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Outfront Media Inc – Trust, Fiduciary, and Custody Activities
Outfront Media Inc. leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
Analysis Results
Intrinsic Value $17.34
Latest Price $16.95
Relative Value 2% 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 -6.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -6.7%, 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)
2022 241 223
2023 225 193
2024 210 167
2025 196 144
2026 183 125
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3150 million. This corresponds to a present value of 1990 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 853 million. Adding in the terminal value gives a total present value of 2850 million.

There are presently 164.0 million outstanding shares, so the intrinsic value per share is 17.34.

Financial Statements

The following data was to determine the past cash flows.

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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