Discounted Cash Flow (DCF) Analysis Levered

Tribune Publishing Company (TPCO)

$17.26

+0.07 (+0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.43 | 17.26 | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,063.361,524.021,030.67983.15746.25713.12681.46651.21622.30594.67
Revenue (%)
Operating Cash Flow 85.9891.28-34.5447.1320.242624.8523.7422.6921.68
Operating Cash Flow (%)
Capital Expenditure -21.02-24.32-53.17-18.55-19.81-18.93-18.09-17.29-16.52-15.79
Capital Expenditure (%)
Free Cash Flow 64.9666.97-87.7028.580.437.076.766.466.175.90

Weighted Average Cost Of Capital

Share price $ 17.26
Beta 1.274
Diluted Shares Outstanding 36.46
Cost of Debt
Tax Rate 52.81
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.808
Total Debt 23.91
Total Equity 629.23
Total Capital 653.14
Debt Weighting 3.66
Equity Weighting 96.34
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,063.361,524.021,030.67983.15746.25713.12681.46651.21622.30594.67
Operating Cash Flow 85.9891.28-34.5447.1320.242624.8523.7422.6921.68
Capital Expenditure -21.02-24.32-53.17-18.55-19.81-18.93-18.09-17.29-16.52-15.79
Free Cash Flow 64.9666.97-87.7028.580.437.076.766.466.175.90
WACC
PV LFCF 6.515.745.054.453.91
SUM PV LFCF 25.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.54
Free cash flow (t + 1) 6.01
Terminal Value 91.97
Present Value of Terminal Value 61.05

Intrinsic Value

Enterprise Value 86.71
Net Debt -74.95
Equity Value 161.66
Shares Outstanding 36.46
Equity Value Per Share 4.43