Discounted Cash Flow (DCF) Analysis Unlevered

The New York Times Company (NYT)

$41.05

+0.45 (+1.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 22.64 | 41.05 | overvalue

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	1,748.60	1,812.18	1,783.64	2,074.88	2,308.32	2,479.37	2,663.10	2,860.43	3,072.40	3,300.06
Revenue (%)
EBITDA	256.17	230.90	238.39	333.20	392.16	365.98	393.10	422.23	453.52	487.12
EBITDA (%)
EBIT	197.16	162.86	167.69	266.21	299.58	275.07	295.46	317.35	340.87	366.12
EBIT (%)
Depreciation	59.01	68.05	70.70	66.99	92.58	90.91	97.64	104.88	112.65	121
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	612.80	432.22	595.16	661.05	347.36	690.11	741.25	796.18	855.18	918.55
Total Cash (%)
Account Receivables	222.46	213.40	183.69	232.91	217.53	274.94	295.32	317.20	340.70	365.95
Account Receivables (%)
Inventories	25.35	29.09	29.49	33.20	54.86	43.07	46.26	49.68	53.37	57.32
Inventories (%)
Accounts Payable	111.55	116.57	123.16	127.07	114.65	152.77	164.09	176.25	189.31	203.34
Accounts Payable (%)
Capital Expenditure	-77.49	-45.44	-34.45	-34.64	-36.96	-60.20	-64.67	-69.46	-74.60	-80.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 41.05
Beta	1.014
Diluted Shares Outstanding	168.53
Cost of Debt
Tax Rate	26.31
After-tax Cost of Debt	50.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.334
Total Debt	59.12
Total Equity	6,918.28
Total Capital	6,977.40
Debt Weighting	0.85
Equity Weighting	99.15
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	1,748.60	1,812.18	1,783.64	2,074.88	2,308.32	2,479.37	2,663.10	2,860.43	3,072.40	3,300.06
EBITDA	256.17	230.90	238.39	333.20	392.16	365.98	393.10	422.23	453.52	487.12
EBIT	197.16	162.86	167.69	266.21	299.58	275.07	295.46	317.35	340.87	366.12
Tax Rate	28.63%	14.89%	13.28%	24.28%	26.31%	21.48%	21.48%	21.48%	21.48%	21.48%
EBIAT	140.72	138.60	145.42	201.58	220.76	215.99	232	249.19	267.66	287.49
Depreciation	59.01	68.05	70.70	66.99	92.58	90.91	97.64	104.88	112.65	121
Accounts Receivable	-	9.06	29.71	-49.22	15.37	-57.41	-20.37	-21.88	-23.50	-25.25
Inventories	-	-3.74	-0.40	-3.71	-21.66	11.79	-3.19	-3.43	-3.68	-3.95
Accounts Payable	-	5.02	6.59	3.92	-12.43	38.12	11.32	12.16	13.06	14.03
Capital Expenditure	-77.49	-45.44	-34.45	-34.64	-36.96	-60.20	-64.67	-69.46	-74.60	-80.13
UFCF	122.25	171.55	217.57	184.92	257.66	239.20	252.73	271.46	291.58	313.18
WACC
PV UFCF						218.09	210.09	205.74	201.49	197.32
SUM PV UFCF										1,032.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.68
Free cash flow (t + 1)	319.45
Terminal Value	4,159.46
Present Value of Terminal Value	2,620.59

Intrinsic Value

Enterprise Value	3,653.32
Net Debt	-162.26
Equity Value	3,815.58
Shares Outstanding	168.53
Equity Value Per Share	22.64