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	1,063.36	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