Intrinsic value of Meredith - MDP

Previous Close

$58.69

  Intrinsic Value

$309.23

stock screener

  Rating & Target

str. buy

+427%

Previous close

$58.69

 
Intrinsic value

$309.23

 
Up/down potential

+427%

 
Rating

str. buy

We calculate the intrinsic value of MDP 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 2.3

 

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, %
  52.50
  47.75
  43.48
  39.63
  36.16
  33.05
  30.24
  27.72
  25.45
  23.40
  21.56
  19.91
  18.42
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
Revenue, $m
  2,613
  3,861
  5,539
  7,734
  10,531
  14,011
  18,248
  23,307
  29,237
  36,080
  43,859
  52,590
  62,275
  72,907
  84,475
  96,961
  110,343
  124,601
  139,714
  155,665
  172,438
  190,022
  208,412
  227,606
  247,610
  268,434
  290,094
  312,612
  336,014
  360,332
Variable operating expenses, $m
  2,307
  3,318
  4,679
  6,458
  8,725
  11,545
  14,980
  19,080
  23,887
  29,433
  35,549
  42,625
  50,475
  59,093
  68,468
  78,588
  89,435
  100,991
  113,241
  126,169
  139,763
  154,016
  168,921
  184,478
  200,692
  217,570
  235,126
  253,377
  272,344
  292,055
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
  2,307
  3,318
  4,679
  6,458
  8,725
  11,545
  14,980
  19,080
  23,887
  29,433
  35,549
  42,625
  50,475
  59,093
  68,468
  78,588
  89,435
  100,991
  113,241
  126,169
  139,763
  154,016
  168,921
  184,478
  200,692
  217,570
  235,126
  253,377
  272,344
  292,055
Operating income, $m
  306
  542
  860
  1,276
  1,806
  2,466
  3,268
  4,227
  5,351
  6,647
  8,311
  9,965
  11,800
  13,815
  16,007
  18,373
  20,908
  23,610
  26,474
  29,496
  32,674
  36,006
  39,491
  43,128
  46,918
  50,864
  54,968
  59,235
  63,669
  68,277
EBITDA, $m
  555
  820
  1,176
  1,642
  2,236
  2,975
  3,875
  4,949
  6,208
  7,661
  9,313
  11,166
  13,223
  15,480
  17,936
  20,587
  23,429
  26,456
  29,665
  33,052
  36,613
  40,347
  44,251
  48,327
  52,574
  56,996
  61,595
  66,376
  71,345
  76,508
Interest expense (income), $m
  22
  38
  87
  155
  247
  366
  519
  709
  940
  1,217
  1,541
  1,914
  2,339
  2,816
  3,344
  3,925
  4,557
  5,238
  5,969
  6,748
  7,573
  8,444
  9,360
  10,320
  11,324
  12,372
  13,464
  14,601
  15,784
  17,013
  18,291
Earnings before tax, $m
  268
  455
  705
  1,030
  1,440
  1,946
  2,559
  3,286
  4,134
  5,107
  6,397
  7,626
  8,984
  10,470
  12,082
  13,816
  15,670
  17,641
  19,726
  21,923
  24,231
  26,647
  29,171
  31,804
  34,547
  37,400
  40,367
  43,451
  46,656
  49,986
Tax expense, $m
  72
  123
  190
  278
  389
  526
  691
  887
  1,116
  1,379
  1,727
  2,059
  2,426
  2,827
  3,262
  3,730
  4,231
  4,763
  5,326
  5,919
  6,542
  7,195
  7,876
  8,587
  9,328
  10,098
  10,899
  11,732
  12,597
  13,496
Net income, $m
  196
  332
  515
  752
  1,051
  1,421
  1,868
  2,399
  3,018
  3,728
  4,669
  5,567
  6,559
  7,643
  8,820
  10,086
  11,439
  12,878
  14,400
  16,004
  17,688
  19,452
  21,295
  23,217
  25,219
  27,302
  29,468
  31,719
  34,059
  36,490

