Intrinsic value of Gray Television Cl A - GTN-A

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$11.55

  Intrinsic Value

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  Value-price divergence*

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$11.55

 
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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 0.9

 

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
  35.10
  32.09
  29.38
  26.94
  24.75
  22.77
  21.00
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
Revenue, $m
  812
  807
  1,065
  1,378
  1,750
  2,183
  2,680
  3,243
  3,872
  4,567
  5,328
  6,153
  7,042
  7,993
  9,004
  10,074
  11,202
  12,387
  13,628
  14,925
  16,279
  17,688
  19,155
  20,681
  22,266
  23,914
  25,627
  27,407
  29,257
  31,180
  33,181
Variable operating expenses, $m
 
  555
  720
  919
  1,155
  1,431
  1,747
  2,105
  2,505
  2,947
  3,431
  3,914
  4,480
  5,085
  5,728
  6,409
  7,126
  7,880
  8,670
  9,495
  10,356
  11,252
  12,185
  13,156
  14,165
  15,213
  16,302
  17,435
  18,612
  19,835
  21,108
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
  610
  555
  720
  919
  1,155
  1,431
  1,747
  2,105
  2,505
  2,947
  3,431
  3,914
  4,480
  5,085
  5,728
  6,409
  7,126
  7,880
  8,670
  9,495
  10,356
  11,252
  12,185
  13,156
  14,165
  15,213
  16,302
  17,435
  18,612
  19,835
  21,108
Operating income, $m
  202
  251
  345
  459
  594
  752
  933
  1,138
  1,366
  1,619
  1,896
  2,239
  2,562
  2,908
  3,276
  3,666
  4,076
  4,507
  4,959
  5,431
  5,923
  6,436
  6,970
  7,525
  8,102
  8,701
  9,324
  9,972
  10,645
  11,345
  12,073
EBITDA, $m
  284
  360
  476
  616
  781
  975
  1,197
  1,448
  1,729
  2,039
  2,379
  2,748
  3,145
  3,569
  4,021
  4,499
  5,003
  5,532
  6,086
  6,665
  7,269
  7,899
  8,554
  9,235
  9,943
  10,679
  11,444
  12,239
  13,065
  13,924
  14,818
Interest expense (income), $m
  76
  77
  114
  161
  217
  284
  361
  450
  551
  664
  789
  925
  1,073
  1,233
  1,403
  1,585
  1,777
  1,979
  2,192
  2,414
  2,647
  2,890
  3,142
  3,405
  3,679
  3,963
  4,259
  4,566
  4,885
  5,217
  5,562
Earnings before tax, $m
  106
  174
  231
  298
  377
  468
  571
  687
  815
  955
  1,107
  1,313
  1,489
  1,675
  1,873
  2,081
  2,299
  2,528
  2,767
  3,017
  3,276
  3,546
  3,827
  4,119
  4,423
  4,738
  5,065
  5,406
  5,760
  6,128
  6,511
Tax expense, $m
  44
  47
  62
  81
  102
  126
  154
  186
  220
  258
  299
  355
  402
  452
  506
  562
  621
  683
  747
  814
  885
  958
  1,033
  1,112
  1,194
  1,279
  1,368
  1,460
  1,555
  1,655
  1,758
Net income, $m
  62
  127
  169
  218
  275
  342
  417
  502
  595
  697
  808
  959
  1,087
  1,223
  1,367
  1,519
  1,678
  1,846
  2,020
  2,202
  2,392
  2,589
  2,794
  3,007
  3,229
  3,459
  3,698
  3,946
  4,205
  4,473
  4,753

