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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 39.8x - 44.0x | 41.9x |
| Selected Fwd EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Fair Value | $1.90 - $9.63 | $5.72 |
| Upside | -72.9% - 37.7% | -18.2% |
| Benchmarks | Ticker | Full Ticker |
| The E.W. Scripps Company | SSP | NasdaqGS:SSP |
| News Corporation | NWS | NasdaqGS:NWS |
| The New York Times Company | NYT | NYSE:NYT |
| DallasNews Corporation | DALN | NasdaqCM:DALN |
| EchoStar Corporation | SATS | NasdaqGS:SATS |
| Lee Enterprises, Incorporated | LEE | NasdaqGS:LEE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SSP | NWS | NYT | DALN | SATS | LEE | ||
| NasdaqGS:SSP | NasdaqGS:NWS | NYSE:NYT | NasdaqCM:DALN | NasdaqGS:SATS | NasdaqGS:LEE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 31.6% | 5.6% | 15.7% | NM- | NM- | -19.0% | |
| 3Y CAGR | 0.7% | 9.1% | 11.3% | NM- | NM- | -19.7% | |
| Latest Twelve Months | 61.0% | 21.6% | 13.9% | 64.6% | -438.2% | -79.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.5% | 7.6% | 11.9% | -3.6% | 6.6% | 7.3% | |
| Prior Fiscal Year | 10.5% | 7.2% | 12.7% | -5.1% | 2.8% | 7.2% | |
| Latest Fiscal Year | 17.1% | 7.8% | 14.1% | -1.1% | -1.9% | 4.7% | |
| Latest Twelve Months | 16.6% | 9.1% | 14.4% | -1.7% | -2.4% | 1.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.34x | 1.75x | 3.13x | -0.02x | 1.96x | 0.84x | |
| EV / LTM EBITDA | 5.8x | 13.0x | 18.1x | 4.1x | 19.8x | 13.8x | |
| EV / LTM EBIT | 8.1x | 19.2x | 21.8x | 1.1x | -81.6x | 43.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -81.6x | 8.1x | 21.8x | ||||
| Historical EV / LTM EBIT | 9.6x | 9.9x | 11.2x | ||||
| Selected EV / LTM EBIT | 39.8x | 41.9x | 44.0x | ||||
| (x) LTM EBIT | 11 | 11 | 11 | ||||
| (=) Implied Enterprise Value | 449 | 473 | 497 | ||||
| (-) Non-shareholder Claims * | (450) | (450) | (450) | ||||
| (=) Equity Value | 0 | 23 | 46 | ||||
| (/) Shares Outstanding | 6.2 | 6.2 | 6.2 | ||||
| Implied Value Range | 0.00 | 3.64 | 7.44 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 3.64 | 7.44 | 6.99 | |||
| Upside / (Downside) | -100.0% | -48.0% | 6.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSP | NWS | NYT | DALN | SATS | LEE | |
| Enterprise Value | 3,291 | 17,354 | 8,103 | (2) | 30,548 | 494 | |
| (+) Cash & Short Term Investments | 24 | 2,102 | 522 | 44 | 5,059 | 5 | |
| (+) Investments & Other | 15 | 2,718 | 409 | 0 | 202 | 34 | |
| (-) Debt | (2,725) | (2,923) | 0 | (19) | (30,076) | (486) | |
| (-) Other Liabilities | 0 | (878) | 0 | 0 | (55) | (3) | |
| (-) Preferred Stock | (417) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 189 | 18,373 | 9,035 | 23 | 5,679 | 43 | |
| (/) Shares Outstanding | 87.7 | 565.8 | 163.0 | 5.4 | 287.4 | 6.2 | |
| Implied Stock Price | 2.15 | 32.47 | 55.41 | 4.24 | 19.76 | 6.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.15 | 32.47 | 55.41 | 4.24 | 19.76 | 6.99 | |
| 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 | |