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

Stock DCF: 25.00 | 34.44 | overvalue

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