Discounted Cash Flow (DCF) Analysis Unlevered

Townsquare Media, Inc. (TSQ)

$9.1

-0.20 (-2.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.80 | 9.1 | 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 507.43430.60431.41371.34417.96400.90384.54368.85353.79339.36
Revenue (%)
EBITDA 32.4920.24-22.96-55.9086.039.078.708.3487.68
EBITDA (%)
EBIT 6.811.27-48.80-7666.93-11.33-10.86-10.42-10-9.59
EBIT (%)
Depreciation 25.6818.9625.8420.1119.1020.4019.5618.771817.26
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 65.2961.3984.6783.2450.5165.1562.4959.9457.4955.15
Total Cash (%)
Account Receivables 61.6662.4667.4658.6357.6557.6355.2853.0250.8648.78
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 14.5613.4814.799.065.6810.6010.179.769.368.98
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 507.43430.60431.41371.34417.96400.90384.54368.85353.79339.36
EBITDA 32.4920.24-22.96-55.9086.039.078.708.3487.68
EBIT 6.811.27-48.80-7666.93-11.33-10.86-10.42-10-9.59
Tax Rate 48.93%3,107.31%5.97%21.01%42.56%645.16%645.16%645.16%645.16%645.16%
EBIAT 3.48-38.34-45.89-60.0338.4561.7559.2356.8154.4952.27
Depreciation 25.6818.9625.8420.1119.1020.4019.5618.771817.26
Accounts Receivable --0.80-58.830.990.022.352.262.162.08
Inventories ----------
Accounts Payable --1.081.31-5.73-3.384.93-0.43-0.42-0.40-0.38
Capital Expenditure -22.97-18.12-19.68-15.19-12.42-16.32-15.66-15.02-14.41-13.82
UFCF 6.19-39.39-43.42-52.0242.7370.7665.0562.4059.8557.41
WACC
PV UFCF 66.9858.2852.9148.0443.62
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