Intrinsic value of Sinclair Broadcast Group Cl A - SBGI

Previous Close

$30.75

  Intrinsic Value

$33.37

stock screener

  Rating & Target

hold

+9%

Previous close

$30.75

 
Intrinsic value

$33.37

 
Up/down potential

+9%

 
Rating

hold

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 3.1

 

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, %
  23.34
  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
  2,737
  2,792
  2,856
  2,929
  3,012
  3,103
  3,203
  3,312
  3,430
  3,558
  3,694
  3,840
  3,996
  4,162
  4,338
  4,526
  4,724
  4,934
  5,156
  5,390
  5,638
  5,899
  6,175
  6,466
  6,772
  7,094
  7,433
  7,791
  8,167
  8,562
  8,978
Variable operating expenses, $m
 
  1,947
  1,988
  2,034
  2,085
  2,142
  2,205
  2,273
  2,347
  2,427
  2,513
  2,405
  2,503
  2,607
  2,717
  2,834
  2,958
  3,090
  3,229
  3,376
  3,531
  3,695
  3,867
  4,049
  4,241
  4,443
  4,655
  4,879
  5,114
  5,362
  5,623
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
  2,204
  2,252
  2,304
  2,362
  2,426
  2,496
  2,571
  2,653
  2,740
  2,834
  2,734
  2,841
  2,953
  3,072
  3,198
  3,331
  3,472
  3,620
  3,777
  3,942
  4,117
  4,299
  4,492
  4,695
  4,908
  5,132
  5,368
  5,615
  5,876
  6,149
Operating income, $m
  579
  587
  605
  625
  649
  677
  707
  741
  777
  817
  860
  1,106
  1,156
  1,210
  1,267
  1,328
  1,393
  1,462
  1,535
  1,613
  1,696
  1,783
  1,876
  1,974
  2,077
  2,186
  2,301
  2,423
  2,551
  2,686
  2,829
EBITDA, $m
  990
  1,030
  1,053
  1,080
  1,111
  1,147
  1,186
  1,229
  1,276
  1,327
  1,382
  1,441
  1,505
  1,573
  1,645
  1,723
  1,805
  1,893
  1,985
  2,084
  2,188
  2,298
  2,415
  2,538
  2,668
  2,805
  2,950
  3,103
  3,264
  3,434
  3,613
Interest expense (income), $m
  191
  186
  191
  197
  203
  210
  218
  227
  236
  246
  257
  269
  281
  295
  309
  324
  340
  357
  375
  394
  415
  436
  458
  482
  507
  533
  561
  590
  621
  653
  687
Earnings before tax, $m
  373
  401
  413
  429
  446
  467
  489
  514
  541
  571
  603
  837
  875
  915
  958
  1,004
  1,053
  1,105
  1,160
  1,219
  1,281
  1,347
  1,417
  1,492
  1,570
  1,653
  1,740
  1,833
  1,930
  2,033
  2,142
Tax expense, $m
  122
  108
  112
  116
  121
  126
  132
  139
  146
  154
  163
  226
  236
  247
  259
  271
  284
  298
  313
  329
  346
  364
  383
  403
  424
  446
  470
  495
  521
  549
  578
Net income, $m
  245
  292
  302
  313
  326
  341
  357
  375
  395
  417
  440
  611
  638
  668
  699
  733
  768
  806
  847
  890
  935
  984
  1,035
  1,089
  1,146
  1,206
  1,270
  1,338
  1,409
  1,484
  1,564

