Intrinsic value of Cumulus Media - CMLS

Previous Close

$0.32

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.32

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CMLS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.40
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,141
  1,164
  1,191
  1,221
  1,256
  1,294
  1,335
  1,381
  1,430
  1,483
  1,540
  1,601
  1,666
  1,735
  1,809
  1,887
  1,969
  2,057
  2,149
  2,247
  2,350
  2,459
  2,574
  2,695
  2,823
  2,957
  3,099
  3,248
  3,404
  3,569
  3,743
Variable operating expenses, $m
 
  1,627
  1,664
  1,706
  1,754
  1,807
  1,865
  1,928
  1,996
  2,069
  2,148
  2,219
  2,309
  2,405
  2,507
  2,615
  2,730
  2,851
  2,979
  3,115
  3,258
  3,409
  3,568
  3,736
  3,913
  4,099
  4,296
  4,502
  4,719
  4,948
  5,188
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,542
  1,627
  1,664
  1,706
  1,754
  1,807
  1,865
  1,928
  1,996
  2,069
  2,148
  2,219
  2,309
  2,405
  2,507
  2,615
  2,730
  2,851
  2,979
  3,115
  3,258
  3,409
  3,568
  3,736
  3,913
  4,099
  4,296
  4,502
  4,719
  4,948
  5,188
Operating income, $m
  -401
  -463
  -473
  -485
  -498
  -513
  -529
  -547
  -566
  -586
  -608
  -618
  -643
  -670
  -698
  -729
  -760
  -794
  -830
  -868
  -908
  -950
  -994
  -1,041
  -1,090
  -1,142
  -1,197
  -1,254
  -1,315
  -1,378
  -1,445
EBITDA, $m
  -314
  -377
  -386
  -395
  -407
  -419
  -432
  -447
  -463
  -480
  -499
  -518
  -539
  -562
  -586
  -611
  -638
  -666
  -696
  -728
  -761
  -796
  -834
  -873
  -914
  -958
  -1,004
  -1,052
  -1,103
  -1,156
  -1,212
Interest expense (income), $m
  127
  126
  83
  86
  89
  92
  96
  100
  104
  109
  114
  119
  125
  131
  138
  145
  152
  160
  169
  177
  187
  197
  207
  218
  230
  242
  255
  268
  282
  297
  313
Earnings before tax, $m
  -537
  -589
  -557
  -571
  -587
  -605
  -625
  -647
  -670
  -695
  -722
  -738
  -768
  -801
  -836
  -873
  -913
  -955
  -999
  -1,045
  -1,094
  -1,146
  -1,201
  -1,259
  -1,320
  -1,384
  -1,451
  -1,522
  -1,597
  -1,676
  -1,758
Tax expense, $m
  -26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -511
  -589
  -557
  -571
  -587
  -605
  -625
  -647
  -670
  -695
  -722
  -738
  -768
  -801
  -836
  -873
  -913
  -955
  -999
  -1,045
  -1,094
  -1,146
  -1,201
  -1,259
  -1,320
  -1,384
  -1,451
  -1,522
  -1,597
  -1,676
  -1,758

