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TEGNA Inc – Radio Networks
tegna's dynamic portfolio combines one of the largest, most geographically diverse broadcasters in the u.s. with well-positioned digital businesses. tegna media includes 46 television stations (including those serviced by tegna) and is the largest independent station group of major network affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide and represents the #1 nbc affiliate group, the #1 cbs affiliate group and the #4 abc affiliate group. tegna also combines cars.com and careerbuilder, providing the company’s advertising partners with access to two very important categories: human capital solutions and automotive. also part of this powerful digital mix is g/o digital, which helps businesses, big and small, grow by delivering digital marketing solutions that drive results. combined, tegna reaches more than 90 million americans, empowering them to act with conviction and navigate their world successfully.
Analysis Results
Intrinsic Value $68.16
Latest Price $14.91
Relative Value 78% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 -0.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -0.7%, 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 (billion) Present value (billion)
2023 0.72 0.676
2024 0.715 0.63
2025 0.71 0.587
2026 0.704 0.547
2027 0.699 0.51
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 15.8 billion. This corresponds to a present value of 10.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.95 billion. Adding in the terminal value gives a total present value of 13.7 billion.

There are presently 202.0 million outstanding shares, so the intrinsic value per share is 68.16.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,303,708,000
Current Cash 551,681,000
Current Liabilities 391,024,000
Current Debt 0
Non-Cash Working Capital (NCWC) 361,003,000
Change in NCWC 5,535,000
EBIT 985,836,000
Tax Provision 202,370,000
Depreciation and Amortization 121,077,000
Capital Expenditure -51,333,000
Unlevered Free Cash Flow 821,778,039
Current Assets 787,589,000
Current Cash 56,989,000
Current Liabilities 375,132,000
Current Debt 0
Non-Cash Working Capital (NCWC) 355,468,000
Change in NCWC 148,017,000
EBIT 790,196,000
Tax Provision 135,481,000
Depreciation and Amortization 127,852,000
Capital Expenditure -63,076,000
Unlevered Free Cash Flow 828,538,320
Current Assets 672,594,000
Current Cash 40,968,000
Current Liabilities 424,175,000
Current Debt 0
Non-Cash Working Capital (NCWC) 207,451,000
Change in NCWC -109,311,000
EBIT 871,424,000
Tax Provision 154,293,000
Depreciation and Amortization 134,570,000
Capital Expenditure -45,499,000
Unlevered Free Cash Flow 640,127,792
Current Assets 707,324,000
Current Cash 29,404,000
Current Liabilities 361,158,000
Current Debt 0
Non-Cash Working Capital (NCWC) 316,762,000
Change in NCWC 186,619,000
EBIT 563,832,000
Tax Provision 89,422,000
Depreciation and Amortization 110,629,000
Capital Expenditure -88,356,000
Unlevered Free Cash Flow 638,508,518
Current Assets 635,222,000
Current Cash 135,862,000
Current Liabilities 369,217,000
Current Debt 0
Non-Cash Working Capital (NCWC) 130,143,000
Change in NCWC -83,273,000
EBIT 700,567,000
Tax Provision 107,367,000
Depreciation and Amortization 86,787,000
Capital Expenditure -65,230,000
Unlevered Free Cash Flow 490,990,292
Current Assets 636,923,000
Current Cash 98,801,000
Current Liabilities 325,352,000
Current Debt 646,000
Non-Cash Working Capital (NCWC) 213,416,000
Change in NCWC 118,183,000
EBIT 560,733,000
Tax Provision -137,246,000
Depreciation and Amortization 136,507,000
Capital Expenditure -76,886,000
Unlevered Free Cash Flow 738,537,000
Current Assets 790,688,000
Current Cash 76,920,000
Current Liabilities 619,181,000
Current Debt 646,000
Non-Cash Working Capital (NCWC) 95,233,000
Change in NCWC 25,411,000
EBIT 997,034,000
Tax Provision 216,979,000
Depreciation and Amortization 204,490,000
Capital Expenditure -94,796,000
Unlevered Free Cash Flow 828,489,855
Current Assets 805,159,000
Current Cash 129,200,000
Current Liabilities 606,783,000
Current Debt 646,000
Non-Cash Working Capital (NCWC) 69,822,000
Change in NCWC -172,077,000
EBIT 849,237,000
Tax Provision 202,314,000
Depreciation and Amortization 262,244,000
Capital Expenditure -118,767,000
Unlevered Free Cash Flow 544,826,107
Current Assets 1,480,465,000
Current Cash 118,484,000
Current Liabilities 1,127,936,000
Current Debt 7,854,000
Non-Cash Working Capital (NCWC) 241,899,000
Change in NCWC -211,081,000
EBIT 1,321,714,000
Tax Provision 225,600,000
Depreciation and Amortization 265,724,000
Capital Expenditure -150,354,000
Unlevered Free Cash Flow 1,006,116,948
Current Assets 1,923,485,000
Current Cash 469,203,000
Current Liabilities 1,007,192,000
Current Debt 5,890,000
Non-Cash Working Capital (NCWC) 452,980,000
Change in NCWC 489,806,000
EBIT 841,307,000
Tax Provision 113,200,000
Depreciation and Amortization 189,572,000
Capital Expenditure -110,407,000
Unlevered Free Cash Flow 1,239,944,002
Current Assets 1,072,720,000
Current Cash 175,030,000
Current Liabilities 934,516,000
Current Debt 0
Non-Cash Working Capital (NCWC) -36,826,000
Change in NCWC -43,508,000
EBIT 934,271,000
Tax Provision 195,400,000
Depreciation and Amortization 194,039,000
Capital Expenditure -91,874,000
Unlevered Free Cash Flow 720,620,948

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