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
  4,161
  6,147
  8,820
  12,315
  16,769
  22,310
  29,058
  37,112
  46,557
  57,452
  69,840
  83,742
  99,164
  116,095
  134,515
  154,396
  175,705
  198,409
  222,475
  247,874
  274,582
  302,583
  331,866
  362,430
  394,284
  427,443
  461,934
  497,789
  535,053
  573,777
Adjusted assets (=assets-cash), $m
  4,161
  6,147
  8,820
  12,315
  16,769
  22,310
  29,058
  37,112
  46,557
  57,452
  69,840
  83,742
  99,164
  116,095
  134,515
  154,396
  175,705
  198,409
  222,475
  247,874
  274,582
  302,583
  331,866
  362,430
  394,284
  427,443
  461,934
  497,789
  535,053
  573,777
Revenue / Adjusted assets
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
Average production assets, $m
  1,701
  2,513
  3,606
  5,035
  6,855
  9,121
  11,880
  15,173
  19,034
  23,488
  28,552
  34,236
  40,541
  47,463
  54,993
  63,121
  71,833
  81,115
  90,954
  101,338
  112,257
  123,704
  135,676
  148,172
  161,194
  174,751
  188,851
  203,510
  218,745
  234,576
Working capital, $m
  131
  193
  277
  387
  527
  701
  912
  1,165
  1,462
  1,804
  2,193
  2,630
  3,114
  3,645
  4,224
  4,848
  5,517
  6,230
  6,986
  7,783
  8,622
  9,501
  10,421
  11,380
  12,381
  13,422
  14,505
  15,631
  16,801
  18,017
Total debt, $m
  1,606
  2,868
  4,565
  6,785
  9,613
  13,132
  17,416
  22,531
  28,528
  35,446
  43,313
  52,141
  61,933
  72,685
  84,381
  97,006
  110,537
  124,954
  140,236
  156,365
  173,324
  191,105
  209,699
  229,108
  249,335
  270,391
  292,292
  315,061
  338,723
  363,313
Total liabilities, $m
  2,642
  3,904
  5,601
  7,820
  10,648
  14,167
  18,452
  23,566
  29,563
  36,482
  44,348
  53,176
  62,969
  73,720
  85,417
  98,041
  111,573
  125,990
  141,272
  157,400
  174,360
  192,140
  210,735
  230,143
  250,370
  271,426
  293,328
  316,096
  339,759
  364,348
Total equity, $m
  1,519
  2,244
  3,219
  4,495
  6,121
  8,143
  10,606
  13,546
  16,993
  20,970
  25,492
  30,566
  36,195
  42,375
  49,098
  56,354
  64,132
  72,419
  81,203
  90,474
  100,223
  110,443
  121,131
  132,287
  143,914
  156,017
  168,606
  181,693
  195,294
  209,429
Total liabilities and equity, $m
  4,161
  6,148
  8,820
  12,315
  16,769
  22,310
  29,058
  37,112
  46,556
  57,452
  69,840
  83,742
  99,164
  116,095
  134,515
  154,395
  175,705
  198,409
  222,475
  247,874
  274,583
  302,583
  331,866
  362,430
  394,284
  427,443
  461,934
  497,789
  535,053
  573,777
Debt-to-equity ratio
  1.060
  1.280
  1.420
  1.510
  1.570
  1.610
  1.640
  1.660
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
  1.720
  1.720
  1.720
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
Adjusted equity ratio
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  196
  332
  515
  752
  1,051
  1,421
  1,868
  2,399
  3,018
  3,728
  4,669
  5,567
  6,559
  7,643
  8,820
  10,086
  11,439
  12,878
  14,400
  16,004
  17,688
  19,452
  21,295
  23,217
  25,219
  27,302
  29,468
  31,719
  34,059
  36,490
Depreciation, amort., depletion, $m
  249
  277
  316
  366
  430
  509
  606
  722
  857
  1,013
  1,002
  1,201
  1,422
  1,665
  1,930
  2,215
  2,520
  2,846
  3,191
  3,556
  3,939
  4,341
  4,761
  5,199
  5,656
  6,132
  6,626
  7,141
  7,675
  8,231
Funds from operations, $m
  445
  610
  831
  1,118
  1,481
  1,930
  2,474
  3,121
  3,875
  4,741
  5,671
  6,768
  7,981
  9,309
  10,749
  12,300
  13,960
  15,724
  17,592
  19,560
  21,627
  23,793
  26,056
  28,416
  30,875
  33,434
  36,094
  38,860
  41,734
  44,721
Change in working capital, $m
  45
  62
  84
  110
  140
  174
  212
  253
  297
  342
