Intrinsic value of Gray Television, Inc. - GTN

Previous Close

$16.57

  Intrinsic Value

$295.21

stock screener

  Rating & Target

str. buy

+999%

Previous close

$16.57

 
Intrinsic value

$295.21

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of GTN 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 0001), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  40.50
  36.95
  33.76
  30.88
  28.29
  25.96
  23.87
  21.98
  20.28
  18.75
  17.38
  16.14
  15.03
  14.02
  13.12
  12.31
  11.58
  10.92
  10.33
  9.80
  9.32
  8.88
  8.50
  8.15
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
Revenue, $m
  1,523
  2,086
  2,790
  3,651
  4,684
  5,900
  7,309
  8,915
  10,723
  12,734
  14,947
  17,360
  19,968
  22,769
  25,756
  28,926
  32,276
  35,800
  39,498
  43,367
  47,407
  51,619
  56,004
  60,566
  65,310
  70,240
  75,363
  80,687
  86,220
  91,973
Variable operating expenses, $m
  694
  869
  1,089
  1,357
  1,679
  2,058
  2,496
  2,997
  3,560
  4,186
  4,656
  5,408
  6,220
  7,093
  8,023
  9,011
  10,054
  11,152
  12,304
  13,509
  14,768
  16,080
  17,446
  18,867
  20,345
  21,880
  23,476
  25,135
  26,858
  28,650
Fixed operating expenses, $m
  145
  148
  152
  155
  158
  162
  165
  169
  173
  177
  180
  184
  188
  193
  197
  201
  206
  210
  215
  219
  224
  229
  234
  239
  245
  250
  256
  261
  267
  273
Total operating expenses, $m
  839
  1,017
  1,241
  1,512
  1,837
  2,220
  2,661
  3,166
  3,733
  4,363
  4,836
  5,592
  6,408
  7,286
  8,220
  9,212
  10,260
  11,362
  12,519
  13,728
  14,992
  16,309
  17,680
  19,106
  20,590
  22,130
  23,732
  25,396
  27,125
  28,923
Operating income, $m
  684
  1,068
  1,550
  2,139
  2,847
  3,681
  4,647
  5,749
  6,991
  8,371
  10,111
  11,768
  13,560
  15,483
  17,536
  19,714
  22,016
  24,438
  26,979
  29,638
  32,415
  35,310
  38,324
  41,460
  44,720
  48,109
  51,631
  55,291
  59,095
  63,050
EBITDA, $m
  972
  1,381
  1,894
  2,523
  3,277
  4,165
  5,195
  6,369
  7,691
  9,162
  10,781
  12,547
  14,455
  16,505
  18,692
  21,012
  23,464
  26,044
  28,751
  31,584
  34,542
  37,626
  40,837
  44,177
  47,651
  51,261
  55,012
  58,911
  62,963
  67,176
Interest expense (income), $m
  76
  138
  175
  250
  343
  456
  593
  753
  939
  1,152
  1,390
  1,656
  1,948
  2,267
  2,611
  2,981
  3,376
  3,794
  4,237
  4,702
  5,191
  5,701
  6,235
  6,791
  7,370
  7,973
  8,599
  9,250
  9,927
  10,630
  11,361
Earnings before tax, $m
  546
  893
  1,300
  1,797
  2,391
  3,088
  3,894
  4,810
  5,839
  6,981
  8,455
  9,819
  11,293
  12,872
  14,555
  16,339
  18,221
  20,201
  22,277
  24,448
  26,713
  29,075
  31,533
  34,090
  36,748
  39,510
  42,381
  45,364
  48,465
  51,689
Tax expense, $m
  148
  241
  351
  485
  646
  834
  1,051
  1,299
  1,577
  1,885
  2,283
  2,651
  3,049
  3,475
  3,930
  4,411
  4,920
  5,454
  6,015
  6,601
  7,213
  7,850
  8,514
  9,204
  9,922
  10,668
  11,443
  12,248
  13,085
  13,956
Net income, $m
  399
  652
  949
  1,312
  1,745
  2,254
  2,842
  3,511
  4,262
  5,096
  6,172
  7,168
  8,244
  9,397
  10,625
  11,927
  13,302
  14,747
  16,262
  17,847
  19,501
  21,225
  23,019
  24,885
  26,826
  28,842
  30,938
  33,116
  35,379
  37,733

