Intrinsic value of Meredith - MDP

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$64.20

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$64.20

 
Intrinsic value

$73.02

 
Up/down potential

+14%

 
Rating

hold

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

We calculate the intrinsic value of MDP 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 2.9

 

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, %
  3.51
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  1,650
  1,800
  1,957
  2,119
  2,289
  2,465
  2,648
  2,838
  3,035
  3,241
  3,454
  3,676
  3,907
  4,148
  4,398
  4,660
  4,932
  5,216
  5,512
  5,822
  6,145
  6,483
  6,837
  7,206
  7,592
  7,997
  8,420
  8,864
  9,328
  9,814
  10,324
Variable operating expenses, $m
 
  1,518
  1,643
  1,772
  1,907
  2,046
  2,192
  2,343
  2,500
  2,663
  2,832
  2,921
  3,104
  3,295
  3,495
  3,702
  3,918
  4,144
  4,380
  4,626
  4,882
  5,151
  5,432
  5,725
  6,032
  6,353
  6,690
  7,042
  7,411
  7,797
  8,202
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
  1,519
  1,518
  1,643
  1,772
  1,907
  2,046
  2,192
  2,343
  2,500
  2,663
  2,832
  2,921
  3,104
  3,295
  3,495
  3,702
  3,918
  4,144
  4,380
  4,626
  4,882
  5,151
  5,432
  5,725
  6,032
  6,353
  6,690
  7,042
  7,411
  7,797
  8,202
Operating income, $m
  131
  282
  314
  347
  382
  418
  456
  495
  535
  578
  622
  755
  803
  852
  904
  958
  1,014
  1,072
  1,133
  1,197
  1,263
  1,332
  1,405
  1,481
  1,560
  1,643
  1,730
  1,822
  1,917
  2,017
  2,122
EBITDA, $m
  190
  412
  448
  485
  523
  564
  606
  649
  694
  741
  790
  841
  894
  949
  1,006
  1,066
  1,128
  1,193
  1,261
  1,332
  1,406
  1,483
  1,564
  1,648
  1,737
  1,829
  1,926
  2,027
  2,133
  2,245
  2,361
Interest expense (income), $m
  20
  23
  29
  35
  40
  47
  53
  60
  67
  74
  81
  89
  97
  105
  114
  123
  133
  143
  153
  164
  175
  187
  199
  212
  225
  239
  254
  269
  285
  302
  320
Earnings before tax, $m
  110
  258
  285
  313
  342
  372
  403
  435
  469
  504
  540
  667
  706
  747
  790
  834
  881
  929
  980
  1,033
  1,088
  1,146
  1,206
  1,269
  1,335
  1,404
  1,477
  1,552
  1,632
  1,715
  1,802
Tax expense, $m
  76
  70
  77
  84
  92
  100
  109
  118
  127
  136
  146
  180
  191
  202
  213
  225
  238
  251
  265
  279
  294
  309
  326
  343
  360
  379
  399
  419
  441
  463
  486
Net income, $m
  34
  189
  208
  228
  249
  271
  294
  318
  342
  368
  394
  487
  515
  545
  577
  609
  643
  678
  715
  754
  794
  836
  880
  926
  975
  1,025
  1,078
  1,133
  1,191
  1,252
  1,315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  25
  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
  2,627
  2,839
  3,086
  3,343
  3,610
  3,888
  4,176
  4,476
  4,787
  5,111
  5,448
  5,798
  6,163
  6,542
  6,938
  7,350
  7,779
  8,227
  8,695
  9,183
  9,693
  10,226
  10,783
  11,366
  11,975
  12,613
  13,281
  13,980
  14,713
  15,480
  16,284
Adjusted assets (=assets-cash), $m
  2,602
  2,839
  3,086
  3,343
  3,610
  3,888
  4,176
  4,476
  4,787
  5,111
  5,448
  5,798
  6,163
  6,542
  6,938
  7,350
  7,779
  8,227
  8,695
  9,183
  9,693
  10,226
  10,783
  11,366
  11,975
  12,613
  13,281
  13,980
  14,713
  15,480
  16,284
Revenue / Adjusted assets
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
Average production assets, $m
  1,149
  1,253
  1,362
  1,475
  1,593
  1,715
  1,843
  1,975
  2,113
  2,255
  2,404
  2,559
  2,719
  2,887
  3,061
  3,243
  3,433
  3,630
  3,837
  4,052
  4,277
  4,512
  4,758
  5,015
  5,284
  5,566
  5,861
  6,169
  6,492
  6,831
  7,185
Working capital, $m
  3
  58
  63
  68
  73
  79
  85
  91
  97
  104
  111
  118
  125
  133
  141
  149
  158
  167
  176
  186
  197
  207
  219
  231
  243
  256
  269
  284
  298
  314
  330
Total debt, $m
  694
  824
  987
  1,156
  1,331
  1,514
  1,704
  1,901
  2,106
  2,319
  2,541
  2,771