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  131
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,413
  2,328
  2,381
  2,442
  2,511
  2,587
  2,671
  2,762
  2,860
  2,966
  3,080
  3,202
  3,332
  3,470
  3,617
  3,773
  3,939
  4,114
  4,299
  4,494
  4,701
  4,919
  5,148
  5,391
  5,646
  5,915
  6,198
  6,496
  6,809
  7,139
  7,486
Adjusted assets (=assets-cash), $m
  2,282
  2,328
  2,381
  2,442
  2,511
  2,587
  2,671
  2,762
  2,860
  2,966
  3,080
  3,202
  3,332
  3,470
  3,617
  3,773
  3,939
  4,114
  4,299
  4,494
  4,701
  4,919
  5,148
  5,391
  5,646
  5,915
  6,198
  6,496
  6,809
  7,139
  7,486
Revenue / Adjusted assets
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Average production assets, $m
  1,871
  1,908
  1,951
  2,002
  2,058
  2,120
  2,189
  2,263
  2,344
  2,431
  2,524
  2,624
  2,730
  2,844
  2,964
  3,092
  3,228
  3,371
  3,523
  3,683
  3,852
  4,031
  4,219
  4,418
  4,627
  4,847
  5,079
  5,323
  5,580
  5,850
  6,134
Working capital, $m
  339
  212
  217
  222
  229
  235
  243
  251
  260
  270
  280
  291
  303
  316
  329
  343
  358
  374
  391
  409
  428
  448
  469
  491
  514
  538
  564
  591
  620
  650
  681
Total debt, $m
  2,384
  1,574
  1,622
  1,677
  1,739
  1,807
  1,883
  1,965
  2,053
  2,149
  2,251
  2,361
  2,478
  2,602
  2,734
  2,875
  3,024
  3,181
  3,348
  3,524
  3,710
  3,906
  4,113
  4,331
  4,560
  4,802
  5,057
  5,325
  5,607
  5,904
  6,216
Total liabilities, $m
  2,904
  2,095
  2,143
  2,198
  2,260
  2,328
  2,404
  2,486
  2,574
  2,670
  2,772
  2,882
  2,999
  3,123
  3,255
  3,396
  3,545
  3,702
  3,869
  4,045
  4,231
  4,427
  4,634
  4,852
  5,081
  5,323
  5,578
  5,846
  6,128
  6,425
  6,737
Total equity, $m
  -492
  233
  238
  244
  251
  259
  267
  276
  286
  297
  308
  320
  333
  347
  362
  377
  394
  411
  430
  449
  470
  492
  515
  539
  565
  591
  620
  650
  681
  714
  749
Total liabilities and equity, $m
  2,412
  2,328
  2,381
  2,442
  2,511
  2,587
  2,671
  2,762
  2,860
  2,967
  3,080
  3,202
  3,332
  3,470
  3,617
  3,773
  3,939
  4,113
  4,299
  4,494
  4,701
  4,919
  5,149
  5,391
  5,646
  5,914
  6,198
  6,496
  6,809
  7,139
  7,486
Debt-to-equity ratio
  -4.846
  6.760
  6.810
  6.870
  6.930
  6.990
  7.050
  7.110
  7.180
  7.240
  7.310
  7.370
  7.440
  7.500
  7.560
  7.620
  7.680
  7.730
  7.790
  7.840
  7.890
  7.940
  7.990
  8.030
  8.080
  8.120
  8.160
  8.200
  8.230
  8.270
  8.300
Adjusted equity ratio
  -0.273
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -511
  -589
  -557
  -571
  -587
  -605
  -625
  -647
  -670
  -695
  -722
  -738
  -768
  -801
  -836
  -873
  -913
  -955
  -999
  -1,045
  -1,094
  -1,146
  -1,201
  -1,259
  -1,320
  -1,384
  -1,451
  -1,522
  -1,597
  -1,676
  -1,758
Depreciation, amort., depletion, $m
  87
  86
  88
  90
  92
  94
  97
  100
  103
  106
  109
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Funds from operations, $m
  8
  -503
  -469
  -481
  -495
  -511
  -528
  -547
  -567
  -589
  -613
  -638
  -665
  -693
  -724
  -756
  -790
  -826
  -865
  -905
  -948
  -993
  -1,041
  -1,091
  -1,144
  -1,199
  -1,258
  -1,320
  -1,385
  -1,453
  -1,525
Change in working capital, $m
  -28
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
Cash from operations, $m
  36
  -507
  -474
  -487
  -502
  -518
  -536
  -555
  -576
  -599
  -623
  -649
  -676
  -706
  -737
  -770
  -805
  -842
  -882
  -923
  -967
  -1,013
  -1,062
  -1,113
  -1,167
  -1,224
  -1,284
  -1,347
  -1,413
  -1,483
  -1,557
Maintenance CAPEX, $m
  0
  -71
  -73
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
New CAPEX, $m
  -23
  -37
  -44
  -50
  -56
  -62
  -68
  -75
  -81
  -87
  -93
  -100
  -106
  -113
  -121
  -128
  -136
  -143
  -152
  -160
  -169
  -179
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -270
  -284
Cash from investing activities, $m
  84
  -108
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -176
  -185
  -196
  -206
  -217
  -229
  -241
  -254
  -266
  -280
  -294
  -309
  -325
  -341
  -358
  -377
  -396
  -416
  -437
  -459
  -482
  -506
Free cash flow, $m
  120
  -616
  -590
  -611
  -634
  -659
  -685
  -713
  -743
  -775
  -809
  -845
  -883
  -923
  -966
  -1,011
  -1,058
  -1,108
  -1,161
  -1,217
  -1,276
  -1,338
  -1,403
  -1,472
  -1,544
  -1,620
  -1,700
  -1,784
  -1,873
  -1,966
  -2,063
Issuance/(repayment) of debt, $m
  -20
  -810
  48
  55
  62
  69
  75
  82
  89
  95
  102
  110
  117
  125
  132
  140
  149
  158
  167
  176
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
  312
Issuance/(repurchase) of shares, $m
  0
  1,445
  562
  577
  594
  613
  633
  656
  680
  706
  733
  750
  781
  815
  851
  889
  929
  972
  1,017
  1,065
  1,115
  1,168
  1,224
  1,283
  1,345
  1,411
  1,479
  1,552
  1,628
  1,709
  1,793
Cash from financing (excl. dividends), $m  
  -20
  635
  610
  632
  656
  682
  708
  738
  769
  801
  835
  860
  898
  940
  983
  1,029
  1,078
  1,130
  1,184
  1,241
  1,301
  1,364
  1,431
  1,501
  1,575
  1,653
  1,734
  1,820
  1,910
  2,006
  2,105
Total cash flow (excl. dividends), $m
  100
  19
  20
  21
  22
  23
  24
  24
  25
  26
  27
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Retained Cash Flow (-), $m
  508
  -1,445
  -562
  -577
  -594
  -613
  -633
  -656
  -680
  -706
  -733
  -750
  -781
  -815
  -851
  -889
  -929
  -972
  -1,017
  -1,065
  -1,115
  -1,168
  -1,224
  -1,283
  -1,345
  -1,411
  -1,479
  -1,552
  -1,628
  -1,709
  -1,793
Prev. year cash balance distribution, $m
 
