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

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$22.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$22.60

 
Intrinsic value

$382.05

 
Up/down potential

+999%

 
Rating

str. buy

 
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 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 1.9

 

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
  33.20
  30.38
  27.84
  25.56
  23.50
  21.65
  19.99
  18.49
  17.14
  15.93
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.23
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
Revenue, $m
  943
  1,256
  1,638
  2,094
  2,629
  3,247
  3,949
  4,739
  5,615
  6,577
  7,625
  8,756
  9,968
  11,261
  12,631
  14,077
  15,598
  17,193
  18,862
  20,603
  22,418
  24,308
  26,273
  28,316
  30,440
  32,647
  34,940
  37,324
  39,802
  42,379
  45,061
Variable operating expenses, $m
 
  260
  320
  392
  476
  573
  684
  808
  946
  1,098
  1,263
  1,380
  1,571
  1,774
  1,990
  2,218
  2,458
  2,709
  2,972
  3,246
  3,532
  3,830
  4,140
  4,462
  4,796
  5,144
  5,505
  5,881
  6,272
  6,678
  7,100
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
  931
  1,008
  1,097
  1,199
  1,314
  1,444
  1,587
  1,744
  1,916
  2,101
  2,239
  2,452
  2,677
  2,915
  3,167
  3,430
  3,706
  3,994
  4,293
  4,605
  4,930
  5,268
  5,618
  5,981
  6,358
  6,750
  7,157
  7,580
  8,018
  8,474
Operating income, $m
  127
  325
  630
  997
  1,430
  1,932
  2,506
  3,152
  3,870
  4,661
  5,523
  6,517
  7,517
  8,583
  9,715
  10,910
  12,168
  13,488
  14,868
  16,310
  17,812
  19,377
  21,006
  22,699
  24,459
  26,288
  28,190
  30,167
  32,222
  34,361
  36,587
EBITDA, $m
  186
  430
  748
  1,131
  1,582
  2,106
  2,704
  3,377
  4,126
  4,950
  5,848
  6,819
  7,861
  8,972
  10,151
  11,397
  12,707
  14,081
  15,520
  17,021
  18,587
  20,217
  21,913
  23,677
  25,510
  27,416
  29,396
  31,456
  33,597
  35,825
  38,143
Interest expense (income), $m
  16
  15
  26
  38
  53
  71
  91
  114
  140
  169
  200
  235
  272
  312
  354
  399
  447
  497
  549
  604
  661
  721
  783
  847
  914
  984
  1,056
  1,132
  1,210
  1,291
  1,376
Earnings before tax, $m
  106
  310
  604
  958
  1,377
  1,861
  2,415
  3,038
  3,730
  4,492
  5,323
  6,282
  7,245
  8,272
  9,361
  10,511
  11,722
  12,991
  14,319
  15,706
  17,151
  18,657
  20,223
  21,852
  23,544
  25,304
  27,133
  29,035
  31,012
  33,070
  35,211
Tax expense, $m
  39
  84
  163
  259
  372
  503
  652
  820
  1,007
  1,213
  1,437
  1,696
  1,956
  2,233
  2,527
  2,838
  3,165
  3,508
  3,866
  4,241
  4,631
  5,037
  5,460
  5,900
  6,357
  6,832
  7,326
  7,839
  8,373
  8,929
  9,507
Net income, $m
  67
  226
  441
  700
  1,005
  1,359
  1,763
  2,218
  2,723
  3,279
  3,886
  4,586
  5,289
  6,038
  6,833
  7,673
  8,557
  9,483
  10,453
  11,465
  12,521
  13,619
  14,763
  15,952
  17,187
  18,472
  19,807
  21,195
  22,639
  24,141
  25,704

