Intrinsic value of Sinclair Broadcast Group Cl A - SBGI

Previous Close

$29.20

  Intrinsic Value

$72.88

stock screener

  Rating & Target

str. buy

+150%

  Value-price divergence*

+217%

Previous close

$29.20

 
Intrinsic value

$72.88

 
Up/down potential

+150%

 
Rating

str. buy

 
Value-price divergence*

+217%

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

We calculate the intrinsic value of SBGI 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 2.6

 

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, %
  23.34
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  2,737
  3,074
  3,429
  3,804
  4,196
  4,607
  5,036
  5,483
  5,949
  6,433
  6,936
  7,460
  8,004
  8,569
  9,156
  9,767
  10,402
  11,063
  11,751
  12,467
  13,214
  13,992
  14,803
  15,649
  16,533
  17,456
  18,420
  19,428
  20,482
  21,584
  22,738
Variable operating expenses, $m
 
  2,124
  2,347
  2,581
  2,827
  3,084
  3,353
  3,633
  3,924
  4,228
  4,543
  4,672
  5,012
  5,366
  5,734
  6,117
  6,514
  6,928
  7,359
  7,808
  8,275
  8,762
  9,270
  9,801
  10,354
  10,932
  11,536
  12,167
  12,827
  13,517
  14,240
Fixed operating expenses, $m
 
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  338
  346
  355
  364
  373
  382
  391
  401
  411
  422
  432
  443
  454
  465
  477
  489
  501
  514
  526
Total operating expenses, $m
  2,158
  2,381
  2,611
  2,851
  3,104
  3,368
  3,644
  3,931
  4,230
  4,541
  4,864
  5,001
  5,350
  5,712
  6,089
  6,481
  6,887
  7,310
  7,750
  8,209
  8,686
  9,184
  9,702
  10,244
  10,808
  11,397
  12,013
  12,656
  13,328
  14,031
  14,766
Operating income, $m
  579
  692
  819
  952
  1,092
  1,239
  1,392
  1,552
  1,718
  1,892
  2,072
  2,459
  2,654
  2,857
  3,067
  3,287
  3,515
  3,753
  4,000
  4,258
  4,527
  4,808
  5,100
  5,406
  5,725
  6,059
  6,408
  6,772
  7,154
  7,553
  7,972
EBITDA, $m
  862
  1,076
  1,224
  1,379
  1,543
  1,714
  1,893
  2,080
  2,274
  2,476
  2,687
  2,906
  3,134
  3,370
  3,616
  3,872
  4,139
  4,416
  4,705
  5,006
  5,319
  5,646
  5,988
  6,344
  6,716
  7,105
  7,512
  7,937
  8,382
  8,847
  9,335
Interest expense (income), $m
  191
  198
  228
  261
  294
  330
  367
  405
  446
  488
  531
  577
  624
  673
  724
  777
  832
  889
  949
  1,011
  1,076
  1,143
  1,213
  1,286
  1,363
  1,442
  1,526
  1,613
  1,704
  1,799
  1,898
Earnings before tax, $m
  373
  494
  590
  692
  798
  909
  1,025
  1,146
  1,273
  1,404
  1,541
  1,882
  2,030
  2,183
  2,343
  2,510
  2,683
  2,863
  3,051
  3,247
  3,452
  3,665
  3,887
  4,120
  4,362
  4,616
  4,882
  5,160
  5,450
  5,755
  6,074
Tax expense, $m
  122
  133
  159
  187
  215
  245
  277
  310
  344
  379
  416
  508
  548
  590
  633
  678
  724
  773
  824
  877
  932
  989
  1,050
  1,112
  1,178
  1,246
  1,318
  1,393
  1,472
  1,554
  1,640
Net income, $m
  245
  361
  431
  505
  582
  664
  748
  837
  929
  1,025
  1,125
  1,374
  1,482
  1,594
  1,711
  1,832
  1,959
  2,090
  2,227
  2,370
  2,520
  2,675
  2,838
  3,007
  3,185
  3,370
  3,564
  3,767
  3,979
  4,201
  4,434

