Discounted Cash Flow (DCF) Analysis Unlevered

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

$1.79

+0.07 (+4.07%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.56 | 1.79 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,683.811,854.612,241.122,481.132,127.142,054.741,984.811,917.261,852.011,788.98
Revenue (%)
EBITDA 552.14127.24357.67489.82514.89358.92346.71334.91323.51312.50
EBITDA (%)
EBIT 242.82-142.18-14.43196.46273.0688.3285.3182.4179.6176.90
EBIT (%)
Depreciation 309.32269.42372.10293.35241.83270.60261.39252.50243.90235.60
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 398.86785.31410.77286.78254.70407.11393.26379.87366.94354.45
Total Cash (%)
Account Receivables 713.14478.59643.12619.83499.81532.39514.27496.77479.86463.53
Account Receivables (%)
Inventories 21.1216.5954.18186.9161.8659.7557.7255.7653.8652.03
Inventories (%)
Accounts Payable 94.59101.16108.57101.6263.5985.928380.1777.4474.81
Accounts Payable (%)
Capital Expenditure -232.46-124.16-148.01-184.68-178.73-155.37-150.08-144.97-140.04-135.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.79
Beta 2.919
Diluted Shares Outstanding 481.73
Cost of Debt
Tax Rate -9.00
After-tax Cost of Debt 5.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.937
Total Debt 7,174.62
Total Equity 862.29
Total Capital 8,036.92
Debt Weighting 89.27
Equity Weighting 10.73
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,683.811,854.612,241.122,481.132,127.142,054.741,984.811,917.261,852.011,788.98
EBITDA 552.14127.24357.67489.82514.89358.92346.71334.91323.51312.50
EBIT 242.82-142.18-14.43196.46273.0688.3285.3182.4179.6176.90
Tax Rate -24.96%8.81%7.38%43.22%-9.00%5.09%5.09%5.09%5.09%5.09%
EBIAT 303.42-129.65-13.37111.56297.6383.8280.9778.2275.5572.98
Depreciation 309.32269.42372.10293.35241.83270.60261.39252.50243.90235.60
Accounts Receivable -234.54-164.5223.29120.02-32.5818.1217.5016.9116.33
Inventories -4.53-37.59-132.73125.052.112.031.961.901.83
Accounts Payable -6.577.41-6.95-38.0322.34-2.92-2.82-2.73-2.64
Capital Expenditure -232.46-124.16-148.01-184.68-178.73-155.37-150.08-144.97-140.04-135.27
UFCF 380.28261.2516.03103.85567.76190.92209.52202.39195.50188.84
WACC
PV UFCF 178.16182.45164.47148.26133.64
SUM PV UFCF 806.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.16
Free cash flow (t + 1) 196.40
Terminal Value 6,215.10
Present Value of Terminal Value 4,398.30

Intrinsic Value

Enterprise Value 5,205.28
Net Debt 6,919.92
Equity Value -1,714.64
Shares Outstanding 481.73
Equity Value Per Share -3.56