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  4,139
  5,668
  7,581
  9,922
  12,729
  16,034
  19,861
  24,226
  29,139
  34,604
  40,617
  47,173
  54,262
  61,871
  69,989
  78,604
  87,705
  97,283
  107,331
  117,844
  128,823
  140,268
  152,185
  164,582
  177,472
  190,869
  204,790
  219,257
  234,293
  249,926
Adjusted assets (=assets-cash), $m
  4,139
  5,668
  7,581
  9,922
  12,729
  16,034
  19,861
  24,226
  29,139
  34,604
  40,617
  47,173
  54,262
  61,871
  69,989
  78,604
  87,705
  97,283
  107,331
  117,844
  128,823
  140,268
  152,185
  164,582
  177,472
  190,869
  204,790
  219,257
  234,293
  249,926
Revenue / Adjusted assets
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
Average production assets, $m
  2,050
  2,807
  3,755
  4,915
  6,305
  7,942
  9,838
  12,000
  14,434
  17,140
  20,119
  23,366
  26,877
  30,646
  34,668
  38,935
  43,443
  48,187
  53,164
  58,372
  63,810
  69,479
  75,381
  81,522
  87,907
  94,543
  101,438
  108,604
  116,052
  123,795
Working capital, $m
  -979
  -1,341
  -1,794
  -2,348
  -3,012
  -3,794
  -4,700
  -5,732
  -6,895
  -8,188
  -9,611
  -11,162
  -12,840
  -14,640
  -16,561
  -18,600
  -20,753
  -23,020
  -25,397
  -27,885
  -30,483
  -33,191
  -36,011
  -38,944
  -41,994
  -45,164
  -48,458
  -51,881
  -55,439
  -59,138
Total debt, $m
  3,248
  4,624
  6,346
  8,453
  10,979
  13,954
  17,398
  21,326
  25,748
  30,667
  36,079
  41,979
  48,358
  55,207
  62,513
  70,267
  78,458
  87,078
  96,121
  105,583
  115,463
  125,764
  136,489
  147,647
  159,248
  171,305
  183,834
  196,854
  210,387
  224,456
Total liabilities, $m
  3,725
  5,101
  6,823
  8,930
  11,456
  14,431
  17,875
  21,803
  26,225
  31,144
  36,556
  42,456
  48,835
  55,684
  62,990
  70,744
  78,935
  87,555
  96,598
  106,060
  115,940
  126,241
  136,966
  148,124
  159,725
  171,782
  184,311
  197,331
  210,864
  224,933
Total equity, $m
  414
  567
  758
  992
  1,273
  1,603
  1,986
  2,423
  2,914
  3,460
  4,062
  4,717
  5,426
  6,187
  6,999
  7,860
  8,771
  9,728
  10,733
  11,784
  12,882
  14,027
  15,218
  16,458
  17,747
  19,087
  20,479
  21,926
  23,429
  24,993
Total liabilities and equity, $m
  4,139
  5,668
  7,581
  9,922
  12,729
  16,034
  19,861
  24,226
  29,139
  34,604
  40,618
  47,173
  54,261
  61,871
  69,989
  78,604
  87,706
  97,283
  107,331
  117,844
  128,822
  140,268
  152,184
  164,582
  177,472
  190,869
  204,790
  219,257
  234,293
  249,926
Debt-to-equity ratio
  7.850
  8.160
  8.370
  8.520
  8.630
  8.700
  8.760
  8.800
  8.840
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  399
  652
  949
  1,312
  1,745
  2,254
  2,842
  3,511
  4,262
  5,096
  6,172
  7,168
  8,244
  9,397
  10,625
  11,927
  13,302
  14,747
  16,262
  17,847
  19,501
  21,225
  23,019
  24,885
  26,826
  28,842
  30,938
  33,116
  35,379
  37,733
Depreciation, amort., depletion, $m
  288
  313
  345
  383
  430
  484
  547
  619
  701
  791
  671
  779
  896
  1,022
  1,156
  1,298
  1,448
  1,606
  1,772
  1,946
  2,127
  2,316
  2,513
  2,717
  2,930
  3,151
  3,381
  3,620
  3,868
  4,127
Funds from operations, $m
  687
  965
  1,294
  1,695
  2,175
  2,739
  3,390
