Discounted Cash Flow (DCF) Analysis Unlevered

Tribune Publishing Company (TPCO)

$17.26

+0.07 (+0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: -14.46 | 17.26 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,063.361,524.021,030.67983.15746.25713.12681.46651.21622.30594.67
Revenue (%)
EBITDA 103.53120.39300.6817.85-30.7263.4860.6657.9755.3952.93
EBITDA (%)
EBIT 52.1663.70247.42-29.47-65.2930.4429.0927.8026.5625.39
EBIT (%)
Depreciation 51.3656.7053.2647.3134.5733.0431.5730.1728.8327.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 198.35189.6597.5660.96110.2287.7683.8680.1476.5873.18
Total Cash (%)
Account Receivables 195.52180.68145.46112.7573.8793.7489.5885.6081.8078.17
Account Receivables (%)
Inventories 10.9510.809.594.824.065.285.054.824.614.40
Inventories (%)
Accounts Payable 70.1578.3770.5646.4828.0238.6036.8935.2533.6932.19
Accounts Payable (%)
Capital Expenditure -21.02-24.32-53.17-18.55-19.81-18.93-18.09-17.29-16.52-15.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.26
Beta 1.274
Diluted Shares Outstanding 36.46
Cost of Debt
Tax Rate 52.81
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.866
Total Debt 23.91
Total Equity 629.23
Total Capital 653.14
Debt Weighting 3.66
Equity Weighting 96.34
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,063.361,524.021,030.67983.15746.25713.12681.46651.21622.30594.67
EBITDA 103.53120.39300.6817.85-30.7263.4860.6657.9755.3952.93
EBIT 52.1663.70247.42-29.47-65.2930.4429.0927.8026.5625.39
Tax Rate 114.55%85.13%573.11%749.03%52.81%314.93%314.93%314.93%314.93%314.93%
EBIAT -7.599.47-1,170.58191.26-30.81-65.43-62.52-59.75-57.09-54.56
Depreciation 51.3656.7053.2647.3134.5733.0431.5730.1728.8327.55
Accounts Receivable -14.8435.2232.7138.89-19.874.163.983.803.63
Inventories -0.151.214.770.76-1.230.230.220.210.20
Accounts Payable -8.22-7.81-24.07-18.4610.58-1.71-1.64-1.57-1.50
Capital Expenditure -21.02-24.32-53.17-18.55-19.81-18.93-18.09-17.29-16.52-15.79
UFCF 22.7565.06-1,141.87233.425.14-61.83-46.36-44.30-42.34-40.46
WACC
PV UFCF -56.94-39.31-34.59-30.44-26.78
SUM PV UFCF -188.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.60
Free cash flow (t + 1) -41.27
Terminal Value -625.23
Present Value of Terminal Value -413.90

Intrinsic Value

Enterprise Value -601.95
Net Debt -74.95
Equity Value -527
Shares Outstanding 36.46
Equity Value Per Share -14.46