Intrinsic value of E.W. Scripps Cl A - SSP

Previous Close

$17.94

  Intrinsic Value

$18.72

stock screener

  Rating & Target

hold

+4%

  Value-price divergence*

+338%

Previous close

$17.94

 
Intrinsic value

$18.72

 
Up/down potential

+4%

 
Rating

hold

 
Value-price divergence*

+338%

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

We calculate the intrinsic value of SSP 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 1.5

 

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, %
  31.70
  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
  943
  962
  984
  1,009
  1,038
  1,069
  1,104
  1,141
  1,182
  1,226
  1,273
  1,323
  1,377
  1,434
  1,495
  1,559
  1,628
  1,700
  1,776
  1,857
  1,943
  2,033
  2,128
  2,228
  2,333
  2,444
  2,561
  2,684
  2,814
  2,950
  3,093
Variable operating expenses, $m
 
  213
  217
  221
  225
  230
  236
  242
  248
  255
  262
  208
  217
  226
  236
  246
  256
  268
  280
  293
  306
  320
  335
  351
  368
  385
  404
  423
  443
  465
  487
Fixed operating expenses, $m
 
  671
  688
  705
  723
  741
  760
  779
  798
  818
  838
  859
  881
  903
  925
  949
  972
  997
  1,022
  1,047
  1,073
  1,100
  1,128
  1,156
  1,185
  1,214
  1,245
  1,276
  1,308
  1,340
  1,374
Total operating expenses, $m
  816
  884
  905
  926
  948
  971
  996
  1,021
  1,046
  1,073
  1,100
  1,067
  1,098
  1,129
  1,161
  1,195
  1,228
  1,265
  1,302
  1,340
  1,379
  1,420
  1,463
  1,507
  1,553
  1,599
  1,649
  1,699
  1,751
  1,805
  1,861
Operating income, $m
  127
  77
  79
  83
  89
  98
  108
  121
  136
  153
  172
  255
  279
  305
  334
  365
  399
  435
  475
  517
  563
  612
  665
  721
  781
  845
  913
  985
  1,063
  1,145
  1,232
EBITDA, $m
  186
  172
  175
  180
  187
  197
  208
  222
  238
  257
  278
  301
  327
  355
  385
  419
  455
  494
  536
  582
  630
  682
  738
  798
  861
  929
  1,001
  1,078
  1,160
  1,247
  1,339
Interest expense (income), $m
  16
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
Earnings before tax, $m
  106
  62
  63
  66
  72
  79
  89
  100
  114
  130
  147
  229
  251
  275
  302
  331
  363
  397
  435
  475
  518
  564
  613
  666
  723
  784
  848
  917
  990
  1,068
  1,151
Tax expense, $m
  39
  17
  17
  18
  19
  21
  24
  27
  31
  35
  40
  62
  68
  74
  82
  89
  98
  107
  117
  128
  140
  152
  166
  180
  195
  212
  229
  248
  267
  288
  311
Net income, $m
  67
  45
  46
  48
  52
  58
  65
  73
  83
  95
  108
  167
  183
  201
  221
  242
  265
  290
  317
  347
  378
  412
  448
  487
  528
  572
  619
  669
  723
  780
  840