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
  5,816
  5,950
  6,103
  6,274
  6,465
  6,673
  6,901
  7,147
  7,412
  7,696
  8,001
  8,325
  8,671
  9,038
  9,428
  9,841
  10,279
  10,741
  11,230
  11,746
  12,290
  12,865
  13,470
  14,108
  14,779
  15,486
  16,231
  17,014
  17,838
  18,704
Adjusted assets (=assets-cash), $m
  5,703
  5,816
  5,950
  6,103
  6,274
  6,465
  6,673
  6,901
  7,147
  7,412
  7,696
  8,001
  8,325
  8,671
  9,038
  9,428
  9,841
  10,279
  10,741
  11,230
  11,746
  12,290
  12,865
  13,470
  14,108
  14,779
  15,486
  16,231
  17,014
  17,838
  18,704
Revenue / Adjusted assets
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
Average production assets, $m
  2,724
  2,778
  2,842
  2,915
  2,997
  3,088
  3,187
  3,296
  3,413
  3,540
  3,676
  3,821
  3,976
  4,141
  4,317
  4,503
  4,700
  4,909
  5,130
  5,363
  5,610
  5,870
  6,144
  6,433
  6,738
  7,059
  7,396
  7,752
  8,126
  8,519
  8,933
Working capital, $m
  269
  299
  306
  313
  322
  332
  343
  354
  367
  381
  395
  411
  428
  445
  464
  484
  505
  528
  552
  577
  603
  631
  661
  692
  725
  759
  795
  834
  874
  916
  961
Total debt, $m
  4,314
  4,156
  4,276
  4,413
  4,567
  4,738
  4,925
  5,129
  5,350
  5,587
  5,842
  6,115
  6,407
  6,717
  7,046
  7,396
  7,767
  8,159
  8,574
  9,012
  9,475
  9,964
  10,479
  11,021
  11,593
  12,196
  12,830
  13,498
  14,200
  14,939
  15,717
Total liabilities, $m
  5,375
  5,217
  5,337
  5,474
  5,628
  5,799
  5,986
  6,190
  6,411
  6,648
  6,903
  7,176
  7,468
  7,778
  8,107
  8,457
  8,828
  9,220
  9,635
  10,073
  10,536
  11,025
  11,540
  12,082
  12,654
  13,257
  13,891
  14,559
  15,261
  16,000
  16,778
Total equity, $m
  588
  599
  613
  629
  646
  666
  687
  711
  736
  763
  793
  824
  857
  893
  931
  971
  1,014
  1,059
  1,106
  1,157
  1,210
  1,266
  1,325
  1,387
  1,453
  1,522
  1,595
  1,672
  1,752
  1,837
  1,927
Total liabilities and equity, $m
  5,963
  5,816
  5,950
  6,103
  6,274
  6,465
  6,673
  6,901
  7,147
  7,411
  7,696
  8,000
  8,325
  8,671
  9,038
  9,428
  9,842
  10,279
  10,741
  11,230
  11,746
  12,291
  12,865
  13,469
  14,107
  14,779
  15,486
  16,231
  17,013
  17,837
  18,705
Debt-to-equity ratio
  7.337
  6.940
  6.980
  7.020
  7.070
  7.120
  7.170
  7.220
  7.270
  7.320
  7.370
  7.420
  7.470
  7.520
  7.570
  7.620
  7.660
  7.710
  7.750
  7.790
  7.830
  7.870
  7.910
  7.940
  7.980
  8.010
  8.040
  8.070
  8.100
  8.130
  8.160
Adjusted equity ratio
  0.058
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  245
  292
  302
  313
  326
  341
  357
  375
  395
  417
  440
  611
  638
  668
  699
  733
  768
  806
  847
  890
  935
  984
  1,035
  1,089
  1,146
  1,206
  1,270
  1,338
  1,409
  1,484
  1,564
Depreciation, amort., depletion, $m
  411
  443
  448
  455
  462
  470
  479
  488
  499
  510
  522
  335
  349
  363
  379
  395
  412
  431
  450
  470
  492
  515
  539
  564
  591
  619
  649
  680
  713
  747
  784
Funds from operations, $m
  502
  735
  750
  768
  788
  811
  836
  863
  894
  926
  962
  946
  987
  1,031
  1,078
  1,128
  1,181
  1,237
  1,297
  1,360
  1,427
  1,499
  1,574
  1,653
  1,737
  1,826
  1,919
  2,018
  2,122
  2,232
  2,347
Change in working capital, $m
  -90
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
Cash from operations, $m
  592
  729
  743
  760
  779
  801
  825
  852
  881
  913
  947
  931
  971
  1,013
  1,059
  1,108
  1,160
  1,215
  1,273
  1,335
  1,401
  1,471
  1,544
  1,622
  1,704
  1,791
  1,883
  1,980
  2,082
  2,189
  2,303
Maintenance CAPEX, $m
  0
  -239
  -244
  -249
  -256
  -263
  -271
  -280
  -289
  -299
  -311
  -322
  -335
  -349
  -363
  -379
  -395
  -412
  -431
  -450
  -470
  -492
  -515
  -539
  -564
  -591
  -619
  -649
  -680
  -713
  -747
New CAPEX, $m
  -135
  -54
  -64
  -73
  -82
  -91
  -100
  -109
  -117
  -127
  -136
  -145
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -355
  -374
  -394
  -414
Cash from investing activities, $m
  -606
  -293
  -308
  -322
  -338
  -354
  -371
  -389
  -406
  -426
  -447
  -467
  -490
  -514
  -538
  -565
  -592
  -621
  -652
  -683
  -716
  -752
  -789
  -828
  -869
  -912
  -957
  -1,004
  -1,054
  -1,107
  -1,161
Free cash flow, $m
  -14
  437
  436
  438
  441
  447
  454
  464
  474
  487
  501
  463
  480
  499
  520
  543
  567
  593
  622
  652
  684
  718
  755
  794
  835
  879
  926
  975
  1,028
  1,083
  1,141
Issuance/(repayment) of debt, $m
  354
  102
  120
  137
  154
  171
  187
  204
  221
  238
  255
  273
  291
  310
  330
  350
  371
  392
  415
  438
  463
  488
  515
  543
  572
  602
  634
  668
  703
  739
  777
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
  102
  120
  137
  154
  171
  187
  204
  221
  238
  255
  273
  291
  310
  330
  350
  371
  392
  415
  438
  463
  488
  515
  543
  572
  602
  634
  668
  703
  739
  777
Total cash flow (excl. dividends), $m
  176
  539
  556
  575
  595
  618
  642
  667
  695
  725
  756
  736
  772
  810
  850
  893
  938
  986
  1,037
  1,090
  1,147
  1,207
  1,270
  1,337
  1,407
  1,482
  1,560
  1,643
  1,730
  1,822
  1,919
Retained Cash Flow (-), $m
  -62
  -11
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
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
 
