Discounted Cash Flow (DCF) Analysis Levered
The New York Times Company (NYT)
$34.44
+1.23 (+3.70%)
All numbers are in Millions, Currency in USD
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 | 1,675.64 | 1,748.60 | 1,812.18 | 1,783.64 | 2,074.88 | 2,192.85 | 2,317.54 | 2,449.31 | 2,588.57 | 2,735.76 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 86.71 | 157.12 | 189.90 | 297.93 | 269.10 | 238.20 | 251.74 | 266.05 | 281.18 | 297.17 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -84.75 | -77.49 | -45.44 | -34.45 | -34.64 | -68.41 | -72.30 | -76.41 | -80.75 | -85.34 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1.96 | 79.63 | 144.46 | 263.48 | 234.46 | 169.79 | 179.44 | 189.65 | 200.43 | 211.83 |
Weighted Average Cost Of Capital
Share price | $ 34.44 |
---|---|
Beta | 0.887 |
Diluted Shares Outstanding | 168.65 |
Cost of Debt | |
Tax Rate | 24.28 |
After-tax Cost of Debt | 0.92% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.932 |
Total Debt | 63.61 |
Total Equity | 5,808.27 |
Total Capital | 5,871.89 |
Debt Weighting | 1.08 |
Equity Weighting | 98.92 |
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 | 1,675.64 | 1,748.60 | 1,812.18 | 1,783.64 | 2,074.88 | 2,192.85 | 2,317.54 | 2,449.31 | 2,588.57 | 2,735.76 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 86.71 | 157.12 | 189.90 | 297.93 | 269.10 | 238.20 | 251.74 | 266.05 | 281.18 | 297.17 |
Capital Expenditure | -84.75 | -77.49 | -45.44 | -34.45 | -34.64 | -68.41 | -72.30 | -76.41 | -80.75 | -85.34 |
Free Cash Flow | 1.96 | 79.63 | 144.46 | 263.48 | 234.46 | 169.79 | 179.44 | 189.65 | 200.43 | 211.83 |
WACC | ||||||||||
PV LFCF | 158.88 | 157.12 | 155.37 | 153.65 | 151.95 | |||||
SUM PV LFCF | 776.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.87 |
Free cash flow (t + 1) | 216.06 |
Terminal Value | 4,436.62 |
Present Value of Terminal Value | 3,182.53 |
Intrinsic Value
Enterprise Value | 3,959.50 |
---|---|
Net Debt | -256.36 |
Equity Value | 4,215.86 |
Shares Outstanding | 168.65 |
Equity Value Per Share | 25.00 |