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
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 |