Intrinsic value of McClatchy Cl A - MNI

Previous Close

$8.66

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-45%

Previous close

$8.66

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-45%

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

We calculate the intrinsic value of MNI 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 0.1

 

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, %
  -7.57
  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
  977
  997
  1,019
  1,046
  1,075
  1,108
  1,143
  1,182
  1,225
  1,270
  1,319
  1,371
  1,426
  1,486
  1,549
  1,615
  1,686
  1,761
  1,840
  1,924
  2,013
  2,106
  2,204
  2,308
  2,417
  2,532
  2,653
  2,781
  2,915
  3,056
  3,205
Variable operating expenses, $m
 
  1,225
  1,252
  1,282
  1,316
  1,354
  1,396
  1,441
  1,490
  1,542
  1,599
  1,589
  1,653
  1,722
  1,795
  1,872
  1,954
  2,041
  2,133
  2,230
  2,332
  2,440
  2,554
  2,675
  2,801
  2,934
  3,075
  3,223
  3,378
  3,542
  3,714
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
  954
  1,225
  1,252
  1,282
  1,316
  1,354
  1,396
  1,441
  1,490
  1,542
  1,599
  1,589
  1,653
  1,722
  1,795
  1,872
  1,954
  2,041
  2,133
  2,230
  2,332
  2,440
  2,554
  2,675
  2,801
  2,934
  3,075
  3,223
  3,378
  3,542
  3,714
Operating income, $m
  23
  -229
  -232
  -237
  -241
  -246
  -252
  -258
  -265
  -272
  -280
  -218
  -227
  -236
  -246
  -257
  -268
  -280
  -292
  -306
  -320
  -334
  -350
  -367
  -384
  -402
  -421
  -442
  -463
  -485
  -509
EBITDA, $m
  112
  -115
  -117
  -120
  -124
  -127
  -132
  -136
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -221
  -232
  -242
  -254
  -266
  -278
  -291
  -305
  -320
  -335
  -352
  -369
Interest expense (income), $m
  73
  70
  67
  70
  74
  78
  82
  87
  93
  99
  105
  112
  119
  127
  135
  144
  154
  164
  174
  185
  197
  209
  222
  236
  251
  266
  282
  299
  317
  336
  356
Earnings before tax, $m
  -47
  -299
  -299
  -307
  -315
  -324
  -335
  -346
  -358
  -371
  -385
  -330
  -346
  -363
  -381
  -401
  -421
  -443
  -466
  -491
  -517
  -544
  -572
  -603
  -635
  -668
  -704
  -741
  -780
  -821
  -865
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -34
  -299
  -299
  -307
  -315
  -324
  -335
  -346
  -358
  -371
  -385
  -330
  -346
  -363
  -381
  -401
  -421
  -443
  -466
  -491
  -517
  -544
  -572
  -603
  -635
  -668
  -704
  -741
  -780
  -821
  -865

