.92 | 180.87 | 182.85 |
WACC | ||||||||||
PV LFCF | 166.56 | 160.19 | 154.07 | 148.18 | 142.52 | |||||
SUM PV LFCF | 771.52 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.11 |
Free cash flow (t + 1) | 186.50 |
Terminal Value | 5,996.94 |
Present Value of Terminal Value | 4,674.22 |
Intrinsic Value
Enterprise Value | 5,445.74 |
---|---|
Net Debt | 884.17 |
Equity Value | 4,561.57 |
Shares Outstanding | 63.52 |
Equity Value Per Share | 71.82 |