Discounted Cash Flow (DCF) Analysis Levered

The New York Times Company (NYT)

$36.9

+0.91 (+2.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.61 | 36.9 | 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 $ 36.9
Beta 0.979
Diluted Shares Outstanding 168.53
Cost of Debt
Tax Rate 26.31
After-tax Cost of Debt 3.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.311
Total Debt -
Total Equity 6,218.87
Total Capital 6,218.87
Debt Weighting 0.00
Equity Weighting 100.00
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 199.27197.61195.97194.34192.73
SUM PV LFCF 979.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.31
Free cash flow (t + 1) 293.01
Terminal Value 4,643.60
Present Value of Terminal Value 3,115.39

Intrinsic Value

Enterprise Value 4,095.30
Net Debt -221.38
Equity Value 4,316.69
Shares Outstanding 168.53
Equity Value Per Share 25.61