  4,131
  4,963
  5,887
  6,843
  7,947
  9,140
  10,418
  11,781
  13,225
  14,750
  16,353
  18,034
  19,793
  21,628
  23,540
  25,532
  27,603
  29,756
  31,994
  34,319
  36,736
  39,248
  41,859
Change in working capital, $m
  -282
  -362
  -453
  -554
  -664
  -782
  -905
  -1,033
  -1,163
  -1,293
  -1,423
  -1,551
  -1,677
  -1,801
  -1,921
  -2,039
  -2,154
  -2,266
  -2,378
  -2,488
  -2,598
  -2,708
  -2,820
  -2,934
  -3,050
  -3,170
  -3,294
  -3,423
  -3,558
  -3,699
Cash from operations, $m
  969
  1,327
  1,746
  2,249
  2,839
  3,521
  4,295
  5,164
  6,126
  7,180
  8,265
  9,498
  10,817
  12,219
  13,702
  15,264
  16,903
  18,619
  20,412
  22,280
  24,226
  26,249
  28,352
  30,536
  32,806
  35,164
  37,613
  40,159
  42,806
  45,558
Maintenance CAPEX, $m
  -49
  -68
  -94
  -125
  -164
  -210
  -265
  -328
  -400
  -481
  -571
  -671
  -779
  -896
  -1,022
  -1,156
  -1,298
  -1,448
  -1,606
  -1,772
  -1,946
  -2,127
  -2,316
  -2,513
  -2,717
  -2,930
  -3,151
  -3,381
  -3,620
  -3,868
New CAPEX, $m
  -590
  -757
  -948
  -1,160
  -1,390
  -1,637
  -1,895
  -2,162
  -2,434
  -2,707
  -2,979
  -3,247
  -3,511
  -3,769
  -4,021
  -4,267
  -4,508
  -4,744
  -4,977
  -5,208
  -5,438
  -5,669
  -5,903
  -6,141
  -6,385
  -6,636
  -6,896
  -7,166
  -7,448
  -7,743
Cash from investing activities, $m
  -639
  -825
  -1,042
  -1,285
  -1,554
  -1,847
  -2,160
  -2,490
  -2,834
  -3,188
  -3,550
  -3,918
  -4,290
  -4,665
  -5,043
  -5,423
  -5,806
  -6,192
  -6,583
  -6,980
  -7,384
  -7,796
  -8,219
  -8,654
  -9,102
  -9,566
  -10,047
  -10,547
  -11,068
  -11,611
Free cash flow, $m
  330
  501
  705
  964
  1,285
  1,674
  2,135
  2,674
  3,292
  3,992
  4,715
  5,580
  6,527
  7,554
  8,659
  9,841
  11,097
  12,427
  13,829
  15,300
  16,842
  18,453
  20,133
  21,883
  23,704
  25,598
  27,566
  29,612
  31,737
  33,947
Issuance/(repayment) of debt, $m
  699
  1,376
  1,722
  2,107
  2,526
  2,974
  3,444
  3,929
  4,422
  4,918
  5,412
  5,900
  6,380
  6,848
  7,306
  7,754
  8,191
  8,620
  9,043
  9,462
  9,881
  10,301
  10,725
  11,158
  11,601
  12,057
  12,529
  13,020
  13,533
  14,069
Issuance/(repurchase) of shares, $m
  96
  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  
  795
  1,376
  1,722
  2,107
  2,526
  2,974
  3,444
  3,929
  4,422
  4,918
  5,412
  5,900
  6,380
  6,848
  7,306
  7,754
  8,191
  8,620
  9,043
  9,462
  9,881
  10,301
  10,725
  11,158
  11,601
  12,057
  12,529
  13,020
  13,533
  14,069
Total cash flow (excl. dividends), $m
  1,124
  1,877
  2,427
  3,071
  3,811
  4,648
  5,579
  6,602
  7,714
  8,910
  10,128
  11,481
  12,906
  14,402
  15,965
  17,594
  19,288
  21,047
  22,872
  24,763
  26,722
  28,753
  30,858
  33,041
  35,305
  37,655
  40,095
  42,632
  45,270
  48,016
Retained Cash Flow (-), $m
  -495
  -153
  -191
  -234
  -281
  -330
  -383
  -437
  -491
  -546
  -601
  -656
  -709
  -761
  -812
  -862
  -910
  -958
  -1,005
  -1,051
  -1,098
  -1,145
  -1,192
  -1,240
  -1,289
  -1,340
  -1,392
  -1,447
  -1,504
  -1,563
Prev. year cash balance distribution, $m
  1,269
  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
  1,898
  1,724
  2,236
  2,837
  3,531
  4,317
  5,196
