Discounted Cash Flow (DCF) Analysis Unlevered

The E.W. Scripps Company (SSP)

$8.31

+0.42 (+5.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 223.79 | 8.31 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,423.841,857.482,283.532,453.222,950.593,548.824,268.335,133.716,174.557,426.42
Revenue (%)
EBITDA 146.71524.94520.99226.85520.98626.60753.64906.441,090.221,311.26
EBITDA (%)
EBIT 59.72417.78359.06387.29429.29516.33621.01746.92898.361,080.50
EBIT (%)
Depreciation 86.99107.16161.92-160.4391.68110.27132.63159.52191.86230.76
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 32.97576.0266.2218.0316.48266.30320.29385.23463.33557.27
Total Cash (%)
Account Receivables 443.22441.38573.30600.10770.53926.761,114.651,340.651,612.461,939.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 29.1568.1483.9382.7178.25109.41131.59158.27190.36228.95
Accounts Payable (%)
Capital Expenditure -85.91-46.83-61.172.25-82.19-98.85-118.89-143-171.99-206.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.31
Beta 1.813
Diluted Shares Outstanding 87.35
Cost of Debt
Tax Rate 47.34
After-tax Cost of Debt 2.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.255
Total Debt 2,890.17
Total Equity 725.85
Total Capital 3,616.01
Debt Weighting 79.93
Equity Weighting 20.07
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,423.841,857.482,283.532,453.222,950.593,548.824,268.335,133.716,174.557,426.42
EBITDA 146.71524.94520.99226.85520.98626.60753.64906.441,090.221,311.26
EBIT 59.72417.78359.06387.29429.29516.33621.01746.92898.361,080.50
Tax Rate 11.96%-28.86%34.41%47.34%16.21%16.21%16.21%16.21%16.21%16.21%
EBIAT 52.58538.33235.51203.96359.69432.62520.33625.82752.71905.32
Depreciation 86.99107.16161.92-160.4391.68110.27132.63159.52191.86230.76
Accounts Receivable -1.84-131.92-26.80-170.44-156.22-187.90-225.99-271.81-326.92
Inventories ----------
Accounts Payable -38.9915.79-1.22-4.4631.1622.1826.6832.0938.59
Capital Expenditure -85.91-46.83-61.172.25-82.19-98.85-118.89-143-171.99-206.86
UFCF 53.66639.48220.1317.76194.29318.98368.35443.03532.86640.89
WACC
PV UFCF 194.29305.07336.92387.56445.81512.81
SUM PV UFCF 1,988.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.56
Free cash flow (t + 1) 653.71
Terminal Value 25,535.60
Present Value of Terminal Value 20,432.34

Intrinsic Value

Enterprise Value 22,420.52
Net Debt 2,873.69
Equity Value 19,546.82
Shares Outstanding 87.35
Equity Value Per Share 223.79