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  260
  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
  5,963
  6,696
  7,471
  8,287
  9,142
  10,037
  10,971
  11,945
  12,960
  14,015
  15,112
  16,252
  17,437
  18,669
  19,949
  21,279
  22,663
  24,103
  25,601
  27,162
  28,788
  30,483
  32,250
  34,095
  36,020
  38,031
  40,131
  42,327
  44,623
  47,025
  49,538
Adjusted assets (=assets-cash), $m
  5,703
  6,696
  7,471
  8,287
  9,142
  10,037
  10,971
  11,945
  12,960
  14,015
  15,112
  16,252
  17,437
  18,669
  19,949
  21,279
  22,663
  24,103
  25,601
  27,162
  28,788
  30,483
  32,250
  34,095
  36,020
  38,031
  40,131
  42,327
  44,623
  47,025
  49,538
Revenue / Adjusted assets
  0.480
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
Average production assets, $m
  2,724
  3,058
  3,412
  3,784
  4,175
  4,584
  5,011
  5,456
  5,919
  6,401
  6,902
  7,423
  7,964
  8,526
  9,111
  9,718
  10,350
  11,008
  11,692
  12,405
  13,147
  13,922
  14,729
  15,571
  16,450
  17,369
  18,328
  19,331
  20,380
  21,477
  22,624
Working capital, $m
  269
  329
  367
  407
  449
  493
  539
  587
  636
  688
  742
  798
  856
  917
  980
  1,045
  1,113
  1,184
  1,257
  1,334
  1,414
  1,497
  1,584
  1,674
  1,769
  1,868
  1,971
  2,079
  2,192
  2,310
  2,433
Total debt, $m
  4,314
  4,966
  5,663
  6,397
  7,167
  7,972
  8,813
  9,690
  10,603
  11,553
  12,540
  13,566
  14,633
  15,741
  16,893
  18,090
  19,336
  20,631
  21,980
  23,385
  24,848
  26,373
  27,964
  29,624
  31,357
  33,167
  35,057
  37,034
  39,100
  41,261
  43,523
Total liabilities, $m
  5,375
  6,027
  6,724
  7,458
  8,228
  9,033
  9,874
  10,751
  11,664
  12,614
  13,601
  14,627
  15,694
  16,802
  17,954
  19,151
  20,397
  21,692
  23,041
  24,446
  25,909
  27,434
  29,025
  30,685
  32,418
  34,228
  36,118
  38,095
  40,161
  42,322
  44,584
Total equity, $m
  588
  670
  747
  829
  914
  1,004
  1,097
  1,195
  1,296
  1,402
  1,511
  1,625
  1,744
  1,867
  1,995
  2,128
  2,266
  2,410
  2,560
  2,716
  2,879
  3,048
  3,225
  3,409
  3,602
  3,803
  4,013
  4,233
  4,462
  4,702
  4,954
Total liabilities and equity, $m
  5,963
  6,697
  7,471
  8,287
  9,142
  10,037
  10,971
  11,946
  12,960
  14,016
  15,112
  16,252
  17,438
  18,669
  19,949
  21,279
  22,663
  24,102
  25,601
  27,162
  28,788
  30,482
  32,250
  34,094
  36,020
  38,031
  40,131
  42,328
  44,623
  47,024
  49,538
Debt-to-equity ratio
  7.337
  7.420
  7.580
  7.720
  7.840
  7.940
  8.030
  8.110
  8.180
  8.240
  8.300
  8.350
  8.390
  8.430
  8.470
  8.500
  8.530
  8.560
  8.590
  8.610
  8.630
  8.650
  8.670
  8.690
  8.710
  8.720
  8.740
  8.750
  8.760
  8.770
  8.790
Adjusted equity ratio
  0.058
  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
  245
  361
  431
  505
  582
  664
  748
  837
  929
  1,025
  1,125
  1,374
  1,482
  1,594
  1,711
  1,832
  1,959
  2,090
  2,227
  2,370
  2,520
  2,675
  2,838
  3,007
  3,185
  3,370