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  1,837
  1,870
  1,913
  1,962
  2,017
  2,078
  2,145
  2,218
  2,297
  2,383
  2,474
  2,572
  2,676
  2,787
  2,906
  3,031
  3,164
  3,304
  3,453
  3,610
  3,776
  3,951
  4,136
  4,330
  4,535
  4,751
  4,978
  5,218
  5,469
  5,734
  6,013
Adjusted assets (=assets-cash), $m
  1,832
  1,870
  1,913
  1,962
  2,017
  2,078
  2,145
  2,218
  2,297
  2,383
  2,474
  2,572
  2,676
  2,787
  2,906
  3,031
  3,164
  3,304
  3,453
  3,610
  3,776
  3,951
  4,136
  4,330
  4,535
  4,751
  4,978
  5,218
  5,469
  5,734
  6,013
Revenue / Adjusted assets
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
Average production assets, $m
  655
  668
  683
  701
  720
  742
  766
  792
  820
  851
  884
  918
  956
  995
  1,038
  1,082
  1,130
  1,180
  1,233
  1,289
  1,348
  1,411
  1,477
  1,546
  1,620
  1,697
  1,778
  1,863
  1,953
  2,048
  2,147
Working capital, $m
  -22
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
Total debt, $m
  846
  806
  844
  889
  938
  993
  1,054
  1,119
  1,191
  1,267
  1,350
  1,438
  1,532
  1,632
  1,738
  1,851
  1,970
  2,097
  2,231
  2,372
  2,521
  2,679
  2,845
  3,020
  3,205
  3,399
  3,603
  3,819
  4,045
  4,284
  4,535
Total liabilities, $m
  1,723
  1,683
  1,721
  1,766
  1,815
  1,870
  1,931
  1,996
  2,068
  2,144
  2,227
  2,315
  2,409
  2,509
  2,615
  2,728
  2,847
  2,974
  3,108
  3,249
  3,398
  3,556
  3,722
  3,897
  4,082
  4,276
  4,480
  4,696
  4,922
  5,161
  5,412
Total equity, $m
  114
  187
  191
  196
  202
  208
  215
  222
  230
  238
  247
  257
  268
  279
  291
  303
  316
  330
  345
  361
  378
  395
  414
  433
  454
  475
  498
  522
  547
  573
  601
Total liabilities and equity, $m
  1,837
  1,870
  1,912
  1,962
  2,017
  2,078
  2,146
  2,218
  2,298
  2,382
  2,474
  2,572
  2,677
  2,788
  2,906
  3,031
  3,163
  3,304
  3,453
  3,610
  3,776
  3,951
  4,136
  4,330
  4,536
  4,751
  4,978
  5,218
  5,469
  5,734
  6,013
Debt-to-equity ratio
  7.421
  4.310
  4.410
  4.530
  4.650
  4.780
  4.910
  5.050
  5.180
  5.320
  5.460
  5.590
  5.720
  5.850
  5.980
  6.110
  6.230
  6.350
  6.460
  6.570
  6.680
  6.780
  6.880
  6.970
  7.070
  7.150
  7.240
  7.320
  7.400
  7.470
  7.540
Adjusted equity ratio
  0.059
  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
  -34
  -299
  -299
  -307
  -315
  -324
  -335
  -346
  -358
  -371
  -385
  -330
  -346
  -363
  -381
  -401
  -421
  -443
  -466
  -491
  -517
  -544
  -572
  -603
  -635
  -668
  -704
  -741
  -780
  -821
  -865
Depreciation, amort., depletion, $m
  89
  114
  115
  116
  118
  119
  121
  122
  124
  126
  128
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
Funds from operations, $m
  120
  -184
  -184
  -190
  -197
  -205
  -214
  -223
  -234
  -245
  -257
  -270
  -283
  -298
  -314
  -330
  -348
  -366
  -386
  -407
  -428
  -452
  -476
  -502
  -529
  -557
  -587
  -619
  -652
  -687
  -724
Change in working capital, $m
  45
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  75
  -184
  -184
  -190
  -197
  -205
  -214
  -223
  -233
  -244
  -256
  -269
  -283
  -297
  -313
  -329
  -347
  -365
  -385
  -406
  -428
  -451
  -475
  -501
  -528
  -556
  -586
  -618
  -651
  -686
  -723
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
New CAPEX, $m
  -13
  -13
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -99
Cash from investing activities, $m
  -9
  -56
  -59
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -212
  -223
  -233
Free cash flow, $m
  66
  -240
  -243
  -252
  -263
  -274
  -286
  -299
  -313
  -329
  -345
  -362
  -380
  -400
  -420
  -442
  -465
  -489
  -515
  -542
  -571
  -601
  -633
  -667
  -702
  -739
  -778
  -819
  -863
  -908
  -956
Issuance/(repayment) of debt, $m
  -62
  -35
  39
  44
  50
  55
  60
  66
  71
  77
  82
  88
  94
  100
  106
  113
  120
  127
  134
  141
  149
  158
  166
  175
  184
  194
  205
  215
  227
  238
  251
Issuance/(repurchase) of shares, $m
  -8
  372
  304
  312
  321
  330
  341
  353
  366
  380
  394
  340
  356
  374
  393
  413
  435
  457
  481
  506
  533
  561
  591
  622
  655
  690
  726
  765
  805
  848
  892
Cash from financing (excl. dividends), $m  
  -70
  337
  343
  356
  371
  385
  401
  419
  437
  457
  476
  428
  450
  474
  499
  526
  555
  584
  615
  647
  682
  719
  757
  797
  839
  884
  931
  980
  1,032
  1,086
  1,143
Total cash flow (excl. dividends), $m
  -4
  97
  99
  104
  108
  112
  116
  120
  124
  128
  132
  66
  70
  75
  79
  84
  89
  94
  100
  106
  111
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
Retained Cash Flow (-), $m
  79
  -372
  -304
  -312
  -321
  -330
  -341
  -353
  -366
  -380
  -394
  -340
  -356
  -374
  -393
  -413
  -435
  -457
  -481
  -506
  -533
  -561
  -591
  -622
  -655
  -690
  -726
  -765
  -805
  -848
  -892
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
 
  -275
  -204
  -208
  -213
  -219
  -226
  -234
  -242
  -252
  -262
  -274
  -286
  -300
  -314
  -329
  -346
  -363
  -381
  -401
  -422
  -444
  -467
  -492
  -517
  -545
  -574
  -604
  -636
  -670
  -705
Discount rate, %
 
  13.80
  14.49
  15.21
  15.98
  16.77
  17.61
  18.49
  19.42
  20.39
  21.41
  22.48
  23.60
  24.78
  26.02
  27.32
  28.69
  30.12
  31.63
  33.21
  34.87
  36.62
  38.45
  40.37
  42.39
  44.51
  46.73
  49.07
  51.52
  54.10
  56.80
PV of cash for distribution, $m
 
