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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.0x - 5.5x | 5.2x |
Selected Fwd EBITDA Multiple | 5.1x - 5.6x | 5.3x |
Fair Value | $13.07 - $19.34 | $16.21 |
Upside | -2.2% - 44.6% | 21.2% |
Benchmarks | Ticker | Full Ticker |
Nexstar Media Group, Inc. | NXST | NasdaqGS:NXST |
News Corporation | NWS | NasdaqGS:NWS |
Fox Corporation | FOX | NasdaqGS:FOX |
Paramount Global | PARA | NasdaqGS:PARA |
Saga Communications, Inc. | SGA | NasdaqGM:SGA |
Sinclair, Inc. | SBGI | NasdaqGS:SBGI |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
NXST | NWS | FOX | PARA | SGA | SBGI | ||
NasdaqGS:NXST | NasdaqGS:NWS | NasdaqGS:FOX | NasdaqGS:PARA | NasdaqGM:SGA | NasdaqGS:SBGI | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 12.2% | 3.2% | 1.2% | -11.2% | -21.6% | -2.5% | |
3Y CAGR | 1.1% | 5.6% | -2.4% | -12.7% | -28.4% | 3.9% | |
Latest Twelve Months | 40.9% | 22.5% | 25.2% | 28.3% | -47.9% | 2151.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 35.1% | 11.8% | 21.8% | 13.6% | 14.5% | 18.7% | |
Prior Fiscal Year | 25.9% | 12.0% | 20.8% | 7.7% | 14.4% | -1.2% | |
Latest Fiscal Year | 33.3% | 12.1% | 20.4% | 10.0% | 7.7% | 22.5% | |
Latest Twelve Months | 33.3% | 13.2% | 22.3% | 10.0% | 7.7% | 22.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.90x | 1.56x | 1.60x | 0.73x | 0.50x | 1.13x | |
EV / LTM EBITDA | 5.7x | 11.8x | 7.2x | 7.3x | 6.4x | 5.0x | |
EV / LTM EBIT | 7.8x | 17.7x | 8.1x | 8.5x | 16.4x | 7.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.7x | 7.2x | 11.8x | ||||
Historical EV / LTM EBITDA | 4.7x | 6.7x | 10.0x | ||||
Selected EV / LTM EBITDA | 5.0x | 5.2x | 5.5x | ||||
(x) LTM EBITDA | 800 | 800 | 800 | ||||
(=) Implied Enterprise Value | 3,981 | 4,191 | 4,400 | ||||
(-) Non-shareholder Claims * | (3,087) | (3,087) | (3,087) | ||||
(=) Equity Value | 894 | 1,104 | 1,313 | ||||
(/) Shares Outstanding | 66.5 | 66.5 | 66.5 | ||||
Implied Value Range | 13.45 | 16.61 | 19.76 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 13.45 | 16.61 | 19.76 | 13.37 | |||
Upside / (Downside) | 0.6% | 24.2% | 47.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NXST | NWS | FOX | PARA | SGA | SBGI | |
Enterprise Value | 10,275 | 15,085 | 23,464 | 20,592 | 54 | 3,976 | |
(+) Cash & Short Term Investments | 144 | 1,759 | 3,322 | 2,661 | 28 | 697 | |
(+) Investments & Other | 877 | 2,561 | 1,517 | 185 | 4 | 430 | |
(-) Debt | (6,776) | (2,923) | (8,122) | (15,833) | (12) | (4,281) | |
(-) Other Liabilities | (11) | (876) | (316) | (462) | 0 | 67 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,509 | 15,606 | 19,865 | 7,143 | 73 | 889 | |
(/) Shares Outstanding | 30.5 | 566.7 | 453.4 | 670.7 | 6.4 | 66.5 | |
Implied Stock Price | 147.79 | 27.54 | 43.81 | 10.65 | 11.40 | 13.37 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 147.79 | 27.54 | 43.81 | 10.65 | 11.40 | 13.37 | |
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 |