  3,564
  3,767
  3,979
  4,201
  4,434
Depreciation, amort., depletion, $m
  283
  383
  405
  427
  451
  475
  501
  528
  556
  585
  615
  447
  480
  514
  549
  585
  624
  663
  704
  747
  792
  839
  887
  938
  991
  1,046
  1,104
  1,165
  1,228
  1,294
  1,363
Funds from operations, $m
  502
  744
  836
  932
  1,033
  1,139
  1,249
  1,365
  1,485
  1,610
  1,740
  1,821
  1,961
  2,108
  2,260
  2,418
  2,582
  2,753
  2,932
  3,118
  3,312
  3,514
  3,725
  3,945
  4,176
  4,416
  4,668
  4,931
  5,206
  5,495
  5,797
Change in working capital, $m
  -90
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  123
Cash from operations, $m
  592
  708
  798
  892
  991
  1,095
  1,203
  1,317
  1,435
  1,558
  1,686
  1,765
  1,903
  2,047
  2,197
  2,352
  2,514
  2,683
  2,858
  3,041
  3,232
  3,431
  3,638
  3,855
  4,081
  4,317
  4,565
  4,823
  5,094
  5,377
  5,673
Maintenance CAPEX, $m
  0
  -164
  -184
  -206
  -228
  -252
  -276
  -302
  -329
  -357
  -386
  -416
  -447
  -480
  -514
  -549
  -585
  -624
  -663
  -704
  -747
  -792
  -839
  -887
  -938
  -991
  -1,046
  -1,104
  -1,165
  -1,228
  -1,294
New CAPEX, $m
  -135
  -334
  -354
  -372
  -391
  -409
  -427
  -445
  -463
  -482
  -501
  -521
  -541
  -562
  -585
  -608
  -632
  -658
  -684
  -713
  -743
  -774
  -807
  -842
  -879
  -918
  -959
  -1,003
  -1,049
  -1,097
  -1,148
Cash from investing activities, $m
  -606
  -498
  -538
  -578
  -619
  -661
  -703
  -747
  -792
  -839
  -887
  -937
  -988
  -1,042
  -1,099
  -1,157
  -1,217
  -1,282
  -1,347
  -1,417
  -1,490
  -1,566
  -1,646
  -1,729
  -1,817
  -1,909
  -2,005
  -2,107
  -2,214
  -2,325
  -2,442
Free cash flow, $m
  -14
  210
  260
  314
  372
  435
  501
  570
  643
  719
  799
  828
  915
  1,005
  1,099
  1,196
  1,297
  1,402
  1,511
  1,624
  1,742
  1,865
  1,992
  2,125
  2,264
  2,408
  2,559
  2,716
  2,881
  3,052
  3,232
Issuance/(repayment) of debt, $m
  354
  652
  697
  734
  770
  805
  841
  877
  913
  950
  987
  1,026
  1,066
  1,108
  1,152
  1,198
  1,245
  1,296
  1,349
  1,405
  1,463
  1,525
  1,591
  1,660
  1,733
  1,810
  1,891
  1,976
  2,066
  2,161
  2,262
Issuance/(repurchase) of shares, $m
  -136
  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  
  190
  652
  697
  734
  770
  805
  841
  877
  913
  950
  987
  1,026
  1,066
  1,108
  1,152
  1,198
  1,245
  1,296
  1,349
  1,405
  1,463
  1,525
  1,591
  1,660
  1,733
  1,810
  1,891
  1,976
  2,066
  2,161
  2,262
Total cash flow (excl. dividends), $m
  176
  861
  957
  1,048
  1,142
  1,240
  1,342
  1,447
  1,556
  1,669
  1,786
  1,855
  1,981
  2,113
  2,250
  2,393
  2,542
  2,697
  2,859
  3,029
  3,205
  3,390
  3,583
  3,785
  3,996
  4,218
  4,450
  4,693
  4,947
  5,214
  5,493
Retained Cash Flow (-), $m
  -62
  -82
  -77
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -169
  -177
  -184
  -193
  -201
  -210
  -220
  -230
  -240
  -251
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
 
