Discounted Cash Flow (DCF) Analysis Levered

Nexstar Media Group, Inc. (NXST)

$168.48

-1.56 (-0.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 496.52 | 168.48 | 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 2,431.972,766.703,039.324,501.274,648.375,519.796,554.567,783.329,242.4410,975.09
Revenue (%)
Operating Cash Flow 136.72736.87417.471,254.171,214.841,103.831,310.761,556.481,848.272,194.76
Operating Cash Flow (%)
Capital Expenditure -72.46-106.25-197.51-217.04-150.76-236.06-280.32-332.87-395.27-469.37
Capital Expenditure (%)
Free Cash Flow 64.26630.62219.961,037.131,064.08867.771,030.441,223.621,4531,725.39

Weighted Average Cost Of Capital

Share price $ 168.48
Beta 1.468
Diluted Shares Outstanding 46.72
Cost of Debt
Tax Rate 23.67
After-tax Cost of Debt 2.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.786
Total Debt 7,457.97
Total Equity 7,871.39
Total Capital 15,329.35
Debt Weighting 48.65
Equity Weighting 51.35
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 2,431.972,766.703,039.324,501.274,648.375,519.796,554.567,783.329,242.4410,975.09
Operating Cash Flow 136.72736.87417.471,254.171,214.841,103.831,310.761,556.481,848.272,194.76
Capital Expenditure -72.46-106.25-197.51-217.04-150.76-236.06-280.32-332.87-395.27-469.37
Free Cash Flow 64.26630.62219.961,037.131,064.08867.771,030.441,223.621,4531,725.39
WACC
PV LFCF 811.37900.871,000.241,110.561,233.06
SUM PV LFCF 5,056.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.95
Free cash flow (t + 1) 1,759.90
Terminal Value 35,553.56
Present Value of Terminal Value 25,408.50

Intrinsic Value

Enterprise Value 30,464.61
Net Debt 7,267.10
Equity Value 23,197.51
Shares Outstanding 46.72
Equity Value Per Share 496.52