Discounted Cash Flow (DCF) Analysis Unlevered

Clear Channel Outdoor Holdings, Inc... (CCO)

$1.52

+0.05 (+3.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -14.20 | 1.52 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,591.262,721.712,683.811,854.612,241.122,205.182,169.822,135.022,100.782,067.10
Revenue (%)
EBITDA -212.79521.36437.79-11.06254.22167.61164.92162.27159.67157.11
EBITDA (%)
EBIT -538.79202.41128.47-280.49-117.89-127.69-125.64-123.63-121.65-119.70
EBIT (%)
Depreciation 325.99318.95309.32269.42372.10295.30290.56285.90281.32276.81
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 144.12182.46398.86785.31410.77387.23381.02374.91368.90362.98
Total Cash (%)
Account Receivables 664.37711.40713.14478.59643.12585.92576.52567.28558.18549.23
Account Receivables (%)
Inventories 21.9418.0621.1216.5917.8817.6017.3117.0416.7616.49
Inventories (%)
Accounts Payable 87.96113.7194.59101.16108.5794.3692.8591.3689.9088.45
Accounts Payable (%)
Capital Expenditure -224.24-211.08-232.46-124.16-148.01-169.22-166.51-163.84-161.21-158.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.52
Beta 2.479
Diluted Shares Outstanding 468.49
Cost of Debt
Tax Rate 7.23
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.543
Total Debt 7,232.56
Total Equity 712.11
Total Capital 7,944.67
Debt Weighting 91.04
Equity Weighting 8.96
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,591.262,721.712,683.811,854.612,241.122,205.182,169.822,135.022,100.782,067.10
EBITDA -212.79521.36437.79-11.06254.22167.61164.92162.27159.67157.11
EBIT -538.79202.41128.47-280.49-117.89-127.69-125.64-123.63-121.65-119.70
Tax Rate 29.53%-28.13%-25.48%11.47%7.23%-1.08%-1.08%-1.08%-1.08%-1.08%
EBIAT -379.70259.34161.21-248.32-109.36-129.07-127-124.96-122.96-120.98
Depreciation 325.99318.95309.32269.42372.10295.30290.56285.90281.32276.81
Accounts Receivable --47.03-1.74234.54-164.5257.209.409.259.108.95
Inventories -3.88-3.064.53-1.290.290.280.280.270.27
Accounts Payable -25.75-19.136.577.41-14.20-1.51-1.49-1.47-1.44
Capital Expenditure -224.24-211.08-232.46-124.16-148.01-169.22-166.51-163.84-161.21-158.63
UFCF -277.95349.82214.14142.59-43.6640.295.225.145.054.97
WACC
PV UFCF 38.224.704.394.103.82
SUM PV UFCF 55.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.40
Free cash flow (t + 1) 5.07
Terminal Value 149.20
Present Value of Terminal Value 114.70

Intrinsic Value

Enterprise Value 169.93
Net Debt 6,821.80
Equity Value -6,651.86
Shares Outstanding 468.49
Equity Value Per Share -14.20