Discounted Cash Flow (DCF) Analysis Unlevered
Townsquare Media, Inc. (TSQ)
$9.1
-0.20 (-2.15%)
All numbers are in Millions, Currency in USD
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 | 507.43 | 430.60 | 431.41 | 371.34 | 417.96 | 400.90 | 384.54 | 368.85 | 353.79 | 339.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 32.49 | 20.24 | -22.96 | -55.90 | 86.03 | 9.07 | 8.70 | 8.34 | 8 | 7.68 |
| EBITDA (%) | ||||||||||
| EBIT | 6.81 | 1.27 | -48.80 | -76 | 66.93 | -11.33 | -10.86 | -10.42 | -10 | -9.59 |
| EBIT (%) | ||||||||||
| Depreciation | 25.68 | 18.96 | 25.84 | 20.11 | 19.10 | 20.40 | 19.56 | 18.77 | 18 | 17.26 |
| 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 | 65.29 | 61.39 | 84.67 | 83.24 | 50.51 | 65.15 | 62.49 | 59.94 | 57.49 | 55.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 61.66 | 62.46 | 67.46 | 58.63 | 57.65 | 57.63 | 55.28 | 53.02 | 50.86 | 48.78 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.56 | 13.48 | 14.79 | 9.06 | 5.68 | 10.60 | 10.17 | 9.76 | 9.36 | 8.98 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -22.97 | -18.12 | -19.68 | -15.19 | -12.42 | -16.32 | -15.66 | -15.02 | -14.41 | -13.82 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.1 |
|---|---|
| Beta | 1.728 |
| Diluted Shares Outstanding | 21.24 |
| Cost of Debt | |
| Tax Rate | 42.56 |
| After-tax Cost of Debt | 3.89% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.998 |
| Total Debt | 587.66 |
| Total Equity | 193.29 |
| Total Capital | 780.95 |
| Debt Weighting | 75.25 |
| Equity Weighting | 24.75 |
| 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 | 507.43 | 430.60 | 431.41 | 371.34 | 417.96 | 400.90 | 384.54 | 368.85 | 353.79 | 339.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 32.49 | 20.24 | -22.96 | -55.90 | 86.03 | 9.07 | 8.70 | 8.34 | 8 | 7.68 |
| EBIT | 6.81 | 1.27 | -48.80 | -76 | 66.93 | -11.33 | -10.86 | -10.42 | -10 | -9.59 |
| Tax Rate | 48.93% | 3,107.31% | 5.97% | 21.01% | 42.56% | 645.16% | 645.16% | 645.16% | 645.16% | 645.16% |
| EBIAT | 3.48 | -38.34 | -45.89 | -60.03 | 38.45 | 61.75 | 59.23 | 56.81 | 54.49 | 52.27 |
| Depreciation | 25.68 | 18.96 | 25.84 | 20.11 | 19.10 | 20.40 | 19.56 | 18.77 | 18 | 17.26 |
| Accounts Receivable | - | -0.80 | -5 | 8.83 | 0.99 | 0.02 | 2.35 | 2.26 | 2.16 | 2.08 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.08 | 1.31 | -5.73 | -3.38 | 4.93 | -0.43 | -0.42 | -0.40 | -0.38 |
| Capital Expenditure | -22.97 | -18.12 | -19.68 | -15.19 | -12.42 | -16.32 | -15.66 | -15.02 | -14.41 | -13.82 |
| UFCF | 6.19 | -39.39 | -43.42 | -52.02 | 42.73 | 70.76 | 65.05 | 62.40 | 59.85 | 57.41 |
| WACC | ||||||||||
| PV UFCF | 66.98 | 58.28 | 52.91 | 48.04 | 43.62 | |||||
| SUM PV UFCF | 269.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.65 |
| Free cash flow (t + 1) | 58.56 |
| Terminal Value | 1,604.33 |
| Present Value of Terminal Value | 1,218.84 |
Intrinsic Value
| Enterprise Value | 1,488.67 |
|---|---|
| Net Debt | 537.15 |
| Equity Value | 951.52 |
| Shares Outstanding | 21.24 |
| Equity Value Per Share | 44.80 |