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,728
  1,625
  1,662
  1,705
  1,753
  1,806
  1,864
  1,928
  1,996
  2,071
  2,150
  2,235
  2,326
  2,422
  2,525
  2,634
  2,749
  2,871
  3,001
  3,137
  3,281
  3,433
  3,594
  3,763
  3,941
  4,129
  4,326
  4,534
  4,753
  4,983
  5,225
Adjusted assets (=assets-cash), $m
  1,594
  1,625
  1,662
  1,705
  1,753
  1,806
  1,864
  1,928
  1,996
  2,071
  2,150
  2,235
  2,326
  2,422
  2,525
  2,634
  2,749
  2,871
  3,001
  3,137
  3,281
  3,433
  3,594
  3,763
  3,941
  4,129
  4,326
  4,534
  4,753
  4,983
  5,225
Revenue / Adjusted assets
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
Average production assets, $m
  740
  754
  771
  791
  814
  838
  865
  895
  927
  961
  998
  1,037
  1,079
  1,124
  1,172
  1,222
  1,276
  1,333
  1,393
  1,456
  1,523
  1,594
  1,668
  1,746
  1,829
  1,916
  2,008
  2,104
  2,206
  2,313
  2,425
Working capital, $m
  242
  117
  120
  123
  127
  130
  135
  139
  144
  150
  155
  161
  168
  175
  182
  190
  199
  207
  217
  227
  237
  248
  260
  272
  285
  298
  312
  327
  343
  360
  377
Total debt, $m
  393
  401
  419
  440
  463
  489
  517
  548
  581
  617
  656
  697
  741
  788
  838
  891
  947
  1,007
  1,069
  1,136
  1,206
  1,280
  1,358
  1,440
  1,526
  1,618
  1,714
  1,815
  1,921
  2,033
  2,150
Total liabilities, $m
  782
  790
  808
  829
  852
  878
  906
  937
  970
  1,006
  1,045
  1,086
  1,130
  1,177
  1,227
  1,280
  1,336
  1,396
  1,458
  1,525
  1,595
  1,669
  1,747
  1,829
  1,915
  2,007
  2,103
  2,204
  2,310
  2,422
  2,539
Total equity, $m
  946
  835
  854
  876
  901
  928
  958
  991
  1,026
  1,064
  1,105
  1,149
  1,195
  1,245
  1,298
  1,354
  1,413
  1,476
  1,542
  1,612
  1,687
  1,765
  1,847
  1,934
  2,026
  2,122
  2,224
  2,331
  2,443
  2,561
  2,686
Total liabilities and equity, $m
  1,728
  1,625
  1,662
  1,705
  1,753
  1,806
  1,864
  1,928
  1,996
  2,070
  2,150
  2,235
  2,325
  2,422
  2,525
  2,634
  2,749
  2,872
  3,000
  3,137
  3,282
  3,434
  3,594
  3,763
  3,941
  4,129
  4,327
  4,535
  4,753
  4,983
  5,225
Debt-to-equity ratio
  0.415
  0.480
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.730
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
Adjusted equity ratio
  0.509
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  45
  46
  48
  52
  58
  65
  73
  83
  95
  108
  167
  183
  201
  221
  242
  265
  290
  317
  347
  378
  412
  448
  487
  528
  572
  619
  669
  723
  780
  840
Depreciation, amort., depletion, $m
  59
  95
  96
  97
  98
  99
  100
  101
  103
  104
  106
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  81
  84
  88
  93
  97
  102
  107
Funds from operations, $m
  110
  140
  142
  145
  150
  157
  165
  174
  186
  199
  213
  213
  231
  251
  272
  296
  321
  349
  379
  411
  445
  482
  521
  563
  608
  656
  708
  762
  820
  881
  947
Change in working capital, $m
  -36
  2
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Cash from operations, $m
  146
  138
  139
  142
  147
  153
  160
  170
  181
  193
  208
  207
  224
  244
  265
  288
  313
  340
  369
  401
  435
  471
  510
  551
  596
  643
  693
  747
  804
  865
  929
Maintenance CAPEX, $m
  0
  -33
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -88
  -93
  -97
  -102
New CAPEX, $m
  -28
  -15
  -17
  -20
  -22
  -25
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -71
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -112
Cash from investing activities, $m
  -73
  -48
  -50
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -138
  -144
  -151
  -160
  -168
  -176
  -185
  -195
  -204
  -214
Free cash flow, $m
  73
  91
  88
  88
  89
  92
  97
  102
  109
  118
  128
  123
  136
  151
  168
  186
  206
  227
  251
  276
  304
  333
  365
  399
  436
  475
  517
  562
  610
  661
  715
Issuance/(repayment) of debt, $m
  -7
  15
  18
  21
  23
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
Issuance/(repurchase) of shares, $m
  -40
  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  
  -53
  15
  18
  21
  23
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
Total cash flow (excl. dividends), $m
  20
  105
  107
  109
  113
  118
  125
  133
  143
  154
  167
  165
  181
  198
  218
  239
  262
  287
  313
  342
  374
  407
  443
  481
  523
  566
  613
  663
  716
  773
  833
Retained Cash Flow (-), $m
  -45
  -16
  -19
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -96
  -102
  -107
  -112
  -118
  -124
Prev. year cash balance distribution, $m
 
  127
  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
 
  216
  87
  87
  88
  91
  95
  100
  108
  116
  126
  121
  134
  149
  165
  183
  202
  224
  247
  272
  300
  329
  361
  395
  431
  470
  512
  556
  604
  654
  708
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  207
  80
  76
  73
  70
  69
  68
  67
  67
  66
  57
  57
  56
  55
  54
  51
  49
  45
  42
  38
  34
  30
  26
  22
  18
  15
  12
  9
  7
  5
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

The E. W. Scripps Company is a media enterprise with interests in television and radio broadcasting, as well as local and national digital media brands. The Company's segments include television, radio, digital, and syndication and other. As of December 31, 2016, the Television segment included approximately 15 American Broadcasting Company (ABC) affiliates, five National Broadcasting Company (NBC) affiliates, two FOX affiliates, two Columbia Broadcasting System (CBS) affiliates and four non big-four affiliated stations. As of December 31, 2016, the radio segment owned 34 radio stations in eight markets. As of December 31, 2016, it operated 28 frequency modulation (FM) stations and six Amplitude Modulation (AM) stations. The digital segment includes the digital operations of its local television and radio businesses. Its Syndication and other segment primarily includes the syndication of news features and comics and other features for the newspaper industry.