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
  2,743
  3,624
  4,688
  5,952
  7,424
  9,115
  11,029
  13,169
  15,533
  18,121
  20,929
  23,953
  27,186
  30,626
  34,266
  38,103
  42,133
  46,355
  50,767
  55,369
  60,164
  65,154
  70,343
  75,736
  81,342
  87,166
  93,220
  99,513
  106,056
  112,862
Adjusted assets (=assets-cash), $m
  2,458
  2,743
  3,624
  4,688
  5,952
  7,424
  9,115
  11,029
  13,169
  15,533
  18,121
  20,929
  23,953
  27,186
  30,626
  34,266
  38,103
  42,133
  46,355
  50,767
  55,369
  60,164
  65,154
  70,343
  75,736
  81,342
  87,166
  93,220
  99,513
  106,056
  112,862
Revenue / Adjusted assets
  0.330
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  1,563
  1,821
  2,406
  3,112
  3,951
  4,929
  6,051
  7,322
  8,742
  10,312
  12,030
  13,894
  15,901
  18,048
  20,331
  22,748
  25,295
  27,970
  30,773
  33,702
  36,757
  39,940
  43,252
  46,697
  50,278
  53,999
  57,866
  61,884
  66,062
  70,405
  74,924
Working capital, $m
  417
  135
  179
  232
  294
  367
  450
  545
  650
  767
  895
  1,034
  1,183
  1,343
  1,513
  1,692
  1,882
  2,081
  2,290
  2,507
  2,735
  2,972
  3,218
  3,474
  3,741
  4,018
  4,305
  4,604
  4,915
  5,238
  5,574
Total debt, $m
  1,757
  1,817
  2,554
  3,445
  4,502
  5,735
  7,151
  8,752
  10,543
  12,522
  14,688
  17,039
  19,569
  22,276
  25,155
  28,202
  31,413
  34,786
  38,320
  42,013
  45,865
  49,878
  54,055
  58,398
  62,912
  67,604
  72,479
  77,546
  82,813
  88,290
  93,987
Total liabilities, $m
  2,290
  2,296
  3,033
  3,924
  4,981
  6,214
  7,630
  9,231
  11,022
  13,001
  15,167
  17,518
  20,048
  22,755
  25,634
  28,681
  31,892
  35,265
  38,799
  42,492
  46,344
  50,357
  54,534
  58,877
  63,391
  68,083
  72,958
  78,025
  83,292
  88,769
  94,466
Total equity, $m
  493
  447
  591
  764
  970
  1,210
  1,486
  1,798
  2,146
  2,532
  2,954
  3,411
  3,904
  4,431
  4,992
  5,585
  6,211
  6,868
  7,556
  8,275
  9,025
  9,807
  10,620
  11,466
  12,345
  13,259
  14,208
  15,195
  16,221
  17,287
  18,397
Total liabilities and equity, $m
  2,783
  2,743
  3,624
  4,688
  5,951
  7,424
  9,116
  11,029
  13,168
  15,533
  18,121
  20,929
  23,952
  27,186
  30,626
  34,266
  38,103
  42,133
  46,355
  50,767
  55,369
  60,164
  65,154
  70,343
  75,736
  81,342
  87,166
  93,220
  99,513
  106,056
  112,863
Debt-to-equity ratio
  3.564
  4.060
  4.320
  4.510
  4.640
  4.740
  4.810
  4.870
  4.910
  4.950
  4.970
  4.990
  5.010
  5.030
  5.040
  5.050
  5.060
  5.070
  5.070
  5.080
  5.080
  5.090
  5.090
  5.090
  5.100
  5.100
  5.100
  5.100
  5.110
  5.110
  5.110
Adjusted equity ratio
  0.068
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  127
  169
  218
  275
  342
  417
  502
  595
  697
  808
  959
  1,087
  1,223
  1,367
  1,519
  1,678
  1,846
  2,020
  2,202
  2,392
  2,589
  2,794
  3,007
  3,229
  3,459
  3,698
  3,946
  4,205
  4,473
  4,753
Depreciation, amort., depletion, $m
  82
  109
  130
  156
  187
  223
  264
  310
  363
  420
  483
  509
  582
  661
  745
  833
  927
  1,025
  1,127
  1,234
  1,346
  1,463
  1,584
  1,711
  1,842
  1,978
  2,120
  2,267
  2,420
  2,579
  2,744
Funds from operations, $m
  208
  236
  299
  374
  462
  565
  681
  812
  957
  1,117
  1,291
  1,468
  1,669
  1,884
  2,112
  2,352
  2,605
  2,870
  3,147
  3,437
  3,738
  4,052
  4,378
  4,718
  5,070
  5,437
  5,817
  6,213
  6,624
  7,052
  7,497
Change in working capital, $m
  1
  35
  43
  53
  62
  73
  84
  95
  106
  117
  128
  139
  149
  160
  170
  180
  190
  199
  209
  218
  227
  237
  246
  256
  266
  277
  288
  299
  311
  323
  336
Cash from operations, $m
  207
  256
  255
  321
  400
  492
  598
  718
  852
  1,000
  1,163
  1,329
  1,520
  1,724
  1,942
  2,172
  2,416
  2,671
  2,939
  3,219
  3,511
  3,815
  4,132
  4,461
  4,804
  5,160
  5,530
  5,914
  6,314
  6,729
  7,161
Maintenance CAPEX, $m
  0
  -49
  -67
  -88
  -114
  -145
  -181
  -222
  -268
  -320
  -378
  -441
  -509
  -582
  -661
  -745
  -833
  -927
  -1,025
  -1,127
  -1,234
  -1,346
  -1,463
  -1,584
  -1,711
  -1,842
  -1,978
  -2,120
  -2,267
  -2,420
  -2,579
New CAPEX, $m
  -44
  -473
  -584
  -707
  -839
  -978
  -1,122
  -1,271
  -1,420
  -1,570
  -1,718
  -1,864
  -2,007
  -2,147
  -2,283
  -2,417
  -2,547
  -2,676
  -2,803
  -2,929
  -3,055
  -3,183
  -3,312
  -3,445
  -3,581
  -3,721
  -3,867
  -4,019
  -4,177
  -4,344
  -4,518
Cash from investing activities, $m
  -479
  -522
  -651
  -795
  -953
  -1,123
  -1,303
  -1,493
  -1,688
  -1,890
  -2,096
  -2,305
  -2,516
  -2,729
  -2,944
  -3,162
  -3,380
  -3,603
  -3,828
  -4,056
  -4,289
  -4,529
  -4,775
  -5,029
  -5,292
  -5,563
  -5,845
  -6,139
  -6,444
  -6,764
  -7,097
Free cash flow, $m
  -272
  -267
  -396
  -473
  -553
  -631
  -705
  -775
  -837
  -890
  -932
  -976
  -996
  -1,005
  -1,002
  -989
  -965
  -931
  -888
  -837
  -779
  -714
  -644
  -568
  -487
  -403
  -315
  -224
  -131
  -34
  64
Issuance/(repayment) of debt, $m
  556
  597
  737
  891
  1,057
  1,233
  1,415
  1,602
  1,791
  1,979
  2,166
  2,350
  2,531
  2,707
  2,879
  3,047
  3,211
  3,373
  3,534
  3,693
  3,852
  4,013
  4,176
  4,343
  4,515
  4,692
  4,875
  5,067
  5,267
  5,477
  5,697
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
  597
  737
  891
  1,057
  1,233
  1,415
  1,602
  1,791
  1,979
  2,166
  2,350
  2,531
  2,707
  2,879
  3,047
  3,211
  3,373
  3,534
  3,693
  3,852
  4,013
  4,176
  4,343
  4,515
  4,692
  4,875
  5,067
  5,267
  5,477
  5,697
Total cash flow (excl. dividends), $m
  228
  331
  341
  418
  505
  602
  710
  827
  954
  1,090
  1,234
  1,375
  1,535
  1,702
  1,876
  2,058
  2,247
  2,442
  2,645
  2,855
  3,073
  3,299
  3,533
  3,775
  4,027
  4,289
  4,560
  4,843
  5,136
  5,442
  5,761
Retained Cash Flow (-), $m
  -64
  -115
  -143
  -174
  -206
  -240
  -276
  -312
  -349
  -385
  -422
  -458
  -493
  -527
  -561
  -593
  -625
  -657
  -688
  -719
  -750
  -782
  -813
  -846
  -879
  -914
  -949
  -987
  -1,026
  -1,067
  -1,109
Prev. year cash balance distribution, $m
 