  780
  879
  966
  1,057
  1,151
  1,248
  1,349
  1,454
  1,563
  1,677
  1,741
  1,863
  1,990
  2,122
  2,260
  2,404
  2,553
  2,710
  2,872
  3,043
  3,220
  3,406
  3,601
  3,804
  4,017
  4,240
  4,473
  4,717
  4,974
  5,242
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  699
  699
  673
  638
  595
  545
  491
  434
  377
  320
  259
  212
  170
  133
  102
  76
  55
  39
  27
  18
  11
  7
  4
  3
  1
  1
  0
  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

Sinclair Broadcast Group, Inc. operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through various local television stations. As of February 26, 2016, it owns, operates, and/or provides services to 171 television stations in 81 markets, which broadcast 471 channels. The company also offers digital agency services; and technical services to the broadcast industry, as well as designs and manufactures broadcast systems, including transmitters and antennas. In addition, it provides sign design and fabrication, and security alarm monitoring and bulk acquisition services; and invests in various real estate ventures, including developmental land, and operating commercial and multi-family residential real estate properties and apartments, as well as private equity and structured debt/mezzanine financing investment funds. Sinclair Broadcast Group, Inc. was founded in 1986 and is headquartered in Hunt Valley, Maryland.

FINANCIAL RATIOS  of  Sinclair Broadcast Group Cl A (SBGI)

Valuation Ratios
P/E Ratio 10.8
Price to Sales 1
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 5.8
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.1%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 685.4%
Total Debt to Equity 733.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 43.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.9%
Gross Margin - 3 Yr. Avg. 63%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 32.3%
Operating Margin 21.2%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 26.9%

SBGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBGI stock intrinsic value calculation we used $2737 million for the last fiscal year's total revenue generated by Sinclair Broadcast Group Cl A. The default revenue input number comes from 2016 income statement of Sinclair Broadcast Group 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 SBGI stock valuation model: a) initial revenue growth rate of 12.3% 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 11.6%, whose default value for SBGI is calculated based on our internal credit rating of Sinclair Broadcast Group 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 Sinclair Broadcast Group 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 SBGI stock the variable cost ratio is equal to 69.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $251 million in the base year in the intrinsic value calculation for SBGI 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 4.6% for Sinclair Broadcast Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Sinclair Broadcast Group 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 SBGI 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 SBGI are equal to 99.5%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Sinclair Broadcast Group 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 SBGI is equal to 10.7%. 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 - $588 million for Sinclair Broadcast Group 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 90.431 million for Sinclair Broadcast Group 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 Sinclair Broadcast Group Cl A at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
SSP E.W. Scripps C 18.16 18.33  hold
GTN Gray Televisio 14.65 31.76  str.buy
CBS CBS Cl B 66.70 43.61  sell
DIS Walt Disney 101.51 105.74  hold
GCI Gannett 8.27 50.68  str.buy
EVC Entravision Co 5.75 3.92  sell
NXST Nexstar Media 62.95 1,047.35  str.buy

COMPANY NEWS

▶ Murdoch's Ongoing Feud With Sinclair Escalates   [Aug-04-17 03:19PM  Bloomberg]
▶ [$$] 21st Century Fox, ION In Talks for Local Television Joint Venture   [Aug-03-17 05:23PM  The Wall Street Journal]
▶ Sinclair posts 2Q profit   [12:12AM  Associated Press]
▶ Sinclair profit falls 10 percent but beats Wall Street expectations   [10:35AM  American City Business Journals]
▶ Heres one Trump fan who might make you some money   [Jul-28-17 06:08PM  MarketWatch]
▶ WLS-Channel 7 ahead (again) in late local news ratings derby   [Jul-27-17 04:05PM  American City Business Journals]
▶ Benzinga's Option Alert Recap From July 17   [Jul-17-17 04:07PM  Benzinga]
▶ Sinclair begins to make the case for $3.9 billion Tribune deal   [09:55AM  American City Business Journals]
▶ Stadium multi-platform sports network soon will replace 120 Sports   [Jun-07-17 03:30PM  American City Business Journals]
▶ Former Sony TV Chairman Steve Mosko could land at Sinclair   [Jun-05-17 05:40PM  American City Business Journals]
▶ [$$] Sinclair Broadcast: national treasure   [01:21PM  Financial Times]
▶ [$$] Sinclair in talks with former Sony Pictures chief   [Jun-04-17 11:19AM  Financial Times]
▶ Sinclair's acquisition of Tribune faces first legal roadblock   [Jun-02-17 03:50PM  American City Business Journals]
▶ Sinclair Announces Corporate Promotions   [02:09PM  PR Newswire]
▶ [$$] Get As Many As We Can   [May-30-17 04:28PM  The Wall Street Journal]
▶ Is the Way Clear for Sinclair-Tribune Merger?   [May-24-17 10:49AM  Market Realist]
▶ Stadium adds round-the-clock component to over-the-air sports   [May-12-17 05:15PM  American City Business Journals]
▶ Company News for May 09, 2017   [10:06AM  Zacks]
▶ [$$] Sinclair Broadcast to Buy Tribune Media for $3.9 Billion   [May-08-17 11:52PM  The Wall Street Journal]
▶ Cramer: What 2 Deals Say About Valuation   [07:01PM  TheStreet.com]
▶ Business Highlights   [05:45PM  Associated Press]
▶ PHL17 parent company acquired by Sinclair Broadcast Group   [03:20PM  American City Business Journals]
Stock chart of SBGI Financial statements of SBGI
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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