Intrinsic value of Scripps Networks Interactive Cl A - SNI

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$66.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$66.70

 
Intrinsic value

$70.14

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence* premium content

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

We calculate the intrinsic value of SNI 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 8.6

 

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, %
  12.69
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  3,401
  3,561
  3,729
  3,907
  4,093
  4,290
  4,497
  4,715
  4,944
  5,184
  5,438
  5,704
  5,984
  6,278
  6,587
  6,912
  7,253
  7,612
  7,988
  8,384
  8,800
  9,237
  9,696
  10,178
  10,684
  11,215
  11,774
  12,360
  12,976
  13,623
  14,302
Variable operating expenses, $m
 
  2,250
  2,349
  2,452
  2,562
  2,677
  2,798
  2,926
  3,060
  3,201
  3,349
  3,341
  3,505
  3,677
  3,858
  4,048
  4,248
  4,458
  4,679
  4,911
  5,154
  5,410
  5,679
  5,961
  6,258
  6,569
  6,896
  7,240
  7,600
  7,979
  8,377
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
  2,253
  2,250
  2,349
  2,452
  2,562
  2,677
  2,798
  2,926
  3,060
  3,201
  3,349
  3,341
  3,505
  3,677
  3,858
  4,048
  4,248
  4,458
  4,679
  4,911
  5,154
  5,410
  5,679
  5,961
  6,258
  6,569
  6,896
  7,240
  7,600
  7,979
  8,377
Operating income, $m
  1,149
  1,311
  1,381
  1,454
  1,532
  1,613
  1,699
  1,789
  1,884
  1,984
  2,089
  2,363
  2,479
  2,601
  2,729
  2,863
  3,005
  3,153
  3,309
  3,473
  3,646
  3,827
  4,017
  4,216
  4,426
  4,646
  4,878
  5,121
  5,376
  5,644
  5,925
EBITDA, $m
  1,344
  1,584
  1,659
  1,738
  1,821
  1,909
  2,001
  2,098
  2,199
  2,307
  2,419
  2,538
  2,662
  2,793
  2,931
  3,075
  3,227
  3,386
  3,554
  3,730
  3,915
  4,110
  4,314
  4,528
  4,753
  4,990
  5,238
  5,499
  5,773
  6,061
  6,363
Interest expense (income), $m
  131
  111
  118
  125
  133
  141
  150
  159
  169
  179
  189
  201
  212
  225
  238
  251
  266
  281
  297
  313
  331
  349
  368
  389
  410
  432
  456
  480
  506
  534
  562
Earnings before tax, $m
  1,278
  1,200
  1,263
  1,329
  1,399
  1,472
  1,549
  1,630
  1,715
  1,805
  1,899
  2,162
  2,267
  2,376
  2,491
  2,612
  2,739
  2,873
  3,013
  3,160
  3,315
  3,478
  3,648
  3,828
  4,016
  4,214
  4,422
  4,640
  4,869
  5,110
  5,363
Tax expense, $m
  431
  324
  341
  359
  378
  397
  418
  440
  463
  487
  513
  584
  612
  642
  673
  705
  740
  776
  813
  853
  895
  939
  985
  1,033
  1,084
  1,138
  1,194
  1,253
  1,315
  1,380
  1,448
Net income, $m
  674
  876
  922
  970
  1,021
  1,074
  1,131
  1,190
  1,252
  1,318
  1,386
  1,579
  1,655
  1,734
  1,818
  1,907
  2,000
  2,097
  2,199
  2,307
  2,420
  2,539
  2,663
  2,794
  2,932
  3,076
  3,228
  3,387
  3,555
  3,730
  3,915