  97
  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
 
  313
  198
  244
  299
  362
  434
  515
  605
  704
  812
  917
  1,042
  1,175
  1,316
  1,465
  1,621
  1,785
  1,957
  2,136
  2,323
  2,517
  2,719
  2,930
  3,148
  3,375
  3,611
  3,856
  4,111
  4,376
  4,651
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  283
  160
  175
  188
  198
  203
  203
  199
  190
  177
  159
  141
  122
  103
  84
  67
  52
  39
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
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 13.5
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 5.1
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 $597 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 35.1% 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 10.6%, 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 70.7%.

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 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 6.3% 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 225.8%.

Life of production assets of 27.3 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 16.8%. 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 - $429 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 76.302 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 $0.9 billion.


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FOXA 21st Century F 26.97 prem.  prem.

COMPANY NEWS

▶ Gray Names Four New General Managers   [Jun-06-17 04:10PM  PR Newswire]
▶ Gray To Acquire WCAX-TV In Burlington, Vermont   [May-04-17 10:00AM  PR Newswire]
▶ Gray Television posts 1Q profit   [07:39AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:45AM  PR Newswire]
▶ Gray Appoints Four New General Managers   [Mar-10-17 10:30AM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for March 2nd   [Mar-02-17 11:08AM  Zacks]
▶ 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]
▶ Gray Reports Record Operating Results   [08:00AM  PR Newswire]
▶ Gray Names Luis Garcia To Its Board Of Directors   [Jun-30-16 10:36AM  PR Newswire]
▶ [$$] Nexstar Divests in Effort to Clear Deal Hurdles   [11:07AM  at The Wall Street Journal]
▶ 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]
Stock chart of GTN-A Financial statements of GTN-A Annual reports 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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