Discounted Cash Flow (DCF) Analysis Unlevered
Townsquare Media, Inc. (TSQ)
$8.71
-0.09 (-1.02%)
All numbers are in Millions, Currency in USD
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 | 430.60 | 431.41 | 371.34 | 417.96 | 463.08 | 474.21 | 485.60 | 497.27 | 509.23 | 521.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 94.73 | 98.39 | 60.84 | 101.89 | 112.19 | 104.13 | 106.63 | 109.20 | 111.82 | 114.51 |
| EBITDA (%) | ||||||||||
| EBIT | 75.77 | 72.55 | 40.74 | 82.80 | 88.83 | 80.02 | 81.95 | 83.91 | 85.93 | 88 |
| EBIT (%) | ||||||||||
| Depreciation | 18.96 | 25.84 | 20.11 | 19.10 | 23.36 | 24.11 | 24.69 | 25.28 | 25.89 | 26.51 |
| 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 | 61.39 | 84.67 | 83.23 | 50.51 | 43.42 | 73.74 | 75.52 | 77.33 | 79.19 | 81.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 62.46 | 67.46 | 58.63 | 57.65 | 61.23 | 69.19 | 70.85 | 72.55 | 74.30 | 76.08 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.48 | 14.79 | 9.06 | 5.68 | 4.13 | 10.67 | 10.92 | 11.19 | 11.45 | 11.73 |
| 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 | 430.60 | 431.41 | 371.34 | 417.96 | 463.08 | 474.21 | 485.60 | 497.27 | 509.23 | 521.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 94.73 | 98.39 | 60.84 | 101.89 | 112.19 | 104.13 | 106.63 | 109.20 | 111.82 | 114.51 |
| EBIT | 75.77 | 72.55 | 40.74 | 82.80 | 88.83 | 80.02 | 81.95 | 83.91 | 85.93 | 88 |
| Tax Rate | 3,107.31% | 20.21% | 22.85% | 42.56% | 10.77% | 640.74% | 640.74% | 640.74% | 640.74% | 640.74% |
| EBIAT | -2,278.49 | 57.89 | 31.43 | 47.56 | 79.27 | -432.71 | -443.11 | -453.76 | -464.67 | -475.83 |
| Depreciation | 18.96 | 25.84 | 20.11 | 19.10 | 23.36 | 24.11 | 24.69 | 25.28 | 25.89 | 26.51 |
| Accounts Receivable | - | -5 | 8.83 | 0.99 | -3.59 | -7.95 | -1.66 | -1.70 | -1.74 | -1.79 |
| Inventories | - | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | 1.31 | -5.73 | -3.38 | -1.55 | 6.54 | 0.26 | 0.26 | 0.27 | 0.28 |
| Capital Expenditure | -18.12 | -19.68 | -15.19 | -12.42 | -20.82 | -19.28 | -19.74 | -20.22 | -20.70 | -21.20 |
| UFCF | -2,277.65 | 60.36 | 39.44 | 51.84 | 76.66 | -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 |