Discounted Cash Flow (DCF) Analysis Unlevered

Emmis Corporation (EMMS)

$3.75

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.79 | 3.75 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 231.43214.57148.49114.1339.7127.1618.5712.708.695.94
Revenue (%)
EBITDA 28.9435.8389.1740.8446.3613.138.986.144.202.87
EBITDA (%)
EBIT 23.1431.0385.5437.6245.2312.438.505.823.982.72
EBIT (%)
Depreciation 5.804.813.633.211.130.700.480.330.220.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 4.4611.354.115.4493.0413.539.256.334.332.96
Total Cash (%)
Account Receivables 34.9126.4820.5916.774.633.672.511.721.180.80
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8.1313.406.394.452.391.300.890.610.420.29
Accounts Payable (%)
Capital Expenditure -3.39-2.85-1.81-0.52-0.32-0.29-0.20-0.13-0.09-0.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.75
Beta 1.124
Diluted Shares Outstanding 12.61
Cost of Debt
Tax Rate 247.98
After-tax Cost of Debt -8.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.048
Total Debt 65.46
Total Equity 47.27
Total Capital 112.74
Debt Weighting 58.07
Equity Weighting 41.93
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 231.43214.57148.49114.1339.7127.1618.5712.708.695.94
EBITDA 28.9435.8389.1740.8446.3613.138.986.144.202.87
EBIT 23.1431.0385.5437.6245.2312.438.505.823.982.72
Tax Rate -19.77%-0.07%-12.46%27.58%247.98%48.65%48.65%48.65%48.65%48.65%
EBIAT 27.7131.0596.2027.25-66.936.394.372.992.041.40
Depreciation 5.804.813.633.211.130.700.480.330.220.15
Accounts Receivable -8.425.893.8212.150.951.160.790.540.37
Inventories ----------
Accounts Payable -5.27-7-1.94-2.06-1.09-0.41-0.28-0.19-0.13
Capital Expenditure -3.39-2.85-1.81-0.52-0.32-0.29-0.20-0.13-0.09-0.06
UFCF 30.1246.7096.9131.82-56.026.665.403.692.531.73
WACC
PV UFCF 6.745.533.832.651.84
SUM PV UFCF 20.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -1.22
Free cash flow (t + 1) 1.76
Terminal Value -54.71
Present Value of Terminal Value -58.17

Intrinsic Value

Enterprise Value -37.58
Net Debt -27.57
Equity Value -10
Shares Outstanding 12.61
Equity Value Per Share -0.79