Discounted Cash Flow (DCF) Analysis Unlevered
The E.W. Scripps Company (SSP)
$5.89
-0.17 (-2.81%)
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 | 1,208.42 | 1,351.40 | 1,857.48 | 2,283.53 | 2,453.22 | 2,941.70 | 3,527.45 | 4,229.83 | 5,072.08 | 6,082.03 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 188.64 | 193.93 | 428.51 | 566.39 | 596.95 | 601.08 | 720.77 | 864.29 | 1,036.39 | 1,242.75 |
EBITDA (%) | ||||||||||
EBIT | 124.65 | 109.58 | 321.35 | 404.47 | 436.51 | 419.07 | 502.52 | 602.58 | 722.57 | 866.45 |
EBIT (%) | ||||||||||
Depreciation | 63.99 | 84.34 | 107.16 | 161.92 | 160.43 | 182.01 | 218.25 | 261.71 | 313.82 | 376.30 |
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 | 107.11 | 32.97 | 576.02 | 66.22 | 18.03 | 270.34 | 324.17 | 388.72 | 466.12 | 558.93 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 300.57 | 417.50 | 441.38 | 573.30 | 600.10 | 759.53 | 910.76 | 1,092.11 | 1,309.58 | 1,570.34 |
Account Receivables (%) | ||||||||||
Inventories | -300.57 | 101.27 | 1,050 | -539.04 | -600.10 | -52.47 | -62.92 | -75.45 | -90.47 | -108.49 |
Inventories (%) | ||||||||||
Accounts Payable | 26.92 | 28.44 | 68.14 | 83.93 | 82.71 | 88.53 | 106.16 | 127.30 | 152.64 | 183.04 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -60.48 | -85.80 | -46.83 | -61.17 | -45.79 | -108.38 | -129.96 | -155.83 | -186.86 | -224.07 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 5.89 |
---|---|
Beta | 1.862 |
Diluted Shares Outstanding | 87.35 |
Cost of Debt | |
Tax Rate | 29.14 |
After-tax Cost of Debt | 3.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.331 |
Total Debt | 2,872.41 |
Total Equity | 514.47 |
Total Capital | 3,386.87 |
Debt Weighting | 84.81 |
Equity Weighting | 15.19 |
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 | 1,208.42 | 1,351.40 | 1,857.48 | 2,283.53 | 2,453.22 | 2,941.70 | 3,527.45 | 4,229.83 | 5,072.08 | 6,082.03 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 188.64 | 193.93 | 428.51 | 566.39 | 596.95 | 601.08 | 720.77 | 864.29 | 1,036.39 | 1,242.75 |
EBIT | 124.65 | 109.58 | 321.35 | 404.47 | 436.51 | 419.07 | 502.52 | 602.58 | 722.57 | 866.45 |
Tax Rate | 72.52% | 290.54% | 26.53% | 34.41% | 29.14% | 90.63% | 90.63% | 90.63% | 90.63% | 90.63% |
EBIAT | 34.25 | -208.80 | 236.09 | 265.29 | 309.31 | 39.27 | 47.09 | 56.47 | 67.72 | 81.20 |
Depreciation | 63.99 | 84.34 | 107.16 | 161.92 | 160.43 | 182.01 | 218.25 | 261.71 | 313.82 | 376.30 |
Accounts Receivable | - | -116.93 | -23.88 | -131.92 | -26.80 | -159.43 | -151.24 | -181.35 | -217.46 | -260.76 |
Inventories | - | -401.84 | -948.73 | 1,589.04 | 61.06 | -547.63 | 10.45 | 12.53 | 15.02 | 18.01 |
Accounts Payable | - | 1.52 | 39.70 | 15.79 | -1.22 | 5.82 | 17.63 | 21.14 | 25.35 | 30.39 |
Capital Expenditure | -60.48 | -85.80 | -46.83 | -61.17 | -45.79 | -108.38 | -129.96 | -155.83 | -186.86 | -224.07 |
UFCF | 37.75 | -727.49 | -636.50 | 1,838.96 | 456.99 | -588.33 | 12.23 | 14.66 | 17.58 | 21.08 |
WACC | ||||||||||
PV UFCF | -558.19 | 11.01 | 12.52 | 14.24 | 16.21 | |||||
SUM PV UFCF | -504.21 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.40 |
Free cash flow (t + 1) | 21.50 |
Terminal Value | 632.41 |
Present Value of Terminal Value | 486.18 |
Intrinsic Value
Enterprise Value | -18.03 |
---|---|
Net Debt | 2,854.38 |
Equity Value | -2,872.41 |
Shares Outstanding | 87.35 |
Equity Value Per Share | -32.89 |