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
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 | 1,423.84 | 1,857.48 | 2,283.53 | 2,453.22 | 2,950.59 | 3,548.82 | 4,268.33 | 5,133.71 | 6,174.55 | 7,426.42 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 146.71 | 524.94 | 520.99 | 226.85 | 520.98 | 626.60 | 753.64 | 906.44 | 1,090.22 | 1,311.26 |
EBITDA (%) | ||||||||||
EBIT | 59.72 | 417.78 | 359.06 | 387.29 | 429.29 | 516.33 | 621.01 | 746.92 | 898.36 | 1,080.50 |
EBIT (%) | ||||||||||
Depreciation | 86.99 | 107.16 | 161.92 | -160.43 | 91.68 | 110.27 | 132.63 | 159.52 | 191.86 | 230.76 |
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 | 32.97 | 576.02 | 66.22 | 18.03 | 16.48 | 266.30 | 320.29 | 385.23 | 463.33 | 557.27 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 443.22 | 441.38 | 573.30 | 600.10 | 770.53 | 926.76 | 1,114.65 | 1,340.65 | 1,612.46 | 1,939.38 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 29.15 | 68.14 | 83.93 | 82.71 | 78.25 | 109.41 | 131.59 | 158.27 | 190.36 | 228.95 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -85.91 | -46.83 | -61.17 | 2.25 | -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 | 1,423.84 | 1,857.48 | 2,283.53 | 2,453.22 | 2,950.59 | 3,548.82 | 4,268.33 | 5,133.71 | 6,174.55 | 7,426.42 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 146.71 | 524.94 | 520.99 | 226.85 | 520.98 | 626.60 | 753.64 | 906.44 | 1,090.22 | 1,311.26 |
EBIT | 59.72 | 417.78 | 359.06 | 387.29 | 429.29 | 516.33 | 621.01 | 746.92 | 898.36 | 1,080.50 |
Tax Rate | 11.96% | -28.86% | 34.41% | 47.34% | 16.21% | 16.21% | 16.21% | 16.21% | 16.21% | 16.21% |
EBIAT | 52.58 | 538.33 | 235.51 | 203.96 | 359.69 | 432.62 | 520.33 | 625.82 | 752.71 | 905.32 |
Depreciation | 86.99 | 107.16 | 161.92 | -160.43 | 91.68 | 110.27 | 132.63 | 159.52 | 191.86 | 230.76 |
Accounts Receivable | - | 1.84 | -131.92 | -26.80 | -170.44 | -156.22 | -187.90 | -225.99 | -271.81 | -326.92 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 38.99 | 15.79 | -1.22 | -4.46 | 31.16 | 22.18 | 26.68 | 32.09 | 38.59 |
Capital Expenditure | -85.91 | -46.83 | -61.17 | 2.25 | -82.19 | -98.85 | -118.89 | -143 | -171.99 | -206.86 |
UFCF | 53.66 | 639.48 | 220.13 | 17.76 | 194.29 | 318.98 | 368.35 | 443.03 | 532.86 | 640.89 |
WACC | ||||||||||
PV UFCF | 194.29 | 305.07 | 336.92 | 387.56 | 445.81 | 512.81 | ||||
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 |