  6,166
  7,223
  8,364
  9,526
  10,825
  12,198
  13,641
  15,153
  16,733
  18,378
  20,089
  21,867
  23,711
  25,625
  27,609
  29,666
  31,801
  34,016
  36,315
  38,703
  41,185
  43,767
  46,452
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  1,796
  1,535
  1,862
  2,197
  2,526
  2,833
  3,104
  3,326
  3,489
  3,584
  3,587
  3,545
  3,436
  3,267
  3,047
  2,789
  2,503
  2,203
  1,901
  1,608
  1,331
  1,079
  855
  662
  501
  369
  265
  186
  126
  83
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Gray Television, Inc. is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX). In addition to a primary broadcast channel, each of its stations can also broadcast additional secondary digital channels within a market by utilizing the same bandwidth, but with different programming from the primary channel. The Company also broadcasts local news/weather channels in certain of its existing markets. Along with affiliations with ABC, CBS and FOX, the Company's secondary channels are affiliated with various smaller networks and program services.

FINANCIAL RATIOS  of  Gray Television, Inc. (GTN)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 7.4
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 356.4%
Total Debt to Equity 356.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 16.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 32.5%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

GTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTN stock intrinsic value calculation we used $1084 million for the last fiscal year's total revenue generated by Gray Television, Inc.. The default revenue input number comes from 0001 income statement of Gray Television, Inc.. 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 GTN stock valuation model: a) initial revenue growth rate of 40.5% 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 5.7%, whose default value for GTN is calculated based on our internal credit rating of Gray Television, Inc., 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 Gray Television, Inc..
    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 GTN stock the variable cost ratio is equal to 51.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $142 million in the base year in the intrinsic value calculation for GTN 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 5.4% for Gray Television, Inc..

Corporate tax rate of 27% is the nominal tax rate for Gray Television, Inc.. 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 GTN 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 GTN are equal to 134.6%.

Life of production assets of 34.4 years is the average useful life of capital assets used in Gray Television, Inc. 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 GTN is equal to -64.3%. 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 - $1187.189 million for Gray Television, Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 101.159 million for Gray Television, Inc. 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 Gray Television, Inc. at the current share price and the inputted number of shares is $1.7 billion.

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