Discounted Cash Flow (DCF) Analysis Unlevered
Audacy, Inc. (AUD)
$0.0936
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,462.57 | 1,489.93 | 1,060.90 | 1,219.40 | 1,253.66 | 1,224.91 | 1,196.82 | 1,169.37 | 1,142.55 | 1,116.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -222.67 | -236.92 | -189.29 | 135.96 | -73.39 | -106.99 | -104.54 | -102.14 | -99.80 | -97.51 |
| EBITDA (%) | ||||||||||
| EBIT | -266.95 | -282.25 | -239.52 | 83.72 | -73.45 | -143.97 | -140.67 | -137.44 | -134.29 | -131.21 |
| EBIT (%) | ||||||||||
| Depreciation | 44.29 | 45.33 | 50.23 | 52.24 | 0.07 | 36.98 | 36.13 | 35.30 | 34.49 | 33.70 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 122.89 | 20.39 | 30.96 | 59.44 | 103.34 | 63.22 | 61.77 | 60.36 | 58.97 | 57.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 342.77 | 378.91 | 276.10 | 276.04 | 261.36 | 290 | 283.35 | 276.85 | 270.50 | 264.30 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.86 | 5.96 | 13.78 | 18.90 | 14 | 11.01 | 10.75 | 10.51 | 10.27 | 10.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -41.79 | -77.90 | -30.84 | -76.61 | -0.08 | -42.34 | -41.36 | -40.42 | -39.49 | -38.58 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,936 |
|---|---|
| Beta | 1.541 |
| Diluted Shares Outstanding | 138.65 |
| Cost of Debt | |
| Tax Rate | 22.26 |
| After-tax Cost of Debt | 3.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.965 |
| Total Debt | 2,117.83 |
| Total Equity | 12.98 |
| Total Capital | 2,130.81 |
| Debt Weighting | 99.39 |
| Equity Weighting | 0.61 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,462.57 | 1,489.93 | 1,060.90 | 1,219.40 | 1,253.66 | 1,224.91 | 1,196.82 | 1,169.37 | 1,142.55 | 1,116.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -222.67 | -236.92 | -189.29 | 135.96 | -73.39 | -106.99 | -104.54 | -102.14 | -99.80 | -97.51 |
| EBIT | -266.95 | -282.25 | -239.52 | 83.72 | -73.45 | -143.97 | -140.67 | -137.44 | -134.29 | -131.21 |
| Tax Rate | 1.45% | -9.71% | 25.72% | 6.25% | 22.26% | 9.19% | 9.19% | 9.19% | 9.19% | 9.19% |
| EBIAT | -263.09 | -309.67 | -177.91 | 78.49 | -57.11 | -130.74 | -127.74 | -124.81 | -121.95 | -119.15 |
| Depreciation | 44.29 | 45.33 | 50.23 | 52.24 | 0.07 | 36.98 | 36.13 | 35.30 | 34.49 | 33.70 |
| Accounts Receivable | - | -36.15 | 102.81 | 0.06 | 14.69 | -28.65 | 6.65 | 6.50 | 6.35 | 6.20 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 4.10 | 7.82 | 5.12 | -4.89 | -3 | -0.25 | -0.25 | -0.24 | -0.24 |
| Capital Expenditure | -41.79 | -77.90 | -30.84 | -76.61 | -0.08 | -42.34 | -41.36 | -40.42 | -39.49 | -38.58 |
| UFCF | -260.59 | -374.28 | -47.90 | 59.30 | -47.33 | -167.74 | -126.57 | -123.67 | -120.83 | -118.06 |
| WACC | ||||||||||
| PV UFCF | -161.30 | -117.05 | -109.97 | -103.33 | -97.08 | |||||
| SUM PV UFCF | -588.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.99 |
| Free cash flow (t + 1) | -120.42 |
| Terminal Value | -6,051.38 |
| Present Value of Terminal Value | -4,976.18 |
Intrinsic Value
| Enterprise Value | -5,564.91 |
|---|---|
| Net Debt | 2,014.49 |
| Equity Value | -7,579.40 |
| Shares Outstanding | 138.65 |
| Equity Value Per Share | -54.66 |