Discounted Cash Flow (DCF) Analysis Unlevered
Urban One, Inc. (UONEK)
$5.65
+0.04 (+0.71%)
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 | 440.04 | 439.10 | 436.93 | 376.34 | 441.46 | 444.47 | 447.51 | 450.56 | 453.63 | 456.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 146.81 | 156.32 | 166.48 | 88.07 | 183.44 | 152.92 | 153.96 | 155.01 | 156.07 | 157.13 |
| EBITDA (%) | ||||||||||
| EBIT | 68.14 | 78.91 | 93.19 | 31.92 | 117.63 | 79.93 | 80.47 | 81.02 | 81.57 | 82.13 |
| EBIT (%) | ||||||||||
| Depreciation | 78.67 | 77.41 | 73.29 | 56.15 | 65.81 | 72.99 | 73.49 | 73.99 | 74.49 | 75 |
| 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 | 37.01 | 15.25 | 33.07 | 73.39 | 132.24 | 61.26 | 61.68 | 62.10 | 62.52 | 62.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 111.60 | 110.35 | 106.15 | 106.30 | 127.45 | 117.25 | 118.05 | 118.86 | 119.67 | 120.49 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.13 | 7.33 | 5.92 | 11.13 | 14.59 | 9.90 | 9.97 | 10.03 | 10.10 | 10.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.45 | -4.83 | -5.15 | -4.27 | -6.29 | -5.80 | -5.84 | -5.88 | -5.92 | -5.96 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.65 |
|---|---|
| Beta | 0.972 |
| Diluted Shares Outstanding | 54.14 |
| Cost of Debt | |
| Tax Rate | 29.30 |
| After-tax Cost of Debt | 5.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.280 |
| Total Debt | 859.92 |
| Total Equity | 305.87 |
| Total Capital | 1,165.79 |
| Debt Weighting | 73.76 |
| Equity Weighting | 26.24 |
| 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 | 440.04 | 439.10 | 436.93 | 376.34 | 441.46 | 444.47 | 447.51 | 450.56 | 453.63 | 456.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 146.81 | 156.32 | 166.48 | 88.07 | 183.44 | 152.92 | 153.96 | 155.01 | 156.07 | 157.13 |
| EBIT | 68.14 | 78.91 | 93.19 | 31.92 | 117.63 | 79.93 | 80.47 | 81.02 | 81.57 | 82.13 |
| 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 | -712.50 | 3,266.70 | 6.67 | 6.31 | 83.17 | 510.23 | 513.71 | 517.21 | 520.74 | 524.30 |
| Depreciation | 78.67 | 77.41 | 73.29 | 56.15 | 65.81 | 72.99 | 73.49 | 73.99 | 74.49 | 75 |
| Accounts Receivable | - | 1.24 | 4.21 | -0.15 | -21.15 | 10.19 | -0.80 | -0.81 | -0.81 | -0.82 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.80 | -1.41 | 5.22 | 3.45 | -4.69 | 0.07 | 0.07 | 0.07 | 0.07 |
| Capital Expenditure | -7.45 | -4.83 | -5.14 | -4.27 | -6.29 | -5.80 | -5.84 | -5.88 | -5.92 | -5.96 |
| UFCF | -641.27 | 3,339.73 | 77.61 | 63.26 | 124.99 | 582.92 | 580.62 | 584.58 | 588.57 | 592.59 |
| WACC | ||||||||||
| PV UFCF | 549.09 | 515.19 | 488.61 | 463.40 | 439.49 | |||||
| SUM PV UFCF | 2,455.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.16 |
| Free cash flow (t + 1) | 604.44 |
| Terminal Value | 14,529.74 |
| Present Value of Terminal Value | 10,775.89 |
Intrinsic Value
| Enterprise Value | 13,231.67 |
|---|---|
| Net Debt | 727.67 |
| Equity Value | 12,504 |
| Shares Outstanding | 54.14 |
| Equity Value Per Share | 230.97 |