  528
  542
  559
  578
  598
  620
  644
  670
  697
  727
  705
  738
  774
  812
  852
  895
  941
  989
  1,040
  1,094
  1,151
  1,211
  1,275
  1,342
  1,413
  1,487
  1,566
  1,649
  1,737
  1,830
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
 
  473
  431
  390
  349
  309
  271
  234
  200
  168
  139
  105
  84
  66
  51
  38
  28
  20
  14
  10
  6
  4
  3
  2
  1
  1
  0
  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. is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it. It also owns digital and Internet media products that are complementary to its portfolio of television station related digital properties. It focuses on offering marketing solutions to advertisers. Its other business consists of original networks and content, digital and Internet solutions, technical services and other non-media investments.

FINANCIAL RATIOS  of  Sinclair Broadcast Group Cl A (SBGI)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 1
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 6.1
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 35.6%
EBITDA Margin - 3 Yr. Avg. 37.5%
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 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 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 11.4 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 101.789 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 $3.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SSP E.W. Scripps C 17.69 18.77  hold
GTN Gray Televisio 15.50 33.37  str.buy
CBS CBS Cl B 58.92 74.22  buy
DIS Walt Disney 99.40 104.06  hold
GCI Gannett 9.65 24.40  str.buy
EVC Entravision Co 5.30 4.48  hold
NXST Nexstar Media 61.25 653.81  str.buy

COMPANY NEWS

▶ FCC pauses its review of takeover of 2 Denver TV stations' parent   [Oct-19-17 09:45AM  American City Business Journals]
▶ FCC pauses its review of Sinclair/Tribune deal   [07:10PM  American City Business Journals]
▶ [$$] House Passes Disaster Relief, Puerto Rico Credit Bill   [12:51AM  The Wall Street Journal]
▶ [$$] House Passes Disaster Relief, Puerto Rico Credit Bill   [Oct-12-17 05:50PM  The Wall Street Journal]
▶ Sinclair Kicks Off 2017-2018 High School Sports Season   [Sep-13-17 02:52PM  PR Newswire]
▶ Sinclair closes on $240M deal for New York-based television broadcaster   [Sep-05-17 11:35AM  American City Business Journals]
▶ YouTube TV expanding through partnership with Sinclair Broadcast   [Aug-18-17 02:45PM  American City Business Journals]
▶ 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]
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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