Discounted Cash Flow (DCF) Analysis Levered

Townsquare Media, Inc. (TSQ)

$9.7

+0.60 (+6.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.52 | 9.7 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 507.43430.60431.41371.34417.96400.90384.54368.85353.79339.36
Revenue (%)
Operating Cash Flow 50.6836.6339.9931.4961.1440.7939.1337.533634.53
Operating Cash Flow (%)
Capital Expenditure -22.97-18.12-19.68-15.19-12.42-16.32-15.66-15.02-14.41-13.82
Capital Expenditure (%)
Free Cash Flow 27.7118.5120.3116.3048.7224.4723.4722.5121.5920.71

Weighted Average Cost Of Capital

Share price $ 9.7
Beta 1.728
Diluted Shares Outstanding 21.24
Cost of Debt
Tax Rate 42.56
After-tax Cost of Debt 3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.945
Total Debt 587.66
Total Equity 206.04
Total Capital 793.70
Debt Weighting 74.04
Equity Weighting 25.96
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 507.43430.60431.41371.34417.96400.90384.54368.85353.79339.36
Operating Cash Flow 50.6836.6339.9931.4961.1440.7939.1337.533634.53
Capital Expenditure -22.97-18.12-19.68-15.19-12.42-16.32-15.66-15.02-14.41-13.82
Free Cash Flow 27.7118.5120.3116.3048.7224.4723.4722.5121.5920.71
WACC
PV LFCF 23.142119.0517.2815.68
SUM PV LFCF 96.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.72
Free cash flow (t + 1) 21.13
Terminal Value 567.88
Present Value of Terminal Value 430

Intrinsic Value

Enterprise Value 526.16
Net Debt 537.15
Equity Value -11
Shares Outstanding 21.24
Equity Value Per Share -0.52