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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.4x - 1.6x | 1.5x |
Selected Fwd Revenue Multiple | 1.4x - 1.6x | 1.5x |
Fair Value | $40.12 - $45.18 | $42.65 |
Upside | -23.9% - -14.3% | -19.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Nexstar Media Group, Inc. | NXST | NasdaqGS:NXST |
Paramount Global | PARA | NasdaqGS:PARA |
Sinclair, Inc. | SBGI | NasdaqGS:SBGI |
The Interpublic Group of Companies, Inc. | IPG | NYSE:IPG |
Gray Media, Inc. | GTN.A | NYSE:GTN.A |
Fox Corporation | FOX | NasdaqGS:FOX |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
NXST | PARA | SBGI | IPG | GTN.A | FOX | |||
NasdaqGS:NXST | NasdaqGS:PARA | NasdaqGS:SBGI | NYSE:IPG | NYSE:GTN.A | NasdaqGS:FOX | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 12.2% | 1.6% | -3.5% | 1.3% | 11.4% | 4.2% | ||
3Y CAGR | 5.2% | 0.7% | -16.7% | 0.3% | 14.7% | 2.7% | ||
Latest Twelve Months | 9.6% | -1.5% | 13.2% | -2.3% | 11.1% | 4.3% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 25.5% | 12.1% | 8.6% | 15.0% | 23.3% | 19.1% | ||
Prior Fiscal Year | 16.1% | 6.3% | -9.9% | 15.7% | 13.7% | 17.9% | ||
Latest Fiscal Year | 24.4% | 8.6% | 15.5% | 15.6% | 24.0% | 17.5% | ||
Latest Twelve Months | 24.4% | 8.6% | 15.5% | 15.6% | 24.0% | 19.6% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 2.08x | 0.76x | 1.17x | 1.34x | 1.83x | 1.87x | ||
EV / LTM EBIT | 8.5x | 8.8x | 7.5x | 8.6x | 7.6x | 9.5x | ||
Price / LTM Sales | 1.01x | 0.29x | 0.30x | 1.10x | 0.12x | 1.63x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.76x | 1.34x | 2.08x | |||||
Historical EV / LTM Revenue | 1.34x | 1.44x | 1.84x | |||||
Selected EV / LTM Revenue | 1.43x | 1.50x | 1.58x | |||||
(x) LTM Revenue | 15,181 | 15,181 | 15,181 | |||||
(=) Implied Enterprise Value | 21,643 | 22,783 | 23,922 | |||||
(-) Non-shareholder Claims * | (3,599) | (3,599) | (3,599) | |||||
(=) Equity Value | 18,044 | 19,184 | 20,323 | |||||
(/) Shares Outstanding | 453.4 | 453.4 | 453.4 | |||||
Implied Value Range | 39.80 | 42.31 | 44.82 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 39.80 | 42.31 | 44.82 | 52.71 | ||||
Upside / (Downside) | -24.5% | -19.7% | -15.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NXST | PARA | SBGI | IPG | GTN.A | FOX | |
Enterprise Value | 11,234 | 21,471 | 4,146 | 12,301 | 6,746 | 27,499 | |
(+) Cash & Short Term Investments | 144 | 2,661 | 697 | 2,187 | 135 | 3,322 | |
(+) Investments & Other | 877 | 185 | 430 | 0 | 66 | 1,517 | |
(-) Debt | (6,776) | (15,833) | (4,281) | (4,255) | (5,693) | (8,122) | |
(-) Other Liabilities | (11) | (462) | 67 | (113) | 0 | (316) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (650) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5,468 | 8,022 | 1,059 | 10,121 | 604 | 23,900 | |
(/) Shares Outstanding | 30.5 | 670.7 | 66.5 | 372.6 | 76.7 | 453.4 | |
Implied Stock Price | 179.22 | 11.96 | 15.93 | 27.16 | 7.88 | 52.71 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 179.22 | 11.96 | 15.93 | 27.16 | 7.88 | 52.71 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |