Discounted Cash Flow (DCF) Analysis Levered

The New York Times Company (NYT)

$42

+0.46 (+1.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 21.01 | 42 | overvalue

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	1,748.60	1,812.18	1,783.64	2,074.88	2,308.32	2,479.37	2,663.10	2,860.43	3,072.40	3,300.06
Revenue (%)
Operating Cash Flow	157.12	189.90	297.93	269.10	150.69	276.03	296.48	318.45	342.05	367.40
Operating Cash Flow (%)
Capital Expenditure	-77.49	-45.44	-34.45	-34.64	-36.96	-60.20	-64.67	-69.46	-74.60	-80.13
Capital Expenditure (%)
Free Cash Flow	79.63	144.46	263.48	234.46	113.73	215.83	231.82	249	267.45	287.27

Weighted Average Cost Of Capital

Share price	$ 42
Beta	1.014
Diluted Shares Outstanding	168.53
Cost of Debt
Tax Rate	26.31
After-tax Cost of Debt	50.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.263
Total Debt	59.12
Total Equity	7,078.39
Total Capital	7,137.51
Debt Weighting	0.83
Equity Weighting	99.17
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	1,748.60	1,812.18	1,783.64	2,074.88	2,308.32	2,479.37	2,663.10	2,860.43	3,072.40	3,300.06
Operating Cash Flow	157.12	189.90	297.93	269.10	150.69	276.03	296.48	318.45	342.05	367.40
Capital Expenditure	-77.49	-45.44	-34.45	-34.64	-36.96	-60.20	-64.67	-69.46	-74.60	-80.13
Free Cash Flow	79.63	144.46	263.48	234.46	113.73	215.83	231.82	249	267.45	287.27
WACC
PV LFCF						196.90	192.95	189.08	185.28	181.57
SUM PV LFCF										945.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.61
Free cash flow (t + 1)	293.01
Terminal Value	3,850.35
Present Value of Terminal Value	2,433.60

Intrinsic Value

Enterprise Value	3,379.38
Net Debt	-162.26
Equity Value	3,541.64
Shares Outstanding	168.53
Equity Value Per Share	21.01