FINANCIAL RATIOS  of  E.W. Scripps Cl A (SSP)

Valuation Ratios
P/E Ratio 22
Price to Sales 1.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate 31.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.7%
Cap. Spend. - 3 Yr. Gr. Rate 11.8%
Financial Strength
Quick Ratio 19
Current Ratio 0.2
LT Debt to Equity 40.8%
Total Debt to Equity 41.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 81.4%
Gross Margin - 3 Yr. Avg. 84.4%
EBITDA Margin 19.2%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 2.4%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 23%
Payout Ratio 0%

SSP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSP stock intrinsic value calculation we used $943 million for the last fiscal year's total revenue generated by E.W. Scripps Cl A. The default revenue input number comes from 2016 income statement of E.W. Scripps 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 SSP 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 4.3%, whose default value for SSP is calculated based on our internal credit rating of E.W. Scripps 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 E.W. Scripps 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 SSP stock the variable cost ratio is equal to 22.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $655 million in the base year in the intrinsic value calculation for SSP 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% for E.W. Scripps Cl A.

Corporate tax rate of 27% is the nominal tax rate for E.W. Scripps 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 SSP 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 SSP are equal to 78.4%.

Life of production assets of 22.7 years is the average useful life of capital assets used in E.W. Scripps 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 SSP is equal to 12.2%. 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 - $946 million for E.W. Scripps 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 82.192 million for E.W. Scripps 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 E.W. Scripps Cl A at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Is The E W Scripps Company (SSP) A Buy At Its Current Price?   [Sep-13-17 04:25PM  Simply Wall St.]
▶ Scripps announces leadership changes   [Aug-23-17 09:15AM  PR Newswire]
▶ Scripps to host Investor Day on Sept. 6   [08:30AM  PR Newswire]
▶ E.W. Scripps beats 2Q profit forecasts   [09:02AM  Associated Press]
▶ Scripps acquires four TV networks   [Aug-01-17 04:20PM  American City Business Journals]
▶ Scripps spinoff to be acquired for $14.6 billion   [Jul-31-17 04:23PM  American City Business Journals]
▶ Gabelli & Companys Broadcasting Symposium   [Jul-20-17 07:00AM  Business Wire]
▶ Why a Discovery or Viacom Deal for Scripps Is Probable   [Jul-19-17 12:53PM  Bloomberg Video]
▶ Scripps names CEO successor, sets transition date   [07:08AM  American City Business Journals]
▶ Adam Symson to become Scripps CEO Aug. 8   [Jul-10-17 05:02PM  MarketWatch]
▶ [$$] Michael Dell Buys AMC, Sells Trivago, EW Scripps   [Jun-23-17 09:35AM  Barrons.com]
▶ Scripps appoints Chris Way VP/GM of KTNV in Las Vegas   [May-23-17 04:00PM  PR Newswire]
▶ ETFs with exposure to The E.W. Scripps Co. : May 18, 2017   [May-18-17 02:01PM  Capital Cube]
▶ E.W. Scripps reports 1Q loss   [May-05-17 07:42AM  Associated Press]
▶ Scripps brings local news to Amazon Alexa   [May-03-17 09:00AM  PR Newswire]
▶ Scripps closes private offering of senior notes   [Apr-28-17 11:02AM  PR Newswire]
▶ Scripps prices private offering of senior notes   [Apr-20-17 05:35PM  PR Newswire]
▶ Green Bay Packers extend partnership with WTMJ-TV in Milwaukee   [05:25PM  American City Business Journals]
▶ Read All About It: This Newspaper Stock May Launch New Run   [11:13AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [10:56AM  Investor's Business Daily]
▶ Stitcher launches slate of original podcasts   [Apr-12-17 09:00AM  PR Newswire]
▶ E.W. Scripps CEO Boehne gets pay cut   [Apr-05-17 02:35PM  American City Business Journals]
▶ Scripps National Spelling Bee Sets New Rules For 2017   [Apr-04-17 11:00AM  PR Newswire]
▶ Scripps nominates three new board members   [Mar-23-17 04:10PM  PR Newswire]
▶ Read All About It: Newspaper Stock Gets Improved Composite Rating   [Mar-22-17 11:06AM  Investor's Business Daily]
▶ [$$] The Education of an American Sage   [Mar-19-17 01:20PM  The Wall Street Journal]
▶ [$$] The Education of an American Sage   [01:20PM  at The Wall Street Journal]
▶ [$$] The Education of an American Sage   [Mar-17-17 11:45PM  at The Wall Street Journal]
▶ Cincinnati's best and worst stocks since Election Day   [Mar-14-17 06:02PM  at bizjournals.com]
▶ [$$] Unloved and Mispriced   [Mar-11-17 12:35AM  at Barrons.com]
▶ Scripps appoints Dean Littleton VP/GM of KMGH in Denver   [Mar-01-17 02:00PM  PR Newswire]
Financial statements of SSP
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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