Discounted Cash Flow (DCF) Analysis Levered
Tribune Publishing Company (TPCO)
$17.26
+0.07 (+0.41%)
All numbers are in Millions, Currency in USD
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 | 1,063.36 | 1,524.02 | 1,030.67 | 983.15 | 746.25 | 713.12 | 681.46 | 651.21 | 622.30 | 594.67 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 85.98 | 91.28 | -34.54 | 47.13 | 20.24 | 26 | 24.85 | 23.74 | 22.69 | 21.68 |
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 | 64.96 | 66.97 | -87.70 | 28.58 | 0.43 | 7.07 | 6.76 | 6.46 | 6.17 | 5.90 |
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 | 1,063.36 | 1,524.02 | 1,030.67 | 983.15 | 746.25 | 713.12 | 681.46 | 651.21 | 622.30 | 594.67 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 85.98 | 91.28 | -34.54 | 47.13 | 20.24 | 26 | 24.85 | 23.74 | 22.69 | 21.68 |
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 | 64.96 | 66.97 | -87.70 | 28.58 | 0.43 | 7.07 | 6.76 | 6.46 | 6.17 | 5.90 |
WACC | ||||||||||
PV LFCF | 6.51 | 5.74 | 5.05 | 4.45 | 3.91 | |||||
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 |