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
  2,122
  2,766
  3,537
  4,440
  5,484
  6,671
  8,005
  9,485
  11,110
  12,880
  14,790
  16,838
  19,021
  21,336
  23,779
  26,349
  29,043
  31,861
  34,803
  37,869
  41,060
  44,380
  47,832
  51,419
  55,146
  59,020
  63,046
  67,233
  71,587
  76,117
Adjusted assets (=assets-cash), $m
  1,594
  2,122
  2,766
  3,537
  4,440
  5,484
  6,671
  8,005
  9,485
  11,110
  12,880
  14,790
  16,838
  19,021
  21,336
  23,779
  26,349
  29,043
  31,861
  34,803
  37,869
  41,060
  44,380
  47,832
  51,419
  55,146
  59,020
  63,046
  67,233
  71,587
  76,117
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
  985
  1,284
  1,641
  2,061
  2,545
  3,096
  3,715
  4,402
  5,157
  5,978
  6,864
  7,815
  8,828
  9,903
  11,037
  12,229
  13,480
  14,788
  16,153
  17,576
  19,057
  20,598
  22,200
  23,865
  25,595
  27,393
  29,262
  31,205
  33,225
  35,328
Working capital, $m
  242
  153
  200
  255
  321
  396
  482
  578
  685
  802
  930
  1,068
  1,216
  1,374
  1,541
  1,717
  1,903
  2,098
  2,301
  2,514
  2,735
  2,966
  3,205
  3,455
  3,714
  3,983
  4,263
  4,553
  4,856
  5,170
  5,497
Total debt, $m
  393
  642
  955
  1,330
  1,769
  2,276
  2,853
  3,501
  4,221
  5,011
  5,870
  6,799
  7,794
  8,855
  9,980
  11,168
  12,416
  13,726
  15,095
  16,525
  18,015
  19,566
  21,180
  22,857
  24,601
  26,412
  28,295
  30,252
  32,286
  34,402
  36,604
Total liabilities, $m
  782
  1,031
  1,344
  1,719
  2,158
  2,665
  3,242
  3,890
  4,610
  5,400
  6,259
  7,188
  8,183
  9,244
  10,369
  11,557
  12,805
  14,115
  15,484
  16,914
  18,404
  19,955
  21,569
  23,246
  24,990
  26,801
  28,684
  30,641
  32,675
  34,791
  36,993
Total equity, $m
  946
  1,091
  1,422
  1,818
  2,282
  2,819
  3,429
  4,114
  4,875
  5,711
  6,620
  7,602
  8,655
  9,777
  10,967
  12,222
  13,543
  14,928
  16,377
  17,889
  19,464
  21,105
  22,811
  24,586
  26,429
  28,345
  30,336
  32,406
  34,558
  36,795
  39,124
Total liabilities and equity, $m
  1,728
  2,122
  2,766
  3,537
  4,440
  5,484
  6,671
  8,004
  9,485
  11,111
  12,879
  14,790
  16,838
  19,021
  21,336
  23,779
  26,348
  29,043
  31,861
  34,803
  37,868
  41,060
  44,380
  47,832
  51,419
  55,146
  59,020
  63,047
  67,233
  71,586
  76,117
Debt-to-equity ratio
  0.415
  0.590
  0.670
  0.730
  0.780
  0.810
  0.830
  0.850
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.940
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
  226
  441
  700
  1,005
  1,359
  1,763
  2,218
  2,723
  3,279
  3,886
  4,586
  5,289
  6,038
  6,833
  7,673
  8,557
  9,483
  10,453
  11,465
  12,521
  13,619
  14,763
  15,952
  17,187
  18,472
  19,807
  21,195
  22,639
  24,141
  25,704
Depreciation, amort., depletion, $m
  59
  105
  118
  134
  152
  174
  198
  225
  256
  289
  325
  302
  344
  389
  436
  486
  539
  594
  651
  712
  774
  840
  907
  978
  1,051
  1,128
  1,207
  1,289
  1,375
  1,464
  1,556
Funds from operations, $m
  110
  331
  559
  834
  1,157
  1,533
  1,961
  2,443
  2,979
  3,568
  4,211
  4,888
  5,633
  6,427
  7,270
  8,159
  9,095
  10,077
  11,104
  12,177
  13,295
  14,459
  15,670
  16,930
  18,239
  19,600
  21,014
  22,484
  24,014
  25,605
  27,260
Change in working capital, $m
  -36
  38
  47
  56
  65
  75
  86
  96
  107
  117
  128
  138
  148
  158
  167
  176
  186
  195
  204
  212
  221
  231
  240
  249
  259
  269
  280
  291
  302
  314
  327
Cash from operations, $m
  146
  282
  513
  778
  1,092
  1,457
  1,875
  2,347
  2,872
  3,451
  4,083
  4,750
  5,485
  6,270
  7,103
  7,983
  8,910
  9,883
  10,901
  11,964
  13,073
  14,228
  15,430
  16,680
  17,980
  19,330
  20,734
  22,194
  23,711
  25,290
  26,933
Maintenance CAPEX, $m
  0
  -33
  -43
  -57
  -72
  -91
  -112
  -136
  -164
  -194
  -227
  -263
  -302
  -344
  -389
  -436
  -486
  -539
  -594
  -651
  -712
  -774
  -840
  -907
  -978
  -1,051
  -1,128
  -1,207
  -1,289
  -1,375
  -1,464
New CAPEX, $m
  -28
  -245
  -299
  -357
  -420
  -484
  -551
  -619
  -687
  -754
  -821
  -887
  -951
  -1,013
  -1,074
  -1,134
  -1,193
  -1,250
  -1,308
  -1,365
  -1,423
  -1,481
  -1,541
  -1,602
  -1,665
  -1,730
  -1,798
  -1,869
  -1,943
  -2,021
  -2,103
Cash from investing activities, $m
  -73
  -278
  -342
  -414
  -492
  -575
  -663
  -755
  -851
  -948
  -1,048
  -1,150
  -1,253
  -1,357
  -1,463
  -1,570
  -1,679
  -1,789
  -1,902
  -2,016
  -2,135
  -2,255
  -2,381
  -2,509
  -2,643
  -2,781
  -2,926
  -3,076
  -3,232
  -3,396
  -3,567
Free cash flow, $m
  73
  5
  170
  364
  600
  882
  1,212
  1,591
  2,021
  2,502
  3,034
  3,600
  4,232
  4,912
  5,639
  6,413
  7,231
  8,093
  8,999
  9,948
  10,939
  11,973
  13,050
  14,171
  15,337
  16,549
  17,809
  19,118
  20,479
  21,895
  23,367
Issuance/(repayment) of debt, $m
  -7
  256
  313
  374
  439
  507
  577
  648
  719
  790
  860
  928
  995
  1,061
  1,125
  1,187
  1,249
  1,309
  1,370
  1,430
  1,490
  1,551
  1,614
  1,677
  1,743
  1,812
  1,883
  1,957
  2,034
  2,116
  2,202
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
  256
  313
  374
  439
  507
  577
  648
  719
  790
  860
  928
  995
  1,061
  1,125
  1,187
  1,249
  1,309
  1,370
  1,430
  1,490
  1,551
  1,614
  1,677
  1,743
  1,812
  1,883
  1,957
  2,034
  2,116
  2,202
Total cash flow (excl. dividends), $m
  20
  261
  483
  738
  1,040
  1,389
  1,789
  2,239
  2,741
  3,293
  3,894
  4,529
  5,227
  5,973
  6,764
  7,600
  8,480
  9,403
  10,369
  11,377
  12,429
  13,524
  14,663
  15,848
  17,080
  18,361
  19,691
  21,075
  22,514
  24,011
  25,568
Retained Cash Flow (-), $m
  -45
  -272
  -331
  -396
  -465
  -536
  -610
  -685
  -761
  -836
  -909
  -982
  -1,053
  -1,122
  -1,190
  -1,256
  -1,321
  -1,385
  -1,448
  -1,512
  -1,576
  -1,641
  -1,706
  -1,774
  -1,844
  -1,916
  -1,991
  -2,070
  -2,152
  -2,238
  -2,329
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
 
