Discounted Cash Flow (DCF) Analysis Unlevered

TEGNA Inc. (TGNA)

$19.95

-0.25 (-1.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 100.69 | 19.95 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,903.032,207.282,299.502,937.782,991.093,363.023,781.204,251.374,780.015,374.37
Revenue (%)
EBITDA 483.29791.88691.76981.93925.981,047.491,177.751,324.191,488.851,673.98
EBITDA (%)
EBIT 346.78705.10581.13847.36798.13880.88990.421,113.571,252.041,407.72
EBIT (%)
Depreciation 136.5186.79110.63134.57127.85166.61187.33210.62236.81266.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 98.80135.8629.4040.9756.99107.12120.43135.41152.25171.18
Total Cash (%)
Account Receivables 439.29446.37601.41564.79657.78744.41836.98941.051,058.071,189.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 52.9983.2351.8958.057388.97100.04112.48126.46142.19
Accounts Payable (%)
Capital Expenditure -76.89-65.23-88.36-45.50-63.08-97.50-109.62-123.25-138.58-155.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.95
Beta 0.748
Diluted Shares Outstanding 222.47
Cost of Debt
Tax Rate 22.27
After-tax Cost of Debt 4.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.043
Total Debt 3,320.94
Total Equity 4,438.30
Total Capital 7,759.24
Debt Weighting 42.80
Equity Weighting 57.20
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,903.032,207.282,299.502,937.782,991.093,363.023,781.204,251.374,780.015,374.37
EBITDA 483.29791.88691.76981.93925.981,047.491,177.751,324.191,488.851,673.98
EBIT 346.78705.10581.13847.36798.13880.88990.421,113.571,252.041,407.72
Tax Rate 11.90%20.26%23.80%24.22%22.27%20.49%20.49%20.49%20.49%20.49%
EBIAT 305.52562.27442.79642.16620.37700.39787.48885.40995.501,119.29
Depreciation 136.5186.79110.63134.57127.85166.61187.33210.62236.81266.26
Accounts Receivable --7.08-155.0336.62-92.99-86.64-92.56-104.07-117.02-131.57
Inventories ----------
Accounts Payable -30.23-31.336.1614.9515.9811.0612.4413.9915.72
Capital Expenditure -76.89-65.23-88.36-45.50-63.08-97.50-109.62-123.25-138.58-155.81
UFCF 365.14606.99278.70774607.11698.85783.69881.14990.711,113.90
WACC
PV UFCF 659.98698.93742.13788836.70
SUM PV UFCF 3,725.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.89
Free cash flow (t + 1) 1,136.17
Terminal Value 29,207.55
Present Value of Terminal Value 21,939.18

Intrinsic Value

Enterprise Value 25,664.92
Net Debt 3,263.95
Equity Value 22,400.97
Shares Outstanding 222.47
Equity Value Per Share 100.69