Intrinsic value of Gray Television Cl A - GTN-A

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$13.05

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$13.05

 
Intrinsic value

$111.94

 
Up/down potential

+758%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of GTN-A 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 1.0

 

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, %
  36.01
  40.80
  37.22
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.23
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
Revenue, $m
  812
  1,143
  1,569
  2,102
  2,756
  3,541
  4,467
  5,540
  6,765
  8,146
  9,683
  11,376
  13,223
  15,221
  17,368
  19,658
  22,090
  24,660
  27,366
  30,204
  33,175
  36,278
  39,513
  42,882
  46,386
  50,030
  53,818
  57,753
  61,843
  66,094
  70,513
Variable operating expenses, $m
 
  794
  1,072
  1,420
  1,846
  2,358
  2,962
  3,662
  4,461
  5,362
  6,365
  7,421
  8,625
  9,929
  11,328
  12,823
  14,409
  16,085
  17,850
  19,701
  21,639
  23,663
  25,773
  27,971
  30,257
  32,633
  35,104
  37,671
  40,339
  43,111
  45,994
Fixed operating expenses, $m
 
  34
  35
  36
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
Total operating expenses, $m
  610
  828
  1,107
  1,456
  1,882
  2,395
  3,000
  3,701
  4,501
  5,403
  6,407
  7,464
  8,669
  9,974
  11,375
  12,871
  14,458
  16,135
  17,901
  19,754
  21,693
  23,718
  25,830
  28,029
  30,317
  32,694
  35,167
  37,735
  40,405
  43,179
  46,063
Operating income, $m
  202
  315
  462
  647
  873
  1,145
  1,466
  1,839
  2,264
  2,743
  3,276
  3,913
  4,554
  5,247
  5,993
  6,788
  7,632
  8,525
  9,464
  10,450
  11,482
  12,560
  13,683
  14,853
  16,070
  17,336
  18,651
  20,018
  21,439
  22,915
  24,450
EBITDA, $m
  284
  453
  634
  860
  1,138
  1,471
  1,864
  2,321
  2,842
  3,429
  4,083
  4,803
  5,588
  6,439
  7,352
  8,326
  9,361
  10,455
  11,606
  12,814
  14,078
  15,398
  16,775
  18,209
  19,700
  21,251
  22,863
  24,538
  26,278
  28,087
  29,968
Interest expense (income), $m
  76
  90
  132
  191
  265
  356
  465
  594
  743
  914
  1,106
  1,320
  1,555
  1,812
  2,090
  2,389
  2,707
  3,045
  3,403
  3,779
  4,174
  4,587
  5,019
  5,469
  5,937
  6,425
  6,932
  7,458
  8,006
  8,575
  9,166
Earnings before tax, $m
  106
  226
  331
  456
  608
  789
  1,001
  1,245
  1,520
  1,829
  2,171
  2,593
  2,999
  3,435
  3,903
  4,400
  4,925
  5,480
  6,062
  6,671
  7,308
  7,972
  8,664
  9,384
  10,133
  10,911
  11,720
  12,560
  13,433
  14,341
  15,284
Tax expense, $m
  44
  61
  89
  123
  164
  213
  270
  336
  411
  494
  586
  700
  810
  928
  1,054
  1,188
  1,330
  1,479
  1,637
  1,801
  1,973
  2,153
  2,339
  2,534
  2,736
  2,946
  3,164
  3,391
  3,627
  3,872
  4,127
Net income, $m
  62
  165
  241
  333
  444
  576
  731
  909
  1,110
  1,335
  1,585
  1,893
  2,189
  2,508
  2,849
  3,212
  3,596
  4,000
  4,425
  4,870
  5,335
  5,820
  6,325
  6,851
  7,397
  7,965
  8,555
  9,169
  9,806
  10,469
  11,158

