Discounted Cash Flow (DCF) Analysis Unlevered

TEGNA Inc. (TGNA)

$21.5016

+0.37 (+1.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 91.66 | 21.5016 | 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 483.29791.88691.76981.93925.941,047.481,177.731,324.181,488.831,673.96
EBITDA (%)
EBIT 346.78705.10581.13847.36798.09880.87990.401,113.561,252.021,407.70
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 98.80135.8629.40177.1956.99138.30155.50174.84196.58221.02
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 $ 21.5,016
Beta 0.789
Diluted Shares Outstanding 219.73
Cost of Debt
Tax Rate 22.28
After-tax Cost of Debt 4.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.509
Total Debt 3,231.97
Total Equity 4,724.61
Total Capital 7,956.58
Debt Weighting 40.62
Equity Weighting 59.38
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 483.29791.88691.76981.93925.941,047.481,177.731,324.181,488.831,673.96
EBIT 346.78705.10581.13847.36798.09880.87990.401,113.561,252.021,407.70
Tax Rate 11.90%20.26%23.80%24.22%22.28%20.49%20.49%20.49%20.49%20.49%
EBIAT 305.52562.27442.79642.16620.28700.37787.46885.38995.471,119.25
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 365.14606.99278.70774607.01698.83783.67881.11990.681,113.86
WACC
PV UFCF 657.60693.92734.18776.76821.82
SUM PV UFCF 3,684.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.27
Free cash flow (t + 1) 1,136.14
Terminal Value 26,607.47
Present Value of Terminal Value 19,631.35

Intrinsic Value

Enterprise Value 23,315.63
Net Debt 3,174.98
Equity Value 20,140.65
Shares Outstanding 219.73
Equity Value Per Share 91.66