DCF Tool

NYT

New York Times Co. – Newspaper Publishers
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Analysis Results
Intrinsic Value $43.75
Latest Price $40.60
Relative Value 7% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 271 253
2024 310 269
2025 354 286
2026 404 304
2027 461 323
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 8760 million. This corresponds to a present value of 5720 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1430 million. Adding in the terminal value gives a total present value of 7150 million.

There are presently 164.0 million outstanding shares, so the intrinsic value per share is 43.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 655,675,000
Current Cash 347,357,000
Current Liabilities 571,210,000
Current Debt 0
Non-Cash Working Capital (NCWC) -262,892,000
Change in NCWC 4,600,000
EBIT 255,737,000
Tax Provision 62,094,000
Depreciation and Amortization 92,577,000
Capital Expenditure -36,961,000
Unlevered Free Cash Flow 248,665,709
Current Assets 952,708,000
Current Cash 661,048,000
Current Liabilities 559,152,000
Current Debt 0
Non-Cash Working Capital (NCWC) -267,492,000
Change in NCWC -21,420,000
EBIT 271,865,000
Tax Provision 70,530,000
Depreciation and Amortization 66,990,000
Capital Expenditure -34,637,000
Unlevered Free Cash Flow 216,792,587
Current Assets 835,835,000
Current Cash 595,159,000
Current Liabilities 486,748,000
Current Debt 0
Non-Cash Working Capital (NCWC) -246,072,000
Change in NCWC -92,992,000
EBIT 176,256,000
Tax Provision 14,595,000
Depreciation and Amortization 62,136,000
Capital Expenditure -34,451,000
Unlevered Free Cash Flow 88,663,530
Current Assets 716,831,000
Current Cash 432,216,000
Current Liabilities 437,695,000
Current Debt 0
Non-Cash Working Capital (NCWC) -153,080,000
Change in NCWC -14,547,000
EBIT 177,545,000
Tax Provision 24,494,000
Depreciation and Amortization 60,661,000
Capital Expenditure -45,441,000
Unlevered Free Cash Flow 151,775,173
Current Assets 893,946,000
Current Cash 612,805,000
Current Liabilities 673,304,000
Current Debt 253,630,000
Non-Cash Working Capital (NCWC) -138,533,000
Change in NCWC 18,925,000
EBIT 189,820,000
Tax Provision 48,631,000
Depreciation and Amortization 59,011,000
Capital Expenditure -77,487,000
Unlevered Free Cash Flow 137,846,466
Current Assets 749,699,000
Current Cash 491,500,000
Current Liabilities 415,657,000
Current Debt 0
Non-Cash Working Capital (NCWC) -157,458,000
Change in NCWC -4,672,000
EBIT 187,508,000
Tax Provision 103,956,000
Depreciation and Amortization 61,871,000
Capital Expenditure -84,753,000
Unlevered Free Cash Flow -15,301,175
Current Assets 796,178,000
Current Cash 550,227,000
Current Liabilities 398,737,000
Current Debt 0
Non-Cash Working Capital (NCWC) -152,786,000
Change in NCWC -26,695,000
EBIT 108,159,000
Tax Provision 4,421,000
Depreciation and Amortization 61,723,000
Capital Expenditure -30,095,000
Unlevered Free Cash Flow 97,427,617
Current Assets 862,532,000
Current Cash 613,415,000
Current Liabilities 563,585,000
Current Debt 188,377,000
Non-Cash Working Capital (NCWC) -126,091,000
Change in NCWC -83,990,000
EBIT 185,186,000
Tax Provision 33,910,000
Depreciation and Amortization 61,597,000
Capital Expenditure -26,965,000
Unlevered Free Cash Flow 70,923,323
Current Assets 1,148,095,000
Current Cash 813,350,000
Current Liabilities 600,508,000
Current Debt 223,662,000
Non-Cash Working Capital (NCWC) -42,101,000
Change in NCWC -18,232,000
EBIT 95,655,000
Tax Provision -3,541,000
Depreciation and Amortization 79,455,000
Capital Expenditure -35,350,000
Unlevered Free Cash Flow 121,528,000
Current Assets 1,172,267,000
Current Cash 847,625,000
Current Liabilities 348,511,000
Current Debt 0
Non-Cash Working Capital (NCWC) -23,869,000
Change in NCWC 45,445,000
EBIT 162,271,000
Tax Provision 37,892,000
Depreciation and Amortization 85,477,000
Capital Expenditure -16,942,000
Unlevered Free Cash Flow 211,389,843
Current Assets 1,308,408,000
Current Cash 955,309,000
Current Liabilities 422,577,000
Current Debt 164,000
Non-Cash Working Capital (NCWC) -69,314,000
Change in NCWC -99,518,000
EBIT 162,693,000
Tax Provision 103,482,000
Depreciation and Amortization 103,775,000
Capital Expenditure -34,888,000
Unlevered Free Cash Flow 68,121,471

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