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  325
  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
  2,783
  3,465
  4,754
  6,370
  8,351
  10,731
  13,535
  16,787
  20,501
  24,686
  29,344
  34,474
  40,071
  46,126
  52,629
  59,571
  66,941
  74,728
  82,926
  91,529
  100,531
  109,934
  119,737
  129,945
  140,565
  151,607
  163,084
  175,010
  187,404
  200,286
  213,677
Adjusted assets (=assets-cash), $m
  2,458
  3,465
  4,754
  6,370
  8,351
  10,731
  13,535
  16,787
  20,501
  24,686
  29,344
  34,474
  40,071
  46,126
  52,629
  59,571
  66,941
  74,728
  82,926
  91,529
  100,531
  109,934
  119,737
  129,945
  140,565
  151,607
  163,084
  175,010
  187,404
  200,286
  213,677
Revenue / Adjusted assets
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
Average production assets, $m
  1,563
  2,201
  3,020
  4,047
  5,305
  6,817
  8,598
  10,664
  13,023
  15,682
  18,641
  21,900
  25,455
  29,301
  33,433
  37,843
  42,524
  47,471
  52,679
  58,144
  63,863
  69,835
  76,063
  82,547
  89,294
  96,308
  103,599
  111,175
  119,049
  127,231
  135,738
Working capital, $m
  417
  129
  177
  238
  311
  400
  505
  626
  764
  921
  1,094
  1,286
  1,494
  1,720
  1,963
  2,221
  2,496
  2,787
  3,092
  3,413
  3,749
  4,099
  4,465
  4,846
  5,242
  5,653
  6,081
  6,526
  6,988
  7,469
  7,968
Total debt, $m
  1,757
  2,585
  3,746
  5,200
  6,983
  9,124
  11,649
  14,576
  17,918
  21,684
  25,876
  30,494
  35,531
  40,980
  46,833
  53,081
  59,714
  66,722
  74,101
  81,843
  89,945
  98,407
  107,230
  116,417
  125,975
  135,913
  146,243
  156,976
  168,131
  179,724
  191,776
Total liabilities, $m
  2,290
  3,118
  4,279
  5,733
  7,516
  9,657
  12,182
  15,109
  18,451
  22,217
  26,409
  31,027
  36,064
  41,513
  47,366
  53,614
  60,247
  67,255
  74,634
  82,376
  90,478
  98,940
  107,763
  116,950
  126,508
  136,446
  146,776
  157,509
  168,664
  180,257
  192,309
Total equity, $m
  493
  346
  475
  637
  835
  1,073
  1,354
  1,679
  2,050
  2,469
  2,934
  3,447
  4,007
  4,613
  5,263
  5,957
  6,694
  7,473
  8,293
  9,153
  10,053
  10,993
  11,974
  12,994
  14,056
  15,161
  16,308
  17,501
  18,740
  20,029
  21,368
Total liabilities and equity, $m
  2,783
  3,464
  4,754
  6,370
  8,351
  10,730
  13,536
  16,788
  20,501
  24,686
  29,343
  34,474
  40,071
  46,126
  52,629
  59,571
  66,941
  74,728
  82,927
  91,529
  100,531
  109,933
  119,737
  129,944
  140,564
  151,607
  163,084
  175,010
  187,404
  200,286
  213,677
Debt-to-equity ratio
  3.564
  7.460
  7.880
  8.160
  8.360
  8.500
  8.610
  8.680
  8.740
  8.780
  8.820
  8.850
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
Adjusted equity ratio
  0.068
  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
  62
  165
  241
  333
  444
  576
  731
  909
  1,110
  1,335
  1,585
  1,893
  2,189
  2,508
  2,849
  3,212
  3,596
  4,000
  4,425
  4,870
  5,335
  5,820
  6,325
  6,851
  7,397
  7,965
  8,555
  9,169
  9,806
  10,469
  11,158
Depreciation, amort., depletion, $m
  82
  138
  171
  213
  264
  326
  398
  482
  578
  686
  806
  890
  1,035
  1,191
  1,359
  1,538