  116
  152
  342
  575
  853
  1,179
  1,554
  1,980
  2,457
  2,985
  3,547
  4,175
  4,851
  5,575
  6,344
  7,159
  8,018
  8,920
  9,865
  10,853
  11,883
  12,957
  14,074
  15,236
  16,445
  17,700
  19,005
  20,362
  21,773
  23,240
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
 
  111
  139
  298
  473
  661
  855
  1,050
  1,238
  1,411
  1,565
  1,684
  1,781
  1,844
  1,871
  1,863
  1,819
  1,745
  1,643
  1,519
  1,379
  1,229
  1,075
  922
  776
  640
  516
  408
  315
  238
  175
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, together with its subsidiaries, operates as a media enterprise with a portfolio of television, radio, and digital media brands. The company produces news, information, and entertainment content that informs and engages local and national communities; and operates local digital sites offering local news, information, and user-generated content, as well as national content and other content sources. It is also involved in the national digital businesses, such as Newsy, an over-the-top video news service; and Midroll, a podcast industry that creates original podcasts and operates a network. In addition, the company provides television programming services; and syndication services for news features and comics for the newspaper industry. It operates 28 FM stations and 6 AM stations. The company was formerly known as Scripps Howard, Inc. The E. W. Scripps Company was founded in 1878 and is headquartered in Cincinnati, Ohio.

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

Valuation Ratios
P/E Ratio 27.7
Price to Sales 2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 15.7
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 33.2% 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 82.765 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 $1.9 billion.


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COMPANY NEWS

▶ 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]
▶ Scripps family member leaves board   [12:15PM  at bizjournals.com]
▶ Cracked app launches on Apple TV   [12:00PM  PR Newswire]
▶ Jared Cotter joins 'The List' as co-host   [Jan-04-17 11:00AM  PR Newswire]
▶ Is Portola Pharmaceuticals Inc (PTLA) Worthy of Your Portfolio?   [Dec-06-16 11:10AM  at Insider Monkey]
▶ The Biggest Loser: Scripps Networks Interactive Slumps 4.2%   [Nov-15-16 05:05PM  at Barrons.com]
▶ E.W. Scripps CEO Boehne to exit, names successor   [10:08AM  at bizjournals.com]
▶ Scripps names new VP/GM for KMTV in Omaha, Neb.   [Nov-08-16 04:15PM  PR Newswire]
▶ [$$] E.W. Scripps Results Hurt by Slack Political Spending   [08:18AM  at The Wall Street Journal]
Stock chart of SSP 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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