  131
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -1,295
  -542
  -556
  -572
  -590
  -610
  -631
  -654
  -679
  -706
  -735
  -766
  -798
  -833
  -870
  -909
  -951
  -995
  -1,041
  -1,090
  -1,142
  -1,196
  -1,254
  -1,314
  -1,378
  -1,445
  -1,516
  -1,590
  -1,669
  -1,751
Discount rate, %
 
  15.70
  16.49
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.20
  24.36
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.66
  43.74
  45.93
  48.22
  50.63
  53.17
  55.82
  58.62
  61.55
  64.62
PV of cash for distribution, $m
 
  -1,119
  -400
  -345
  -293
  -246
  -204
  -166
  -133
  -104
  -80
  -60
  -44
  -32
  -22
  -15
  -10
  -6
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  14.6
  4.3
  1.2
  0.4
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Cumulus Media Inc. (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across the nation platform generates content distributable through both broadcast and digital platforms. Its categories of advertisers consist of amusement and recreation; banking and mortgage; furniture and home furnishings; arts and entertainment; food and beverage services; healthcare services; automotive dealers; food and beverage stores, and telecommunications.

FINANCIAL RATIOS  of  Cumulus Media (CMLS)

Valuation Ratios
P/E Ratio -0
Price to Sales 0
Price to Book -0
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow 0.7
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate 15.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity -484.6%
Total Debt to Equity -484.6%
Interest Coverage -3
Management Effectiveness
Return On Assets -14.4%
Ret/ On Assets - 3 Yr. Avg. -8.3%
Return On Total Capital -23.7%
Ret/ On T. Cap. - 3 Yr. Avg. -14.5%
Return On Equity 214.7%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 62.6%
Gross Margin - 3 Yr. Avg. 64.8%
EBITDA Margin -28.3%
EBITDA Margin - 3 Yr. Avg. -12.6%
Operating Margin -35.1%
Oper. Margin - 3 Yr. Avg. -20.7%
Pre-Tax Margin -47.1%
Pre-Tax Margin - 3 Yr. Avg. -32%
Net Profit Margin -44.8%
Net Profit Margin - 3 Yr. Avg. -30.2%
Effective Tax Rate 4.8%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

CMLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMLS stock intrinsic value calculation we used $1141 million for the last fiscal year's total revenue generated by Cumulus Media. The default revenue input number comes from 2016 income statement of Cumulus Media. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMLS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.7%, whose default value for CMLS is calculated based on our internal credit rating of Cumulus Media, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cumulus Media.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMLS stock the variable cost ratio is equal to 139.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CMLS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.3% for Cumulus Media.

Corporate tax rate of 27% is the nominal tax rate for Cumulus Media. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMLS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMLS are equal to 163.9%.

Life of production assets of 26.3 years is the average useful life of capital assets used in Cumulus Media operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMLS is equal to 18.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-492 million for Cumulus Media - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 29.315 million for Cumulus Media is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cumulus Media at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Should You Buy Cumulus Media Inc (CMLS)?   [Oct-18-17 08:51PM  Simply Wall St.]
▶ Barnes, Leslie & Jimmy to return to 99X for 25th anniversary   [Oct-04-17 07:40PM  American City Business Journals]
▶ [$$] Cumulus Media Kicks Off Debt-Restructuring Talks With Creditors   [Sep-29-17 07:29PM  The Wall Street Journal]
▶ Cumulus posts 2Q profit   [Aug-14-17 11:24PM  Associated Press]
▶ Cumulus Media adopts anti-takeover defense   [Jun-05-17 03:22PM  American City Business Journals]
▶ ETFs with exposure to Cumulus Media, Inc. : May 18, 2017   [May-18-17 01:36PM  Capital Cube]
▶ Cumulus reports 1Q loss   [May-15-17 05:06PM  Associated Press]
▶ Nasdaq threatening to boot Cumulus Media shares, again   [Mar-28-17 11:30AM  at bizjournals.com]
▶ Nasdaq threatening to boot Cumulus Media shares, again   [11:30AM  American City Business Journals]
▶ Cumulus reports 4Q loss   [Mar-16-17 04:40PM  Associated Press]
▶ Cumulus Announces Termination of Private Exchange Offer   [Mar-10-17 05:16PM  GlobeNewswire]
▶ [$$] Scurria's Take: Cumulus Ruling Sends Message On Disputed Workouts   [Feb-27-17 03:19PM  The Wall Street Journal]
▶ [$$] Cumulus Media Blocked on Proposed Debt Restructuring   [Feb-24-17 03:54PM  at The Wall Street Journal]
▶ [$$] Bankruptcy Briefing: MF Global, The Limited and Cumulus Media   [Feb-21-17 02:01PM  at The Wall Street Journal]
▶ Do Hedge Funds Love Sunshine Bancorp Inc (SBCP)?   [Dec-18-16 10:24AM  at Insider Monkey]
▶ Is SAExploration Holdings, Inc. (SAEX) A Good Stock To Buy?   [Dec-17-16 03:43PM  at Insider Monkey]
▶ How Cumulus Media Inc (CMLS) Stacks Up Against Its Peers?   [Dec-14-16 01:52AM  at Insider Monkey]
▶ [$$] Cumulus Media Sues J.P. Morgan Over Refinancing   [Dec-13-16 03:23PM  at The Wall Street Journal]
▶ [$$] Cumulus Media Offers Bondholders Equity Stake   [Dec-08-16 04:21PM  at The Wall Street Journal]
▶ Cumulus Announces Reverse Stock Split   [10:55AM  GlobeNewswire]
▶ Hedge Funds Think These Penny Stocks Are Poised to Explode   [Sep-10-16 10:19AM  at Insider Monkey]
▶ Cumulus Medias second-quarter profit plunges 91%   [10:50AM  at bizjournals.com]
Financial statements of CMLS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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