  -242
  -156
  -136
  -118
  -101
  -85
  -71
  -59
  -47
  -38
  -29
  -23
  -17
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  17.7
  5.3
  1.6
  0.5
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company's segments include Western Segment and Eastern Segment. Its Western Segment consists of its newspaper operations in California, the Northwest and the Midwest. The Company's Eastern Segment consists primarily of newspaper operations in the Southeast and Florida. The Company operates 30 media companies in 29 United States markets in 14 states, providing each of these communities with news and advertising services in a range of digital and print formats. The Company's operations include approximately 30 local media businesses United States that consist of daily newspapers, Websites and mobile applications, publications, direct marketing, direct mail services and community newspapers.

FINANCIAL RATIOS  of  McClatchy Cl A (MNI)

Valuation Ratios
P/E Ratio -1.9
Price to Sales 0.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 0.9
Price to Free Cash Flow 1.1
Growth Rates
Sales Growth Rate -7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.6%
Cap. Spend. - 3 Yr. Gr. Rate -17%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 727.2%
Total Debt to Equity 742.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -3.3%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -2.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 91.9%
Gross Margin - 3 Yr. Avg. 90.9%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 2.4%
Oper. Margin - 3 Yr. Avg. -6.6%
Pre-Tax Margin -4.8%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin -3.5%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 23.2%
Payout Ratio 0%

MNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNI stock intrinsic value calculation we used $977 million for the last fiscal year's total revenue generated by McClatchy Cl A. The default revenue input number comes from 2016 income statement of McClatchy 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 MNI 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 13.8%, whose default value for MNI is calculated based on our internal credit rating of McClatchy 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 McClatchy 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 MNI stock the variable cost ratio is equal to 123.1%.

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 MNI 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 8.3% for McClatchy Cl A.

Corporate tax rate of 27% is the nominal tax rate for McClatchy 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 MNI 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 MNI are equal to 67%.

Life of production assets of 15.3 years is the average useful life of capital assets used in McClatchy 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 MNI is equal to -1%. 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 - $114 million for McClatchy 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 8.387 million for McClatchy 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 McClatchy Cl A at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ McClatchy reports 3Q loss   [09:40AM  Associated Press]
▶ Publishing Industry Outlook - October 2017   [Oct-13-17 01:32PM  Zacks]
▶ Is It Too Late To Buy The McClatchy Company (MNI)?   [Sep-13-17 08:01PM  Simply Wall St.]
▶ McClatchy completes property deals in Sacramento, Kansas City   [Sep-07-17 02:32PM  American City Business Journals]
▶ Shares of news publisher McClatchy gain as much as 12%   [Aug-24-17 03:13PM  MarketWatch]
▶ ETFs with exposure to The McClatchy Co. : August 21, 2017   [Aug-21-17 04:40PM  Capital Cube]
▶ McClatchy reports 2Q loss   [Jul-21-17 08:55PM  Associated Press]
▶ Anjali Joshi Named To McClatchy's Board Of Directors   [Jul-11-17 11:00AM  PR Newswire]
▶ McClatchy selling most of its stake in CareerBuilder   [Jun-19-17 08:10PM  American City Business Journals]
▶ Newsroom layoffs hit Sacramento Bee   [May-22-17 07:15PM  American City Business Journals]
▶ McClatchy Holds 2017 Annual Meeting Of Shareholders   [May-17-17 04:52PM  PR Newswire]
▶ ETFs with exposure to The McClatchy Co. : May 11, 2017   [May-11-17 05:07PM  Capital Cube]
▶ Yates: Flynn was vulnerable to Russian blackmail   [May-08-17 10:49PM  CBS News Videos]
▶ Executive who led a turnaround at St. Pete's Poynter Institute resigns   [01:05PM  American City Business Journals]
▶ 5 things to know, and a new downtown eatery to try today   [May-05-17 09:55AM  American City Business Journals]
▶ McClatchy writes down value of stake in CareerBuilder by $123 million   [May-04-17 10:30PM  American City Business Journals]
▶ McClatchy reports 1Q loss   [09:19AM  Associated Press]
▶ Medical Society selects new executive director   [Apr-27-17 02:05PM  American City Business Journals]
▶ Sacramento Bee publisher retires amid McClatchy corporate restructuring   [04:00PM  American City Business Journals]
▶ Sale-leaseback listing puts price on KC Star properties   [Mar-13-17 02:09PM  at bizjournals.com]
▶ With train station work completed, city hoping for tenants   [Feb-23-17 08:44PM  at bizjournals.com]
▶ McClatchy plans video lab in train station   [11:34AM  at bizjournals.com]
▶ McClatchy To Present At J.P. Morgan Conference   [Feb-21-17 04:06PM  PR Newswire]
Financial statements of MNI
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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