Intrinsic value of Meredith - MDP

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$54.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.25

 
Intrinsic value

$56.18

 
Up/down potential

+4%

 
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 2.4

 

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
  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
  1,650
  1,683
  1,722
  1,766
  1,816
  1,871
  1,931
  1,997
  2,068
  2,145
  2,227
  2,315
  2,409
  2,509
  2,615
  2,728
  2,848
  2,974
  3,108
  3,250
  3,399
  3,556
  3,723
  3,898
  4,082
  4,277
  4,481
  4,697
  4,923
  5,162
  5,412
Variable operating expenses, $m
 
  1,425
  1,456
  1,491
  1,531
  1,575
  1,623
  1,675
  1,731
  1,792
  1,858
  1,839
  1,914
  1,993
  2,078
  2,168
  2,263
  2,363
  2,469
  2,582
  2,700
  2,826
  2,958
  3,097
  3,243
  3,398
  3,560
  3,731
  3,911
  4,101
  4,300
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
  1,425
  1,456
  1,491
  1,531
  1,575
  1,623
  1,675
  1,731
  1,792
  1,858
  1,839
  1,914
  1,993
  2,078
  2,168
  2,263
  2,363
  2,469
  2,582
  2,700
  2,826
  2,958
  3,097
  3,243
  3,398
  3,560
  3,731
  3,911
  4,101
  4,300
Operating income, $m
  131
  258
  266
  275
  285
  296
  309
  322
  337
  352
  369
  476
  495
  516
  538
  561
  585
  611
  639
  668
  699
  731
  765
  801
  839
  879
  921
  965
  1,012
  1,061
  1,112
EBITDA, $m
  190
  385
  394
  404
  415
  428
  442
  457
  473
  491
  509
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,181
  1,238
Interest expense (income), $m
  20
  23
  25
  26
  28
  29
  31
  34
  36
  39
  41
  44
  48
  51
  55
  58
  63
  67
  72
  76
  82
  87
  93
  99
  105
  112
  119
  126
  134
  142
  151
Earnings before tax, $m
  110
  234
  241
  249
  257
  267
  277
  288
  301
  314
  328
  431
  448
  465
  483
  502
  523
  544
  567
  591
  617
  644
  672
  702
  734
  767
  802
  839
  878
  919
  961
Tax expense, $m
  76
  63
  65
  67
  69
  72
  75
  78
  81
  85
  89
  116
  121
  125
  130
  136
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
Net income, $m
  34
  171
  176
  181
  188
  195
  202
  211
  220
  229
  239
  315
  327
  339
  353
  367
  382
  397
  414
  432
  450
  470
  491
  513
  536
  560
  586
  612
  641
  671
  702

