Discounted Cash Flow (DCF) Analysis Levered
The E.W. Scripps Company (SSP)
$8.23
+0.55 (+7.16%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,423.84 | 1,857.48 | 2,283.53 | 2,453.22 | 2,950.59 | 3,548.82 | 4,268.33 | 5,133.71 | 6,174.55 | 7,426.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -27.45 | 277.39 | 237 | 311.42 | 266.14 | 320.09 | 384.99 | 463.05 | 556.93 | 669.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -85.91 | -46.83 | -61.17 | 2.25 | -82.19 | -98.85 | -118.89 | -143 | -171.99 | -206.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -113.36 | 230.56 | 175.83 | 313.68 | 183.95 | 221.24 | 266.10 | 320.05 | 384.94 | 462.99 |
Weighted Average Cost Of Capital
| Share price | $ 8.23 |
|---|---|
| Beta | 1.813 |
| Diluted Shares Outstanding | 87.35 |
| Cost of Debt | |
| Tax Rate | 47.34 |
| After-tax Cost of Debt | 2.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.247 |
| Total Debt | 2,890.17 |
| Total Equity | 718.86 |
| Total Capital | 3,609.02 |
| Debt Weighting | 80.08 |
| Equity Weighting | 19.92 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,423.84 | 1,857.48 | 2,283.53 | 2,453.22 | 2,950.59 | 3,548.82 | 4,268.33 | 5,133.71 | 6,174.55 | 7,426.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -27.45 | 277.39 | 237 | 311.42 | 266.14 | 320.09 | 384.99 | 463.05 | 556.93 | 669.84 |
| Capital Expenditure | -85.91 | -46.83 | -61.17 | 2.25 | -82.19 | -98.85 | -118.89 | -143 | -171.99 | -206.86 |
| Free Cash Flow | -113.36 | 230.56 | 175.83 | 313.68 | 183.95 | 221.24 | 266.10 | 320.05 | 384.94 | 462.99 |
| WACC | ||||||||||
| PV LFCF | 175.94 | 202.41 | 232.85 | 267.87 | 308.16 | 354.51 | ||||
| SUM PV LFCF | 1,427.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.55 |
| Free cash flow (t + 1) | 472.25 |
| Terminal Value | 18,519.42 |
| Present Value of Terminal Value | 14,825.43 |
Intrinsic Value
| Enterprise Value | 16,253.36 |
|---|---|
| Net Debt | 2,873.69 |
| Equity Value | 13,379.67 |
| Shares Outstanding | 87.35 |
| Equity Value Per Share | 153.18 |