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  6,200
  6,359
  6,659
  6,976
  7,310
  7,661
  8,030
  8,419
  8,828
  9,258
  9,710
  10,185
  10,685
  11,210
  11,762
  12,342
  12,952
  13,592
  14,265
  14,972
  15,714
  16,494
  17,314
  18,174
  19,078
  20,027
  21,024
  22,072
  23,171
  24,326
  25,539
Adjusted assets (=assets-cash), $m
  6,077
  6,359
  6,659
  6,976
  7,310
  7,661
  8,030
  8,419
  8,828
  9,258
  9,710
  10,185
  10,685
  11,210
  11,762
  12,342
  12,952
  13,592
  14,265
  14,972
  15,714
  16,494
  17,314
  18,174
  19,078
  20,027
  21,024
  22,072
  23,171
  24,326
  25,539
Revenue / Adjusted assets
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Average production assets, $m
  1,980
  2,072
  2,170
  2,274
  2,382
  2,497
  2,617
  2,744
  2,877
  3,017
  3,165
  3,320
  3,482
  3,654
  3,834
  4,023
  4,221
  4,430
  4,649
  4,880
  5,122
  5,376
  5,643
  5,923
  6,218
  6,527
  6,852
  7,194
  7,552
  7,928
  8,324
Working capital, $m
  941
  1,118
  1,171
  1,227
  1,285
  1,347
  1,412
  1,480
  1,552
  1,628
  1,707
  1,791
  1,879
  1,971
  2,068
  2,170
  2,277
  2,390
  2,508
  2,633
  2,763
  2,900
  3,044
  3,196
  3,355
  3,522
  3,697
  3,881
  4,074
  4,278
  4,491
Total debt, $m
  3,202
  3,270
  3,477
  3,695
  3,924
  4,165
  4,419
  4,686
  4,967
  5,262
  5,573
  5,899
  6,243
  6,603
  6,983
  7,381
  7,800
  8,240
  8,702
  9,188
  9,698
  10,234
  10,796
  11,388
  12,009
  12,661
  13,346
  14,065
  14,821
  15,614
  16,447
Total liabilities, $m
  4,301
  4,368
  4,575
  4,793
  5,022
  5,263
  5,517
  5,784
  6,065
  6,360
  6,671
  6,997
  7,341
  7,701
  8,081
  8,479
  8,898
  9,338
  9,800
  10,286
  10,796
  11,332
  11,894
  12,486
  13,107
  13,759
  14,444
  15,163
  15,919
  16,712
  17,545
Total equity, $m
  1,900
  1,990
  2,084
  2,184
  2,288
  2,398
  2,513
  2,635
  2,763
  2,898
  3,039
  3,188
  3,344
  3,509
  3,682
  3,863
  4,054
  4,254
  4,465
  4,686
  4,919
  5,163
  5,419
  5,689
  5,971
  6,269
  6,581
  6,908
  7,253
  7,614
  7,994
Total liabilities and equity, $m
  6,201
  6,358
  6,659
  6,977
  7,310
  7,661
  8,030
  8,419
  8,828
  9,258
  9,710
  10,185
  10,685
  11,210
  11,763
  12,342
  12,952
  13,592
  14,265
  14,972
  15,715
  16,495
  17,313
  18,175
  19,078
  20,028
  21,025
  22,071
  23,172
  24,326
  25,539
Debt-to-equity ratio
  1.685
  1.640
  1.670
  1.690
  1.710
  1.740
  1.760
  1.780
  1.800
  1.820
  1.830
  1.850
  1.870
  1.880
  1.900
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.040
  2.050
  2.060
Adjusted equity ratio
  0.292
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  674
  876
  922
  970
  1,021
  1,074
  1,131
  1,190
  1,252
  1,318
  1,386
  1,579
  1,655
  1,734
  1,818
  1,907
  2,000
  2,097
  2,199
  2,307
  2,420
  2,539
  2,663
  2,794
  2,932
  3,076
  3,228
  3,387
  3,555
  3,730
  3,915
Depreciation, amort., depletion, $m
  195
  273
  278
  284
  290
  296
  302
  309
  316
  323
  331
  175
  183
  192
  202
  212
  222
  233
  245
  257
  270
  283
  297
  312
  327
  344
  361
  379
  397
  417
  438
Funds from operations, $m
  1,024
  1,149
  1,200
  1,254
  1,311
  1,370
  1,433
  1,498
  1,568
  1,641
  1,717
  1,753
  1,838
  1,927
  2,020
  2,118
  2,222
  2,330
  2,444
  2,564
  2,689
  2,822
  2,960
  3,106
  3,259
  3,420
  3,589
  3,766
  3,952
  4,148
  4,353
Change in working capital, $m
  75
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  92
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
  159
  167
  175
  184
  193
  203
  213
Cash from operations, $m
  949
  1,000
  1,148
  1,198
  1,252
  1,308
  1,368
  1,430
  1,496
  1,565
  1,638
  1,670
  1,750
  1,834
  1,923
  2,016
  2,115
  2,218
  2,326
  2,439
  2,559
  2,684
  2,816
  2,955
  3,100
  3,253
  3,413
  3,582
  3,759
  3,945
  4,140
Maintenance CAPEX, $m
  0
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -257
  -270
  -283
  -297
  -312
  -327
  -344
  -361
  -379
  -397
  -417
New CAPEX, $m
  -86
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -309
  -325
  -341
  -358
  -376
  -395
Cash from investing activities, $m
  141
  -197
  -207
  -217
  -229
  -239
  -251
  -265
  -277
  -291
  -306
  -322
  -338
  -354
  -372
  -391
  -411
  -431
  -452
  -475
  -499
  -524
  -550
  -577
  -607
  -636
  -669
  -702
  -737
  -773
  -812
Free cash flow, $m
  1,090
  803
  940
  981
  1,024
  1,068
  1,116
  1,166
  1,218
  1,273
  1,331
  1,348
  1,412
  1,480
  1,551
  1,626
  1,704
  1,787
  1,873
  1,964
  2,060
  2,161
  2,266
  2,377
  2,494
  2,616
  2,745
  2,880
  3,022
  3,171
  3,327
Issuance/(repayment) of debt, $m
  -415
  191
  207
  218
  229
  241
  254
  267
  281
  295
  311
  327
  343
  361
  379
  398
  419
  440
  462
  486
  510
  536
  563
  591
  621
  652
  685
  719
  756
  793
  833
Issuance/(repurchase) of shares, $m
  15
  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  
  -1,045
  191
  207
  218
  229
  241
  254
  267
  281
  295
  311
  327
  343
  361
  379
  398
  419
  440
  462
  486
  510
  536
  563
  591
  621
  652
  685
  719
  756
  793
  833
Total cash flow (excl. dividends), $m
  29
  994
  1,147
  1,199
  1,253
  1,310
  1,370
  1,433
  1,499
  1,569
  1,642
  1,675
  1,756
  1,841
  1,930
  2,024
  2,123
  2,227
  2,336
  2,450
  2,570
  2,696
  2,829
  2,968
  3,115
  3,268
  3,430
  3,599
  3,777
  3,964
  4,160
Retained Cash Flow (-), $m
  -376
  -90
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -173
  -182
  -191
  -200
  -211
  -221
  -232
  -244
  -256
  -269
  -283
  -297
  -312
  -328
  -344
  -361
  -380
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
 
  904
  1,053
  1,099
  1,148
  1,200
  1,254
  1,311
  1,371
  1,434
  1,501
  1,526
  1,599
  1,676
  1,757
  1,843
  1,932
  2,026
  2,125
  2,229
  2,338
  2,452
  2,573
  2,699
  2,832
  2,971
  3,118
  3,271
  3,433
  3,603
  3,781
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  835
  893
  848
  799
  746
  690
  632
  572
  512
  453
  384
  331
  281
  235
  193
  156
  123
  96
  73
  54
  39
  28
  19
  13
  8
  5
  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

Scripps Networks Interactive, Inc. develops lifestyle-oriented content in the United States, the United Kingdom and other European markets, the Middle East and Africa, the Asia-Pacific, and Latin America. The company delivers content that focuses on specifically defined topics of interest for audiences and advertisers. It operates national television networks, including HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel, and Great American Country; and Websites comprising HGTV.com, Foodnetwork.com, Travelchannel.com, DIYNetwork.com, Cookingchanneltv.com, and Greatamericancountry.com that are associated with the aforementioned television brands and other Internet and digital businesses serving home, food, travel, and other lifestyle-related categories. The company also operates a portfolio of free-to-air and pay-TV lifestyle, and entertainment networks internationally, including TVN, TVN24, TVN Style, TTV, TVN Turbo, TVN24 Biznes i Swiat, and TVN Media, as well as distributes HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel, Asian Food Channel, and Fine Living Network. In addition, it licenses its content to third parties; and brands for consumer products. Scripps Networks Interactive, Inc. is headquartered in Knoxville, Tennessee.