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
  2,655
  2,716
  2,785
  2,864
  2,951
  3,046
  3,150
  3,262
  3,383
  3,513
  3,652
  3,800
  3,958
  4,125
  4,303
  4,492
  4,691
  4,903
  5,126
  5,361
  5,610
  5,872
  6,148
  6,439
  6,745
  7,068
  7,408
  7,765
  8,141
  8,537
Adjusted assets (=assets-cash), $m
  2,602
  2,655
  2,716
  2,785
  2,864
  2,951
  3,046
  3,150
  3,262
  3,383
  3,513
  3,652
  3,800
  3,958
  4,125
  4,303
  4,492
  4,691
  4,903
  5,126
  5,361
  5,610
  5,872
  6,148
  6,439
  6,745
  7,068
  7,408
  7,765
  8,141
  8,537
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
  1,171
  1,198
  1,229
  1,264
  1,302
  1,344
  1,390
  1,439
  1,493
  1,550
  1,611
  1,677
  1,746
  1,820
  1,899
  1,982
  2,070
  2,163
  2,262
  2,366
  2,475
  2,591
  2,713
  2,841
  2,977
  3,119
  3,269
  3,427
  3,593
  3,767
Working capital, $m
  3
  54
  55
  57
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
Total debt, $m
  694
  703
  743
  789
  840
  897
  960
  1,028
  1,102
  1,182
  1,267
  1,359
  1,456
  1,560
  1,670
  1,788
  1,912
  2,043
  2,182
  2,329
  2,484
  2,647
  2,820
  3,001
  3,193
  3,394
  3,607
  3,830
  4,066
  4,313
  4,573
Total liabilities, $m
  1,738
  1,747
  1,787
  1,833
  1,884
  1,941
  2,004
  2,072
  2,146
  2,226
  2,311
  2,403
  2,500
  2,604
  2,714
  2,832
  2,956
  3,087
  3,226
  3,373
  3,528
  3,691
  3,864
  4,045
  4,237
  4,438
  4,651
  4,874
  5,110
  5,357
  5,617
Total equity, $m
  889
  908
  929
  953
  979
  1,009
  1,042
  1,077
  1,116
  1,157
  1,201
  1,249
  1,300
  1,353
  1,411
  1,472
  1,536
  1,604
  1,677
  1,753
  1,833
  1,918
  2,008
  2,103
  2,202
  2,307
  2,417
  2,533
  2,656
  2,784
  2,920
Total liabilities and equity, $m
  2,627
  2,655
  2,716
  2,786
  2,863
  2,950
  3,046
  3,149
  3,262
  3,383
  3,512
  3,652
  3,800
  3,957
  4,125
  4,304
  4,492
  4,691
  4,903
  5,126
  5,361
  5,609
  5,872
  6,148
  6,439
  6,745
  7,068
  7,407
  7,766
  8,141
  8,537
Debt-to-equity ratio
  0.781
  0.770
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.990
  1.020
  1.050
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.400
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
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
  171
  176
  181
  188
  195
  202
  211
  220
  229
  239
  315
  327
  339
  353
  367
  382
  397
  414
  432
  450
  470
  491
  513
  536
  560
  586
  612
  641
  671
  702
Depreciation, amort., depletion, $m
  59
  127
  128
  129
  130
  132
  133
  135
  136
  138
  140
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  83
  86
  90
  95
  99
  104
  109
  114
  120
  126
Funds from operations, $m
  185
  298
  304
  311
  318
  326
  335
  345
  356
  367
  379
  369
  383
  397
  413
  430
  448
  466
  486
  507
  529
  553
  577
  603
  630
  659
  690
  721
  755
  790
  827
Change in working capital, $m
  -42
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  227
  258
  303
  309
  317
  325
  333
  343
  354
  365
  377
  366
  380
  394
  410
  426
  444
  462
  482
  503
  525
  548
  572
  598
  625
  653
  683
  715
  748
  783
  819
Maintenance CAPEX, $m
  0
  -38
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
New CAPEX, $m
  -25
  -23
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
Cash from investing activities, $m
  -31
  -61
  -66
  -71
  -76
  -80
  -85
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -140
  -146
  -154
  -162
  -170
  -179
  -189
  -199
  -208
  -218
  -230
  -241
  -254
  -267
  -280
  -295
Free cash flow, $m
  196
  197
  237
  239
  241
  244
  248
  253
  258
  263
  270
  253
  260
  269
  278
  287
  297
  308
  320
  332
  345
  359
  374
  389
  406
  423
  441
  461
  481
  502
  525
Issuance/(repayment) of debt, $m
  -100
  34
  40
  46
  52
  57
  63
  68
  74
  80
  85
  91
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
  172
  182
  192
  202
  212
  224
  235
  247
  260
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
  34
  40
  46
  52
  57
  63
  68
  74
  80
  85
  91
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
  172
  182
  192
  202
  212
  224
  235
  247
  260
Total cash flow (excl. dividends), $m
  88
  230
  277
  285
  293
  301
  311
  321
  332
  343
  355
  344
  358
  373
  388
  404
  421
  440
  459
  479
  500
  523
  546
  571
  597
  625
  654
  684
  716
  750
  785
Retained Cash Flow (-), $m
  63
  -19
  -21
  -24
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -94
  -100
  -105
  -110
  -116
  -122
  -129
  -135
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
 
  211
  256
  261
  266
  272
  278
  285
  293
  302
  311
  297
  307
  319
  331
  343
  357
  371
  386
  403
  420
  438
  457
  477
  498
  520
  543
  568
  594
  621
  650
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
 
  199
  227
  215
  203
  191
  179
  166
  153
  140
  128
  106
  95
  84
  74
  64
  54
  46
  38
  31
  25
  20
  15
  12
  9
  6
  4
  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

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 71.1
Price to Sales 1.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 12
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 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 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 44.382 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 $2.4 billion.


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COMPANY NEWS

▶ Top of the Phoenix Lists: Healthiest Employers - Midsize   [May-05-17 10:00AM  American City Business Journals]
▶ ETFs with exposure to Meredith Corp. : May 2, 2017   [May-02-17 04:20PM  Capital Cube]
▶ [$$] Time Inc. Rebuffs Suitors and Decides to Go It Alone   [Apr-28-17 10:50PM  The Wall Street Journal]
▶ [$$] Time Inc turns the page on plans for sale   [07:00PM  Financial Times]
▶ [$$] Time Inc. Rebuffs Suitors and Decides to Go It Alone   [02:32PM  The Wall Street Journal]
▶ Meredith Corp. posts 3Q profit   [08:00AM  Associated Press]
▶ Is Meredith Buying Time Inc or Not?   [Apr-14-17 06:10AM  24/7 Wall St.]
▶ Expect Time Shares to Drop If No Sale Proceeds   [Apr-13-17 02:22PM  TheStreet.com]
▶ Time Inc. Moving Closer to Sale   [Mar-24-17 02:23PM  TheStreet.com]
▶ Is The Market Expensive? Buffett Says No   [Mar-20-17 02:55PM  at Forbes]
▶ Some bidders drop out of auction for Time Inc.   [11:50AM  at bizjournals.com]
▶ [$$] 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]
Stock chart of MDP Financial statements of MDP Annual reports 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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