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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Selected Fwd EBITDA Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | $0 - $3.62 | $1.68 |
| Upside | -100.0% - 176.4% | 28.3% |
| Benchmarks | Ticker | Full Ticker |
| Gannett Co., Inc. | GCI | NYSE:GCI |
| Spanish Broadcasting System, Inc. | SBSA.A | OTCPK:SBSA.A |
| Sirius XM Holdings Inc. | SIRI | NasdaqGS:SIRI |
| Entravision Communications Corporation | EVC | NYSE:EVC |
| Comcast Corporation | CMCSA | NasdaqGS:CMCSA |
| iHeartMedia, Inc. | IHRT | NasdaqGS:IHRT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GCI | SBSA.A | SIRI | EVC | CMCSA | IHRT | ||
| NYSE:GCI | OTCPK:SBSA.A | NasdaqGS:SIRI | NYSE:EVC | NasdaqGS:CMCSA | NasdaqGS:IHRT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.2% | -4.8% | 2.1% | -6.0% | 2.3% | -8.9% | |
| 3Y CAGR | -20.6% | -1.7% | -1.6% | -29.5% | 3.2% | -7.1% | |
| Latest Twelve Months | -4.7% | 55.8% | -3.4% | 113.7% | 1.8% | -6.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 25.3% | 28.8% | 10.6% | 30.3% | 17.5% | |
| Prior Fiscal Year | 9.2% | 16.7% | 27.9% | 6.3% | 31.0% | 16.0% | |
| Latest Fiscal Year | 9.6% | 25.9% | 28.1% | 8.4% | 30.8% | 14.8% | |
| Latest Twelve Months | 9.4% | 25.9% | 28.2% | 8.2% | 31.0% | 14.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.66x | 2.09x | 1.93x | 0.91x | 1.71x | 1.52x | |
| EV / LTM EBITDA | 7.1x | 8.1x | 6.9x | 11.2x | 5.5x | 10.3x | |
| EV / LTM EBIT | 23.8x | 8.8x | 9.0x | 26.0x | 9.1x | 34.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 7.1x | 11.2x | ||||
| Historical EV / LTM EBITDA | 8.7x | 10.7x | 18.3x | ||||
| Selected EV / LTM EBITDA | 9.9x | 10.4x | 10.9x | ||||
| (x) LTM EBITDA | 567 | 567 | 567 | ||||
| (=) Implied Enterprise Value | 5,604 | 5,899 | 6,194 | ||||
| (-) Non-shareholder Claims * | (5,666) | (5,666) | (5,666) | ||||
| (=) Equity Value | 0 | 233 | 528 | ||||
| (/) Shares Outstanding | 152.6 | 152.6 | 152.6 | ||||
| Implied Value Range | 0.00 | 1.52 | 3.46 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 1.52 | 3.46 | 1.31 | |||
| Upside / (Downside) | -100.0% | 16.3% | 163.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCI | SBSA.A | SIRI | EVC | CMCSA | IHRT | |
| Enterprise Value | 1,622 | 324 | 16,640 | 345 | 211,741 | 5,866 | |
| (+) Cash & Short Term Investments | 86 | 14 | 127 | 78 | 8,593 | 168 | |
| (+) Investments & Other | 0 | 0 | 1,025 | 0 | 8,524 | 0 | |
| (-) Debt | (1,205) | (336) | (10,466) | (235) | (99,122) | (5,829) | |
| (-) Other Liabilities | 1 | 0 | 0 | 0 | (662) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 504 | 2 | 7,326 | 188 | 129,074 | 200 | |
| (/) Shares Outstanding | 142.3 | 9.3 | 337.9 | 91.0 | 3,733.7 | 152.6 | |
| Implied Stock Price | 3.54 | 0.26 | 21.68 | 2.07 | 34.57 | 1.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.54 | 0.26 | 21.68 | 2.07 | 34.57 | 1.31 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |