Intrinsic value of Scripps Networks Interactive Cl A - SNI

Previous Close

$86.01

  Intrinsic Value

$67.01

stock screener

  Rating & Target

sell

-22%

  Value-price divergence*

-24%

Previous close

$86.01

 
Intrinsic value

$67.01

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence*

-24%

*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 11.2

 

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
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  3,401
  3,523
  3,655
  3,797
  3,948
  4,109
  4,280
  4,462
  4,656
  4,860
  5,077
  5,306
  5,548
  5,803
  6,073
  6,357
  6,657
  6,972
  7,305
  7,655
  8,023
  8,410
  8,818
  9,247
  9,697
  10,172
  10,670
  11,194
  11,744
  12,323
  12,931
Variable operating expenses, $m
 
  2,228
  2,305
  2,388
  2,476
  2,571
  2,671
  2,778
  2,891
  3,011
  3,138
  3,108
  3,250
  3,399
  3,557
  3,724
  3,899
  4,084
  4,278
  4,483
  4,699
  4,926
  5,165
  5,416
  5,680
  5,958
  6,250
  6,556
  6,879
  7,218
  7,574
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
  2,228
  2,305
  2,388
  2,476
  2,571
  2,671
  2,778
  2,891
  3,011
  3,138
  3,108
  3,250
  3,399
  3,557
  3,724
  3,899
  4,084
  4,278
  4,483
  4,699
  4,926
  5,165
  5,416
  5,680
  5,958
  6,250
  6,556
  6,879
  7,218
  7,574
Operating income, $m
  1,149
  1,295
  1,350
  1,409
  1,471
  1,538
  1,609
  1,684
  1,765
  1,849
  1,939
  2,198
  2,298
  2,404
  2,516
  2,634
  2,758
  2,888
  3,026
  3,171
  3,324
  3,484
  3,653
  3,831
  4,017
  4,214
  4,420
  4,637
  4,865
  5,105
  5,357
EBITDA, $m
  1,344
  1,568
  1,626
  1,689
  1,756
  1,828
  1,904
  1,985
  2,071
  2,162
  2,259
  2,361
  2,468
  2,582
  2,702
  2,828
  2,962
  3,102
  3,250
  3,406
  3,569
  3,742
  3,923
  4,114
  4,315
  4,525
  4,747
  4,980
  5,225
  5,483
  5,753
Interest expense (income), $m
  131
  111
  116
  122
  128
  135
  142
  150
  158
  166
  175
  185
  195
  205
  217
  229
  241
  254
  268
  283
  299
  315
  332
  350
  369
  389
  410
  432
  455
  479
  505
Earnings before tax, $m
  1,278
  1,185
  1,234
  1,287
  1,343
  1,403
  1,467
  1,535
  1,607
  1,683
  1,764
  2,013
  2,104
  2,199
  2,299
  2,405
  2,517
  2,634
  2,758
  2,888
  3,025
  3,169
  3,321
  3,481
  3,649
  3,825
  4,011
  4,206
  4,411
  4,626
  4,852
Tax expense, $m
  431
  320
  333
  347
  363
  379
  396
  414
  434
  454
  476
  544
  568
  594
  621
  649
  679
  711
  745
  780
  817
  856
  897
  940
  985
  1,033
  1,083
  1,136
  1,191
  1,249
  1,310
Net income, $m
  674
  865
  901
  939
  980
  1,024
  1,071
  1,121
  1,173
  1,229
  1,288
  1,470
  1,536
  1,605
  1,678
  1,756
  1,837
  1,923
  2,013
  2,108
  2,208
  2,314
  2,424
  2,541
  2,664
  2,792
  2,928
  3,070
  3,220
  3,377
  3,542

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
  6,292
  6,527
  6,780
  7,049
  7,337
  7,643
  7,968
  8,314
  8,679
  9,066
  9,475
  9,907
  10,363
  10,845
  11,352
  11,887
  12,451
  13,044
  13,669
  14,326
  15,018
  15,746
  16,512
  17,317
  18,163
  19,053
  19,989
  20,972
  22,005
  23,091
Adjusted assets (=assets-cash), $m
  6,077
  6,292
  6,527
  6,780
  7,049
  7,337
  7,643
  7,968
  8,314
  8,679
  9,066
  9,475
  9,907
  10,363
  10,845
  11,352
  11,887
  12,451
  13,044
  13,669
  14,326
  15,018
  15,746
  16,512
  17,317
  18,163
  19,053
  19,989
  20,972
  22,005
  23,091
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
  2,051
  2,127
  2,210
  2,298
  2,391
  2,491
  2,597
  2,710
  2,829
  2,955
  3,088
  3,229
  3,378
  3,534
  3,700
  3,874
  4,058
  4,251
  4,455
  4,669
  4,895
  5,132
  5,382
  5,644
  5,920
  6,210
  6,515
  6,835
  7,172
  7,526
Working capital, $m
  941
  1,106
  1,148
  1,192
  1,240
  1,290
  1,344
  1,401
  1,462
  1,526
  1,594
  1,666
  1,742
  1,822
  1,907
  1,996
  2,090
  2,189
  2,294
  2,404
  2,519
  2,641
  2,769
  2,903
  3,045
  3,194
  3,350
  3,515
  3,688
  3,869
  4,060
Total debt, $m
  3,202
  3,225
  3,386
  3,560
  3,745
  3,943
  4,153
  4,376
  4,613
  4,865
  5,130
  5,411
  5,708
  6,022
  6,352
  6,701
  7,068
  7,456
  7,863
  8,292
  8,744
  9,220
  9,720
  10,246
  10,799
  11,380
  11,992
  12,634
  13,310
  14,020
  14,765
Total liabilities, $m
  4,301
  4,323
  4,484
  4,658
  4,843
  5,041
  5,251
  5,474
  5,711
  5,963
  6,228
  6,509
  6,806
  7,120
  7,450
  7,799
  8,166
  8,554
  8,961
  9,390
  9,842
  10,318
  10,818
  11,344
  11,897
  12,478
  13,090
  13,732
  14,408
  15,118
  15,863
Total equity, $m
  1,900
  1,969
  2,043
  2,122
  2,206
  2,296
  2,392
  2,494
  2,602
  2,717
  2,838
  2,966
  3,101
  3,244
  3,394
  3,553
  3,721
  3,897
  4,083
  4,278
  4,484
  4,701
  4,929
  5,168
  5,420
  5,685
  5,964
  6,257
  6,564
  6,888
  7,227
Total liabilities and equity, $m
  6,201
  6,292
  6,527
  6,780
  7,049
  7,337
  7,643
  7,968
  8,313
  8,680
  9,066
  9,475
  9,907
  10,364
  10,844
  11,352
  11,887
  12,451
  13,044
  13,668
  14,326
  15,019
  15,747
  16,512
  17,317
  18,163
  19,054
  19,989
  20,972
  22,006
  23,090
Debt-to-equity ratio
  1.685
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.750
  1.770
  1.790
  1.810
  1.820
  1.840
  1.860
  1.870
  1.890
  1.900
  1.910
  1.930
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.040
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
  865
  901
  939
  980
  1,024
  1,071
  1,121
  1,173
  1,229
  1,288
  1,470
  1,536
  1,605
  1,678
  1,756
  1,837
  1,923
  2,013
  2,108
  2,208
  2,314
  2,424
  2,541
  2,664
  2,792
  2,928
  3,070
  3,220
  3,377
  3,542
Depreciation, amort., depletion, $m
  195
  272
  276
  280
  285
  290
  295
  301
  307
  313
  320
  163
  170
  178
  186
  195
  204
  214
  224
  234
  246
  258
  270
  283
  297
  312
  327
  343
  360
  377
  396
Funds from operations, $m
  1,024
  1,137
  1,177
  1,220
  1,266
  1,314
  1,366
  1,421
  1,480
  1,542
  1,607
  1,632
  1,706
  1,783
  1,864
  1,950
  2,041
  2,136
  2,237
  2,343
  2,454
  2,571
  2,695
  2,824
  2,961
  3,104
  3,255
  3,413
  3,579
  3,754
  3,938
Change in working capital, $m
  75
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
  156
  164
  173
  182
  191
Cash from operations, $m
  949
  1,098
  1,136
  1,175
  1,218
  1,264
  1,312
  1,364
  1,419
  1,478
  1,539
  1,560
  1,630
  1,703
  1,780
  1,861
  1,947
  2,037
  2,133
  2,233
  2,338
  2,450
  2,567
  2,690
  2,819
  2,955
  3,098
  3,249
  3,407
  3,573
  3,747
Maintenance CAPEX, $m
  0
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -234
  -246
  -258
  -270
  -283
  -297
  -312
  -327
  -343
  -360
  -377
New CAPEX, $m
  -86
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -141
  -149
  -157
  -165
  -174
  -184
  -193
  -204
  -214
  -226
  -237
  -250
  -262
  -276
  -290
  -305
  -320
  -337
  -354
Cash from investing activities, $m
  141
  -175
  -185
  -194
  -204
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -335
  -351
  -369
  -388
  -407
  -428
  -448
  -472
  -495
  -520
  -545
  -573
  -602
  -632
  -663
  -697
  -731
Free cash flow, $m
  1,090
  923
  951
  981
  1,014
  1,049
  1,087
  1,127
  1,170
  1,216
  1,264
  1,272
  1,326
  1,384
  1,445
  1,510
  1,578
  1,650
  1,726
  1,805
  1,890
  1,978
  2,072
  2,170
  2,273
  2,382
  2,497
  2,617
  2,743
  2,876
  3,016
Issuance/(repayment) of debt, $m
  -415
  146
  162
  173
  185
  198
  210
  223
  237
  251
  266
  281
  297
  313
  331
  349
  367
  387
  408
  429
  452
  475
  500
  526
  553
  582
  611
  643
  675
  710
  746
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
  146
  162
  173
  185
  198
  210
  223
  237
  251
  266
  281
  297
  313
  331
  349
  367
  387
  408
  429
  452
  475
  500
  526
  553
  582
  611
  643
  675
  710
  746
Total cash flow (excl. dividends), $m
  29
  1,069
  1,113
  1,155
  1,199
  1,247
  1,297
  1,351
  1,407
  1,467
  1,530
  1,553
  1,623
  1,697
  1,776
  1,858
  1,945
  2,037
  2,133
  2,235
  2,341
  2,454
  2,572
  2,696
  2,826
  2,964
  3,108
  3,259
  3,419
  3,586
  3,762
Retained Cash Flow (-), $m
  -376
  -69
  -74
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -186
  -196
  -206
  -217
  -228
  -240
  -252
  -265
  -279
  -293
  -308
  -323
  -340
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
 
  999
  1,039
  1,076
  1,115
  1,157
  1,201
  1,249
  1,299
  1,353
  1,409
  1,425
  1,488
  1,555
  1,625
  1,700
  1,778
  1,861
  1,948
  2,039
  2,136
  2,237
  2,344
  2,456
  2,574
  2,699
  2,829
  2,967
  3,111
  3,263
  3,422
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
 
  924
  881
  830
  776
  719
  661
  602
  542
  483
  425
  359
  308
  261
  217
  178
  143
  113
  88
  67
  49
  36
  25
  17
  12
  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. is a developer of lifestyle-oriented content, providing primarily home, food, travel and other lifestyle-related programing. The Company's content is distributed through multiple methods, including television, the Internet, digital platforms and licensing arrangements. The Company's segments include U.S. Networks, International Networks, and Corporate and Other. As of December 31, 2016, the Company's U.S. Networks segment consisted of six national television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country. The Company's International Networks includes the TVN S.A. (TVN) portfolio of networks and other lifestyle-oriented networks available in the United Kingdom, other European markets, the Middle East and Africa (EMEA), Asia Pacific (APAC) and Latin America. In addition to the broadcast networks, it also licenses a portion of its programing to other broadcasters around the world.

FINANCIAL RATIOS  of  Scripps Networks Interactive Cl A (SNI)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 3.3
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 12.9
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 3.6% 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 130.364 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 $11.2 billion.

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COMPANY NEWS

▶ Yahoo Finance Live: Market Movers - Sep 5th, 2017   [Sep-05-17 07:20AM  Yahoo Finance Video]
▶ Scripps Networks Interactive Announces Quarterly Dividend   [Aug-16-17 04:01PM  GlobeNewswire]
▶ Could the Discovery-Scripps Partnership Revive Ad Dollars?   [Aug-09-17 05:35PM  Market Realist]
▶ Discovery and Scripps Is a Force to Be Reckoned With   [Aug-06-17 07:09PM  Motley Fool]
▶ [$$] Cable Tie-Up Unites Parents of HGTV and Animal Planet   [02:02AM  The Wall Street Journal]
▶ [$$] Cable Tie-Up Unites Parents of HGTV and Animal Planet   [08:52PM  The Wall Street Journal]
▶ Discovery's getting a lot bigger. Will it impact Silver Spring?   [05:14PM  American City Business Journals]
▶ What Happened in the Stock Market Today   [05:07PM  Motley Fool]
▶ Scripps spinoff to be acquired for $14.6 billion   [04:23PM  American City Business Journals]
▶ Cars, cameras & commerce in the blitz   [01:55PM  CNBC Videos]
▶ Viacom loses deal for HGTV and Travel Channel to Discovery   [09:00AM  American City Business Journals]
▶ Discovery Buying Scripps for $90/Share   [08:23AM  Bloomberg Video]
▶ Discovery takes lead in bidding for owner of HGTV, Travel Channel   [08:15AM  American City Business Journals]
▶ 7 Most Important Things in Business Today   [05:02AM  24/7 Wall St.]
▶ Viacom and Discovery battle for Scripps Networks   [Jul-25-17 09:43AM  CNBC Videos]
▶ This Rumored Media Deal Doesn't Add Up   [Jul-21-17 01:32PM  Barrons.com]
▶ Discovery, Viacom Eye Scripps as Talks Heat Up   [Jul-20-17 04:47PM  Bloomberg Video]
▶ Scripps & Discovery: The Wrong Stuff?   [01:43PM  Barrons.com]
Financial statements 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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