Discounted Cash Flow (DCF) Analysis Unlevered

Townsquare Media, Inc. (TSQ)

$8.71

-0.09 (-1.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -467.31 | 8.71 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 430.60431.41371.34417.96463.08474.21485.60497.27509.23521.46
Revenue (%)
EBITDA 94.7398.3960.84101.89112.19104.13106.63109.20111.82114.51
EBITDA (%)
EBIT 75.7772.5540.7482.8088.8380.0281.9583.9185.9388
EBIT (%)
Depreciation 18.9625.8420.1119.1023.3624.1124.6925.2825.8926.51
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 61.3984.6783.2350.5143.4273.7475.5277.3379.1981.09
Total Cash (%)
Account Receivables 62.4667.4658.6357.6561.2369.1970.8572.5574.3076.08
Account Receivables (%)
Inventories 0.010.010.010.010.010.010.010.010.010.01
Inventories (%)
Accounts Payable 13.4814.799.065.684.1310.6710.9211.1911.4511.73
Accounts Payable (%)
Capital Expenditure -18.12-19.68-15.19-12.42-20.82-19.28-19.74-20.22-20.70-21.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.71
Beta 1.626
Diluted Shares Outstanding 18.20
Cost of Debt
Tax Rate 10.77
After-tax Cost of Debt 6.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.298
Total Debt 578.56
Total Equity 158.56
Total Capital 737.11
Debt Weighting 78.49
Equity Weighting 21.51
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 430.60431.41371.34417.96463.08474.21485.60497.27509.23521.46
EBITDA 94.7398.3960.84101.89112.19104.13106.63109.20111.82114.51
EBIT 75.7772.5540.7482.8088.8380.0281.9583.9185.9388
Tax Rate 3,107.31%20.21%22.85%42.56%10.77%640.74%640.74%640.74%640.74%640.74%
EBIAT -2,278.4957.8931.4347.5679.27-432.71-443.11-453.76-464.67-475.83
Depreciation 18.9625.8420.1119.1023.3624.1124.6925.2825.8926.51
Accounts Receivable --58.830.99-3.59-7.95-1.66-1.70-1.74-1.79
Inventories --00-0-0-0-0-0-0-0
Accounts Payable -1.31-5.73-3.38-1.556.540.260.260.270.28
Capital Expenditure -18.12-19.68-15.19-12.42-20.82-19.28-19.74-20.22-20.70-21.20
UFCF -2,277.6560.3639.4451.8476.66-429.30-439.57-450.14-460.96-472.03
WACC
PV UFCF -399.49-380.66-362.75-345.68-329.41
SUM PV UFCF -1,817.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.46
Free cash flow (t + 1) -481.47
Terminal Value -8,818.21
Present Value of Terminal Value -6,153.84

Intrinsic Value

Enterprise Value -7,971.83
Net Debt 535.14
Equity Value -8,506.97
Shares Outstanding 18.20
Equity Value Per Share -467.31