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
Stock DCF: -32.89 | 5.89 | 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 1,208.421,351.401,857.482,283.532,453.222,941.703,527.454,229.835,072.086,082.03
Revenue (%)
EBITDA 188.64193.93428.51566.39596.95601.08720.77864.291,036.391,242.75
EBITDA (%)
EBIT 124.65109.58321.35404.47436.51419.07502.52602.58722.57866.45
EBIT (%)
Depreciation 63.9984.34107.16161.92160.43182.01218.25261.71313.82376.30
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 107.1132.97576.0266.2218.03270.34324.17388.72466.12558.93
Total Cash (%)
Account Receivables 300.57417.50441.38573.30600.10759.53910.761,092.111,309.581,570.34
Account Receivables (%)
Inventories -300.57101.271,050-539.04-600.10-52.47-62.92-75.45-90.47-108.49
Inventories (%)
Accounts Payable 26.9228.4468.1483.9382.7188.53106.16127.30152.64183.04
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 1,208.421,351.401,857.482,283.532,453.222,941.703,527.454,229.835,072.086,082.03
EBITDA 188.64193.93428.51566.39596.95601.08720.77864.291,036.391,242.75
EBIT 124.65109.58321.35404.47436.51419.07502.52602.58722.57866.45
Tax Rate 72.52%290.54%26.53%34.41%29.14%90.63%90.63%90.63%90.63%90.63%
EBIAT 34.25-208.80236.09265.29309.3139.2747.0956.4767.7281.20
Depreciation 63.9984.34107.16161.92160.43182.01218.25261.71313.82376.30
Accounts Receivable --116.93-23.88-131.92-26.80-159.43-151.24-181.35-217.46-260.76
Inventories --401.84-948.731,589.0461.06-547.6310.4512.5315.0218.01
Accounts Payable -1.5239.7015.79-1.225.8217.6321.1425.3530.39
Capital Expenditure -60.48-85.80-46.83-61.17-45.79-108.38-129.96-155.83-186.86-224.07
UFCF 37.75-727.49-636.501,838.96456.99-588.3312.2314.6617.5821.08
WACC
PV UFCF -558.1911.0112.5214.2416.21
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