  1,729
  1,930
  2,141
  2,364
  2,596
  2,839
  3,092
  3,356
  3,630
  3,915
  4,211
  4,519
  4,839
  5,172
  5,518
Funds from operations, $m
  208
  303
  413
  546
  708
  902
  1,129
  1,391
  1,688
  2,021
  2,391
  2,783
  3,224
  3,699
  4,208
  4,750
  5,324
  5,930
  6,566
  7,233
  7,931
  8,659
  9,417
  10,206
  11,027
  11,880
  12,767
  13,688
  14,646
  15,641
  16,675
Change in working capital, $m
  1
  37
  48
  60
  74
  89
  105
  121
  138
  156
  174
  191
  209
  226
  243
  259
  275
  290
  306
  321
  336
  351
  366
  381
  396
  412
  428
  445
  462
  480
  499
Cash from operations, $m
  207
  425
  364
  486
  634
  813
  1,024
  1,269
  1,549
  1,865
  2,217
  2,592
  3,015
  3,473
  3,965
  4,491
  5,049
  5,639
  6,261
  6,913
  7,595
  8,308
  9,051
  9,825
  10,631
  11,468
  12,339
  13,243
  14,183
  15,160
  16,176
Maintenance CAPEX, $m
  0
  -64
  -89
  -123
  -165
  -216
  -277
  -350
  -434
  -529
  -637
  -758
  -890
  -1,035
  -1,191
  -1,359
  -1,538
  -1,729
  -1,930
  -2,141
  -2,364
  -2,596
  -2,839
  -3,092
  -3,356
  -3,630
  -3,915
  -4,211
  -4,519
  -4,839
  -5,172
New CAPEX, $m
  -44
  -638
  -819
  -1,027
  -1,258
  -1,511
  -1,782
  -2,066
  -2,359
  -2,658
  -2,959
  -3,259
  -3,555
  -3,846
  -4,131
  -4,410
  -4,681
  -4,947
  -5,208
  -5,465
  -5,719
  -5,973
  -6,227
  -6,485
  -6,747
  -7,015
  -7,291
  -7,576
  -7,873
  -8,183
  -8,507
Cash from investing activities, $m
  -479
  -702
  -908
  -1,150
  -1,423
  -1,727
  -2,059
  -2,416
  -2,793
  -3,187
  -3,596
  -4,017
  -4,445
  -4,881
  -5,322
  -5,769
  -6,219
  -6,676
  -7,138
  -7,606
  -8,083
  -8,569
  -9,066
  -9,577
  -10,103
  -10,645
  -11,206
  -11,787
  -12,392
  -13,022
  -13,679
Free cash flow, $m
  -272
  -276
  -544
  -664
  -789
  -914
  -1,035
  -1,146
  -1,243
  -1,322
  -1,379
  -1,425
  -1,430
  -1,408
  -1,357
  -1,278
  -1,170
  -1,036
  -877
  -693
  -487
  -261
  -15
  249
  529
  824
  1,133
  1,456
  1,791
  2,138
  2,497
Issuance/(repayment) of debt, $m
  556
  828
  1,161
  1,455
  1,783
  2,141
  2,524
  2,927
  3,342
  3,766
  4,192
  4,617
  5,037
  5,450
  5,853
  6,248
  6,633
  7,009
  7,378
  7,742
  8,103
  8,462
  8,823
  9,187
  9,558
  9,938
  10,329
  10,734
  11,154
  11,593
  12,052
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  501
  828
  1,161
  1,455
  1,783
  2,141
  2,524
  2,927
  3,342
  3,766
  4,192
  4,617
  5,037
  5,450
  5,853
  6,248
  6,633
  7,009
  7,378
  7,742
  8,103
  8,462
  8,823
  9,187
  9,558
  9,938
  10,329
  10,734
  11,154
  11,593
  12,052
Total cash flow (excl. dividends), $m
  228
  552
  616
  791
  994
  1,227
  1,490
  1,781
  2,099
  2,444
  2,813
  3,192
  3,606
  4,041
  4,496
  4,970
  5,462
  5,973
  6,501
  7,049
  7,615
  8,201
  8,808
  9,436
  10,087
  10,762
  11,462
  12,189
  12,945
  13,731
  14,549
Retained Cash Flow (-), $m
  -64
  -178
  -129
  -162
  -198
  -238
  -280
  -325
  -371
  -418
  -466
  -513
  -560
  -606
  -650
  -694
  -737
  -779
  -820
  -860
  -900
  -940
  -980
  -1,021
  -1,062
  -1,104
  -1,148
  -1,193
  -1,239
  -1,288
  -1,339
Prev. year cash balance distribution, $m
 