  3,011
  3,261
  3,521
  3,792
  4,075
  4,369
  4,677
  4,998
  5,334
  5,685
  6,051
  6,435
  6,836
  7,256
  7,695
  8,155
  8,637
  9,142
  9,671
Total liabilities, $m
  1,738
  1,868
  2,031
  2,200
  2,375
  2,558
  2,748
  2,945
  3,150
  3,363
  3,585
  3,815
  4,055
  4,305
  4,565
  4,836
  5,119
  5,413
  5,721
  6,042
  6,378
  6,729
  7,095
  7,479
  7,880
  8,300
  8,739
  9,199
  9,681
  10,186
  10,715
Total equity, $m
  889
  971
  1,055
  1,143
  1,235
  1,330
  1,428
  1,531
  1,637
  1,748
  1,863
  1,983
  2,108
  2,237
  2,373
  2,514
  2,660
  2,814
  2,974
  3,141
  3,315
  3,497
  3,688
  3,887
  4,096
  4,314
  4,542
  4,781
  5,032
  5,294
  5,569
Total liabilities and equity, $m
  2,627
  2,839
  3,086
  3,343
  3,610
  3,888
  4,176
  4,476
  4,787
  5,111
  5,448
  5,798
  6,163
  6,542
  6,938
  7,350
  7,779
  8,227
  8,695
  9,183
  9,693
  10,226
  10,783
  11,366
  11,976
  12,614
  13,281
  13,980
  14,713
  15,480
  16,284
Debt-to-equity ratio
  0.781
  0.850
  0.930
  1.010
  1.080
  1.140
  1.190
  1.240
  1.290
  1.330
  1.360
  1.400
  1.430
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.660
  1.670
  1.680
  1.690
  1.710
  1.720
  1.730
  1.740
Adjusted equity ratio
  0.332
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  189
  208
  228
  249
  271
  294
  318
  342
  368
  394
  487
  515
  545
  577
  609
  643
  678
  715
  754
  794
  836
  880
  926
  975
  1,025
  1,078
  1,133
  1,191
  1,252
  1,315
Depreciation, amort., depletion, $m
  59
  130
  134
  137
  141
  145
  150
  154
  159
  163
  168
  85
  91
  96
  102
  108
  114
  121
  128
  135
  143
  150
  159
  167
  176
  186
  195
  206
  216
  228
  240
Funds from operations, $m
  185
  319
  342
  366
  391
  417
  444
  472
  501
  531
  563
  572
  606
  642
  679
  717
  757
  799
  843
  889
  937
  987
  1,039
  1,094
  1,151
  1,211
  1,273
  1,339
  1,407
  1,479
  1,555
Change in working capital, $m
  -42
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
Cash from operations, $m
  227
  274
  337
  361
  385
  411
  438
  466
  495
  525
  556
  565
  599
  634
  671
  709
  749
  790
  834
  879
  926
  976
  1,028
  1,082
  1,138
  1,198
  1,260
  1,325
  1,393
  1,464
  1,539
Maintenance CAPEX, $m
  0
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -228
New CAPEX, $m
  -25
  -104
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -246
  -257
  -269
  -281
  -295
  -309
  -323
  -339
  -355
Cash from investing activities, $m
  -31
  -142
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -246
  -258
  -270
  -284
  -298
  -312
  -327
  -343
  -360
  -378
  -396
  -416
  -436
  -457
  -481
  -504
  -529
  -555
  -583
Free cash flow, $m
  196
  132
  186
  202
  218
  236
  253
  272
  291
  311
  332
  330
  352
  376
  400
  425
  451
  478
  506
  536
  566
  598
  631
  666
  702
  740
  779
  821
  864
  909
  956
Issuance/(repayment) of debt, $m
  -100
  155
  162
  169
  176
  183
  190
  197
  205
  213
  222
  230
  240
  250
  260
  271
  283
  295
  308
  321
  336
  351
  367
  383
  401
  420
  439
  460
  482
  505
  529
Issuance/(repurchase) of shares, $m
  -10
  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  
  -107
  155
  162
  169
  176
  183
  190
  197
  205
  213
  222
  230
  240
  250
  260
  271
  283
  295
  308
  321
  336
  351
  367
  383
  401
  420
  439
  460
  482
  505
  529
Total cash flow (excl. dividends), $m
  88
  287
  348
  371
  394
  418
  443
  469
  496
  525
  554
  561
  592
  625
  660
  696
  734
  773
  814
  857
  902
  949
  998
  1,050
  1,103
  1,160
  1,219
  1,281
  1,346
  1,414
  1,485
Retained Cash Flow (-), $m
  63
  -82
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -191
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
Prev. year cash balance distribution, $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 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
 
