DCF Tool

OUT

Outfront Media Inc – Trust, Fiduciary, and Custody Activities
elevating out-of-home by connecting customers with the best assets, audiences, innovation, and people - so our advertisers grow and prosper. we offer the best advertising inventory and most desired landmark locations, including leading positions in high-traffic areas, retail districts, transit centers, and iconic destinations from times square to the sunset strip. our growing national network of digital billboards and our collection of 400,000+ displays cannot be matched. customers are at the core of everything we do. we are driven to make it easier to plan, buy, and activate successful advertising programs. we are laser-focused on exceptional customer service and on exceeding customer expectations. we embrace change and take the lead in creating new markets, new formats and new opportunities. we put fresh thinking and innovative approaches to work in all aspects of our business - from digital networks, to social and mobile integration, to improved business practices. we are ou
Analysis Results
Intrinsic Value $24.32
Latest Price $9.83
Relative Value 60% 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 -4.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -4.2%, 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 270 252
2024 259 226
2025 248 202
2026 237 180
2027 227 161
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4520 million. This corresponds to a present value of 2990 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1020 million. Adding in the terminal value gives a total present value of 4010 million.

There are presently 165.0 million outstanding shares, so the intrinsic value per share is 24.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 390,400,000
Current Cash 40,400,000
Current Liabilities 551,600,000
Current Debt 30,000,000
Non-Cash Working Capital (NCWC) -171,600,000
Change in NCWC -16,400,000
EBIT 290,700,000
Tax Provision 9,400,000
Depreciation and Amortization 150,700,000
Capital Expenditure -89,800,000
Unlevered Free Cash Flow 317,959,747
Current Assets 777,300,000
Current Cash 424,800,000
Current Liabilities 507,700,000
Current Debt 0
Non-Cash Working Capital (NCWC) -155,200,000
Change in NCWC 35,400,000
EBIT 167,700,000
Tax Provision -3,400,000
Depreciation and Amortization 145,400,000
Capital Expenditure -73,800,000
Unlevered Free Cash Flow 274,700,000
Current Assets 974,700,000
Current Cash 710,400,000
Current Liabilities 534,900,000
Current Debt 80,000,000
Non-Cash Working Capital (NCWC) -190,600,000
Change in NCWC -112,300,000
EBIT 64,000,000
Tax Provision 1,100,000
Depreciation and Amortization 145,800,000
Capital Expenditure -53,500,000
Unlevered Free Cash Flow 44,000,000
Current Assets 435,800,000
Current Cash 59,100,000
Current Liabilities 650,000,000
Current Debt 195,000,000
Non-Cash Working Capital (NCWC) -78,300,000
Change in NCWC -212,500,000
EBIT 311,300,000
Tax Provision 10,900,000
Depreciation and Amortization 194,500,000
Capital Expenditure -89,900,000
Unlevered Free Cash Flow 181,002,838
Current Assets 429,500,000
Current Cash 52,700,000
Current Liabilities 402,600,000
Current Debt 160,000,000
Non-Cash Working Capital (NCWC) 134,200,000
Change in NCWC 26,100,000
EBIT 278,400,000
Tax Provision 4,900,000
Depreciation and Amortization 185,000,000
Capital Expenditure -82,300,000
Unlevered Free Cash Flow 395,106,382
Current Assets 376,000,000
Current Cash 48,300,000
Current Liabilities 299,600,000
Current Debt 80,000,000
Non-Cash Working Capital (NCWC) 108,100,000
Change in NCWC 46,600,000
EBIT 238,600,000
Tax Provision 4,100,000
Depreciation and Amortization 189,800,000
Capital Expenditure -70,800,000
Unlevered Free Cash Flow 396,669,130
Current Assets 378,200,000
Current Cash 65,200,000
Current Liabilities 251,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) 61,500,000
Change in NCWC -7,700,000
EBIT 212,100,000
Tax Provision 5,400,000
Depreciation and Amortization 224,200,000
Capital Expenditure -59,400,000
Unlevered Free Cash Flow 357,306,542
Current Assets 411,400,000
Current Cash 101,600,000
Current Liabilities 240,600,000
Current Debt 0
Non-Cash Working Capital (NCWC) 69,200,000
Change in NCWC -2,400,000
EBIT 198,100,000
Tax Provision 5,400,000
Depreciation and Amortization 229,100,000
Capital Expenditure -59,200,000
Unlevered Free Cash Flow 365,600,000

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