FINANCIAL RATIOS  of  Scripps Networks Interactive Cl A (SNI)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 2.5
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate 12.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 65.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.8
LT Debt to Equity 155.4%
Total Debt to Equity 168.5%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.8%
Ret/ On Assets - 3 Yr. Avg. 12.1%
Return On Total Capital 12.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 39.4%
Return On Equity - 3 Yr. Avg. 37.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 64.9%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 47.2%
EBITDA Margin - 3 Yr. Avg. 45.7%
Operating Margin 33.8%
Oper. Margin - 3 Yr. Avg. 35.9%
Pre-Tax Margin 37.6%
Pre-Tax Margin - 3 Yr. Avg. 37.8%
Net Profit Margin 19.8%
Net Profit Margin - 3 Yr. Avg. 20.1%
Effective Tax Rate 33.7%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 19.3%

SNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNI stock intrinsic value calculation we used $3401 million for the last fiscal year's total revenue generated by Scripps Networks Interactive Cl A. The default revenue input number comes from 2016 income statement of Scripps Networks Interactive 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 SNI stock valuation model: a) initial revenue growth rate of 4.7% 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 8.2%, whose default value for SNI is calculated based on our internal credit rating of Scripps Networks Interactive 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 Scripps Networks Interactive 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 SNI stock the variable cost ratio is equal to 63.4%.

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 SNI 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 3.6% for Scripps Networks Interactive Cl A.

Corporate tax rate of 27% is the nominal tax rate for Scripps Networks Interactive 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 SNI 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 SNI are equal to 58.2%.

Life of production assets of 19 years is the average useful life of capital assets used in Scripps Networks Interactive 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 SNI is equal to 31.4%. 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 - $1900 million for Scripps Networks Interactive 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 128.701 million for Scripps Networks Interactive 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 Scripps Networks Interactive Cl A at the current share price and the inputted number of shares is $8.6 billion.


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COMPANY NEWS

▶ House Hunters + Hoarding = Must-See TV   [May-25-17 09:37AM  Bloomberg]
▶ Scripps Networks Interactive Announces Quarterly Dividend   [May-10-17 08:01AM  GlobeNewswire]
▶ Scripps Networks Stock Rises on Analyst Upgrade   [May-05-17 03:57PM  TheStreet.com]
▶ Why Is Snap Inc. (SNAP) Stock Soaring Today?   [May-04-17 01:34PM  Zacks]
▶ Scripps Networks tops 1Q profit forecasts   [07:13AM  Associated Press]
▶ Fox News Names New CFO   [Apr-10-17 12:58PM  TheStreet.com]
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▶ [$$] Tribune Media: Picture Is Getting Sharper   [Mar-04-17 02:06AM  Barrons.com]
▶ The Hot Stock: Scripps Networks Interactive Jumps 7.2%   [Feb-21-17 04:35PM  at Barrons.com]
▶ Scripps Networks boosts dividend by 20%   [Feb-15-17 04:10PM  at MarketWatch]
▶ These 3 Dividend Stocks Are Ridiculously Cheap   [Jan-04-17 09:21AM  at Motley Fool]
▶ [$$] Hearst to Launch The Pioneer Woman Magazine   [Dec-08-16 12:00AM  at The Wall Street Journal]
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▶ Food Network Launches Bot for Messenger   [Nov-18-16 08:57AM  Business Wire]
▶ This Network Won't Sell Content to Netflix Anymore   [Nov-17-16 06:24PM  at Motley Fool]
▶ The Biggest Loser: Scripps Networks Interactive Slumps 4.2%   [Nov-15-16 05:05PM  at Barrons.com]
▶ Scripps Networks Interactive Announces Quarterly Dividend   [Nov-10-16 04:02PM  GlobeNewswire]
Stock chart of SNI Financial statements of SNI Annual reports of SNI
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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