  205
  264
  283
  303
  323
  345
  367
  390
  414
  439
  441
  468
  496
  525
  555
  587
  620
  654
  690
  728
  767
  808
  850
  895
  942
  991
  1,042
  1,095
  1,151
  1,210
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  193
  234
  234
  231
  227
  221
  213
  204
  193
  180
  158
  145
  131
  117
  103
  89
  76
  64
  53
  43
  34
  27
  21
  15
  11
  8
  6
  4
  3
  2
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

Meredith Corporation operates as a diversified media company that focuses primarily on the home and family marketplace in the United States. It operates in two segments, Local Media and National Media. The Local Media segment consists of 16 owned television stations, such as 7 CBS affiliates, 5 FOX affiliates, 2 MyNetworkTV affiliates, 1 NBC affiliate, 1 ABC affiliate, and 1 independent station, as well as 1 operated television station. This segment also includes 13 Websites, 13 mobile-optimized Websites, and approximately 40 applications focused on news, sports, and weather-related information. The National Media segment publishes magazines for women. This segment publishes approximately 20 subscription magazines that include Better Homes and Gardens, Parents, Family Circle, Allrecipes, Rachael Ray Every Day, Martha Stewart Living, Shape, and FamilyFun, as well as approximately 140 special interest publications under approximately 90 titles. Its portfolio also includes approximately 50 Websites, 30 mobile-optimized Websites, and 15 applications. In addition, this segment offers digital and customer relationship marketing services, such as specialized marketing products and services to America's companies. Further, it is involved in the provision of a consumer database, as well as custom content; and brand licensing activities and other related operations. The company was founded in 1902 and is headquartered in Des Moines, Iowa.

FINANCIAL RATIOS  of  Meredith (MDP)

Valuation Ratios
P/E Ratio 84.1
Price to Sales 1.7
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.2%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 69.6%
Total Debt to Equity 78.1%
Interest Coverage 7
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 62.3%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 7.9%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 10.8%
Net Profit Margin 2.1%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 69.1%
Eff/ Tax Rate - 3 Yr. Avg. 47.4%
Payout Ratio 252.9%

MDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDP stock intrinsic value calculation we used $1650 million for the last fiscal year's total revenue generated by Meredith. The default revenue input number comes from 2016 income statement of Meredith. 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 MDP stock valuation model: a) initial revenue growth rate of 9.1% 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 6%, whose default value for MDP is calculated based on our internal credit rating of Meredith, 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 Meredith.
    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 MDP stock the variable cost ratio is equal to 84.8%.

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 MDP 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 3.5% for Meredith.

Corporate tax rate of 27% is the nominal tax rate for Meredith. 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 MDP 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 MDP are equal to 69.6%.

Life of production assets of 35.4 years is the average useful life of capital assets used in Meredith 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 MDP is equal to 3.2%. 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 - $889 million for Meredith - 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 44.427 million for Meredith 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 Meredith at the current share price and the inputted number of shares is $2.9 billion.


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COMPANY NEWS

▶ Is Meredith Buying Time Inc or Not?   [Apr-14-17 06:10AM  24/7 Wall St.]
▶ Expect Time Shares to Drop If No Sale Proceeds   [Apr-13-17 02:22PM  TheStreet.com]
▶ Time Inc. Moving Closer to Sale   [Mar-24-17 02:23PM  TheStreet.com]
▶ Is The Market Expensive? Buffett Says No   [Mar-20-17 02:55PM  at Forbes]
▶ Some bidders drop out of auction for Time Inc.   [11:50AM  at bizjournals.com]
▶ [$$] FCC Chairman Doesn't Expect to Review AT&T-Time Warner   [Feb-27-17 11:47AM  at The Wall Street Journal]
▶ [$$] Time Inc looks to sell services to 30m subscribers   [Feb-20-17 09:16AM  at Financial Times]
▶ [$$] Meredith, Bronfman Move Forward in Effort to Acquire Time Inc.   [Feb-08-17 12:59AM  at The Wall Street Journal]
▶ Meredith taking another run at buying Time Inc.   [Feb-07-17 09:00PM  at bizjournals.com]
▶ [$$] Betting on the Dogs of the S&P 500   [Feb-04-17 12:01AM  at Barrons.com]
▶ Meredith Is Right on Time   [04:51PM  at Bloomberg]
▶ A Time sale process gives Meredith a second shot at a deal   [Dec-12-16 11:20AM  at bizjournals.com]
▶ Is Meredith Corporation (MDP) a Good Stock to Buy?   [Dec-10-16 12:39PM  at Insider Monkey]
▶ Do Hedge Funds Love PBF Energy Inc (PBF)?   [Nov-28-16 01:22PM  at Insider Monkey]
Stock chart of MDP Financial statements of MDP
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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