Discounted Cash Flow (DCF) Analysis Unlevered

Urban One, Inc. (UONE)

$5.17

+0.10 (+2.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 197.94 | 5.17 | 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 440.04439.10436.93376.34441.46444.47447.51450.56453.63456.73
Revenue (%)
EBITDA 146.81156.32166.4888.07126.92141.53142.50143.47144.45145.44
EBITDA (%)
EBIT 68.1478.9193.1931.9252.7566.8667.3267.7868.2468.71
EBIT (%)
Depreciation 78.6777.4173.2956.1574.1774.6775.1875.6976.2176.73
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 37.0115.2533.0773.39152.2265.2865.7266.1766.6267.08
Total Cash (%)
Account Receivables 111.60110.35106.15106.30113.71114.49115.27116.05116.85117.64
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8.137.335.9211.138.648.708.768.828.888.94
Accounts Payable (%)
Capital Expenditure -7.45-4.83-5.15-4.27-5.63-5.67-5.71-5.75-5.79-5.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.17
Beta 0.854
Diluted Shares Outstanding 54.14
Cost of Debt
Tax Rate 29.30
After-tax Cost of Debt 5.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.536
Total Debt 818.62
Total Equity 279.89
Total Capital 1,098.50
Debt Weighting 74.52
Equity Weighting 25.48
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 440.04439.10436.93376.34441.46444.47447.51450.56453.63456.73
EBITDA 146.81156.32166.4888.07126.92141.53142.50143.47144.45145.44
EBIT 68.1478.9193.1931.9252.7566.8667.3267.7868.2468.71
Tax Rate 1,145.58%-4,039.78%92.84%80.23%29.30%-538.37%-538.37%-538.37%-538.37%-538.37%
EBIAT -712.503,266.706.676.3137.30426.83429.74432.68435.63438.60
Depreciation 78.6777.4173.2956.1574.1774.6775.1875.6976.2176.73
Accounts Receivable -1.244.21-0.15-7.42-0.78-0.78-0.79-0.79-0.80
Inventories ----------
Accounts Payable --0.80-1.415.22-2.490.060.060.060.060.06
Capital Expenditure -7.45-4.83-5.14-4.27-5.63-5.67-5.71-5.75-5.79-5.83
UFCF -641.273,339.7377.6163.2695.92495.12498.49501.89505.32508.77
WACC
PV UFCF 466.43442.40419.62398377.50
SUM PV UFCF 2,103.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.15
Free cash flow (t + 1) 518.94
Terminal Value 12,504.61
Present Value of Terminal Value 9,278.34

Intrinsic Value

Enterprise Value 11,382.29
Net Debt 666.40
Equity Value 10,715.89
Shares Outstanding 54.14
Equity Value Per Share 197.94