  325
  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
 
  698
  487
  629
  796
  989
  1,209
  1,455
  1,728
  2,025
  2,347
  2,679
  3,047
  3,436
  3,846
  4,276
  4,725
  5,194
  5,682
  6,188
  6,715
  7,261
  7,828
  8,415
  9,025
  9,658
  10,315
  10,997
  11,706
  12,443
  13,210
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  636
  401
  462
  518
  564
  596
  614
  615
  600
  570
  525
  475
  418
  358
  299
  243
  192
  148
  111
  80
  57
  39
  26
  16
  10
  6
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

Gray Television, Inc., a television broadcast company, owns and/or operates television stations and digital assets in the United States. As of February 26, 2016, it owns and operates television stations in 50 television markets broadcasting 180 program streams comprising 35 channels affiliated with the CBS Network, 26 channels affiliated with the NBC Network, 19 channels affiliated with the ABC Network, and 13 channels affiliated with the FOX Network. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Gray Television Cl A (GTN-A)

Valuation Ratios
P/E Ratio 15.3
Price to Sales 1.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 5.8
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 356.4%
Total Debt to Equity 356.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 16.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 32.5%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

GTN-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTN-A stock intrinsic value calculation we used $812 million for the last fiscal year's total revenue generated by Gray Television Cl A. The default revenue input number comes from 2016 income statement of Gray Television Cl A. 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 GTN-A stock valuation model: a) initial revenue growth rate of 40.8% 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 9.8%, whose default value for GTN-A is calculated based on our internal credit rating of Gray Television Cl A, 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 Gray Television Cl A.
    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 GTN-A stock the variable cost ratio is equal to 71.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $33 million in the base year in the intrinsic value calculation for GTN-A 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 5.1% for Gray Television Cl A.

Corporate tax rate of 27% is the nominal tax rate for Gray Television Cl A. 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 GTN-A 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 GTN-A are equal to 192.5%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Gray Television Cl A 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 GTN-A is equal to 11.3%. 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 - $493 million for Gray Television Cl A - 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 76.692 million for Gray Television Cl A 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 Gray Television Cl A at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ Gray Appoints Four New General Managers   [Mar-10-17 10:30AM  PR Newswire]
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▶ Gray Television posts 4Q profit   [Mar-01-17 07:29AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:55AM  PR Newswire]
▶ Gray Completes Refinancing Of Senior Credit Facility   [Feb-07-17 04:31PM  PR Newswire]
▶ Gray Television thanks three top execs with $4 million   [Jan-22-17 10:10AM  at bizjournals.com]
▶ Gray Television Reaches Long-Term Agreement With Dish   [Jan-17-17 08:13PM  PR Newswire]
▶ Dish Network Decides To Drop Gray Television Stations   [Jan-16-17 04:40PM  PR Newswire]
▶ Should You Avoid Gray Television, Inc. (GTN)?   [Dec-02-16 01:55PM  at Insider Monkey]
▶ Why Gray Television, Inc. Stock Was Falling Today   [Nov-08-16 01:35PM  at Motley Fool]
▶ Gray Addresses Political Guidance   [05:45PM  PR Newswire]
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▶ Gray Names Luis Garcia To Its Board Of Directors   [Jun-30-16 10:36AM  PR Newswire]
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▶ Gray To Acquire WDTV And WVFX In Clarksburg, WV   [May-13-16 03:08PM  PR Newswire]
▶ Gray Reports Record Operating Results   [06:00AM  PR Newswire]
▶ Gray Makes Strategic Investment in Syncbak   [Apr-14-16 04:29PM  PR Newswire]
▶ Gray Reports Record Operating Results   [06:00AM  PR Newswire]
▶ Gray Closes Four Important Retransmission Agreements   [Feb-05-16 12:57PM  PR Newswire]
▶ Gray Chairman Dr. Billy Mayher Passes Away   [Feb-01-16 08:59AM  PR Newswire]
▶ Growth Of Gray Leads To Management Changes   [Jan-27-16 05:27PM  at noodls]
▶ Joan Barrett leaving KWCH   [Jan-20-16 04:23PM  at bizjournals.com]
▶ Gray Expands Its Partnership with The CW Network   [Dec-15  03:05PM  PR Newswire]
▶ What Do Hedge Funds Think of Gray Television, Inc. (GTN)?   [Dec-01  01:00PM  at Insider Monkey]
▶ Is Ameris Bancorp (ABCB) Going to Burn These Hedge Funds?   [Nov-27  11:46AM  at Insider Monkey]
▶ Two More Accomplished Industry Veterans Join Gray   [Nov-09  02:01PM  PR Newswire]
Stock chart of GTN-A Financial statements of GTN-A
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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