DCF Tool

TGNA

TEGNA Inc – Radio Networks
TEGNA Inc. is an innovative media company that serves the greater good of its communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network and Quest. TEGNA Marketing Solutions (TMS) offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, including Premion, TEGNA's OTT advertising service.
Analysis Results
Intrinsic Value $66.64
Latest Price $20.68
Relative Value 69% undervalued
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Cash Flow (Billions)
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 -3.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -3.0%, 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)
2022 0.63 0.599
2023 0.611 0.552
2024 0.593 0.509
2025 0.575 0.469
2026 0.557 0.432
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 16.7 billion. This corresponds to a present value of 12.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.56 billion. Adding in the terminal value gives a total present value of 14.9 billion.

There are presently 223.0 million outstanding shares, so the intrinsic value per share is 66.64.

Financial Statements

The following data was to determine the past cash flows.

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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