Discounted Cash Flow (DCF) Analysis Levered

The New York Times Company (NYT)

$41.05

+0.45 (+1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.69 | 41.05 | 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 1,748.601,812.181,783.642,074.882,308.322,479.372,663.102,860.433,072.403,300.06
Revenue (%)
Operating Cash Flow 157.12189.90297.93269.10150.69276.03296.48318.45342.05367.40
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 79.63144.46263.48234.46113.73215.83231.82249267.45287.27

Weighted Average Cost Of Capital

Share price $ 41.05
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 9.382
Total Debt 59.12
Total Equity 6,918.28
Total Capital 6,977.40
Debt Weighting 0.85
Equity Weighting 99.15
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 1,748.601,812.181,783.642,074.882,308.322,479.372,663.102,860.433,072.403,300.06
Operating Cash Flow 157.12189.90297.93269.10150.69276.03296.48318.45342.05367.40
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 79.63144.46263.48234.46113.73215.83231.82249267.45287.27
WACC
PV LFCF 196.69192.53188.46184.47180.57
SUM PV LFCF 942.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.73
Free cash flow (t + 1) 293.01
Terminal Value 3,790.57
Present Value of Terminal Value 2,382.75

Intrinsic Value

Enterprise Value 3,325.47
Net Debt -162.26
Equity Value 3,487.74
Shares Outstanding 168.53
Equity Value Per Share 20.69