  389
  437
  484
  532
  578
  624
  669
  713
  756
  798
  839
  879
  919
  960
  1,000
  1,041
  1,083
  1,126
  1,170
  1,216
Cash from operations, $m
  400
  548
  747
  1,008
  1,341
  1,756
  2,263
  2,868
  3,578
  4,399
  5,282
  6,332
  7,497
  8,777
  10,171
  11,676
  13,290
  15,011
  16,836
  18,762
  20,789
  22,913
  25,136
  27,456
  29,875
  32,392
  35,011
  37,734
  40,564
  43,505
Maintenance CAPEX, $m
  -39
  -60
  -88
  -127
  -177
  -241
  -320
  -417
  -532
  -668
  -824
  -1,002
  -1,201
  -1,422
  -1,665
  -1,930
  -2,215
  -2,520
  -2,846
  -3,191
  -3,556
  -3,939
  -4,341
  -4,761
  -5,199
  -5,656
  -6,132
  -6,626
  -7,141
  -7,675
New CAPEX, $m
  -586
  -812
  -1,093
  -1,429
  -1,821
  -2,266
  -2,759
  -3,293
  -3,861
  -4,454
  -5,065
  -5,684
  -6,305
  -6,922
  -7,531
  -8,128
  -8,712
  -9,282
  -9,839
  -10,384
  -10,919
  -11,447
  -11,972
  -12,496
  -13,023
  -13,556
  -14,101
  -14,659
  -15,235
  -15,831
Cash from investing activities, $m
  -625
  -872
  -1,181
  -1,556
  -1,998
  -2,507
  -3,079
  -3,710
  -4,393
  -5,122
  -5,889
  -6,686
  -7,506
  -8,344
  -9,196
  -10,058
  -10,927
  -11,802
  -12,685
  -13,575
  -14,475
  -15,386
  -16,313
  -17,257
  -18,222
  -19,212
  -20,233
  -21,285
  -22,376
  -23,506
Free cash flow, $m
  -225
  -324
  -434
  -548
  -656
  -750
  -816
  -842
  -815
  -723
  -606
  -354
  -9
  433
  975
  1,619
  2,364
  3,209
  4,151
  5,187
  6,314
  7,527
  8,824
  10,200
  11,653
  13,180
  14,779
  16,449
  18,189
  19,998
Issuance/(repayment) of debt, $m
  908
  1,262
  1,697
  2,219
  2,828
  3,519
  4,285
  5,115
  5,997
  6,919
  7,866
  8,828
  9,793
  10,751
  11,697
  12,624
  13,532
  14,417
  15,282
  16,128
  16,960
  17,780
  18,595
  19,408
  20,227
  21,056
  21,901
  22,768
  23,663
  24,589
Issuance/(repurchase) of shares, $m
  327
  393
  461
  524
  575
  602
  594
  541
  429
  249
  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  
  1,235
  1,655
  2,158
  2,743
  3,403
  4,121
  4,879
  5,656
  6,426
  7,168
  7,866
  8,828
  9,793
  10,751
  11,697
  12,624
  13,532
  14,417
  15,282
  16,128
  16,960
  17,780
  18,595
  19,408
  20,227
  21,056
  21,901
  22,768
  23,663
  24,589
Total cash flow (excl. dividends), $m
  1,010
  1,330
  1,724
  2,196
  2,746
  3,371
  4,063
  4,814
  5,611
  6,445
  7,260
  8,474
  9,784
  11,184
  12,672
  14,243
  15,895
  17,626
  19,433
  21,315
  23,273
  25,307
  27,418
  29,609
  31,880
  34,236
  36,681
  39,218
  41,851
  44,588
Retained Cash Flow (-), $m
  -523
  -725
  -975
  -1,276
  -1,626
  -2,023
  -2,463
  -2,940
  -3,447
  -3,977
  -4,522
  -5,074
  -5,629
  -6,180
  -6,723
  -7,257
  -7,778
  -8,287
  -8,784
  -9,271
  -9,748
  -10,220
  -10,688
  -11,156
  -11,627
  -12,103
  -12,589
  -13,087
  -13,601
  -14,134
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
  487
  605
  748
  920
  1,121
  1,348
  1,600
  1,874
  2,164
  2,468
  2,738
  3,400
  4,155
  5,004
  5,948
  6,987
  8,117
  9,339
  10,649
  12,045
  13,525
  15,087
  16,730
  18,453
  20,254
  22,133
  24,092
  26,130
  28,250
  30,454
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  460
  535
  617
  703
  788
  866
  931
  980
  1,008
  1,013
  982
  1,053
  1,098
  1,116
  1,104
  1,065
  1,002
  918
  821
  716
  608
  503
  406
  318
  243
  180
  130
  91
  62
  41
Current shareholders' claim on cash, %
  87.7
  79.0
  72.6
  67.9
  64.4
  61.8
  59.9
  58.7
  57.9
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5
  57.5

Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company's Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations. Its National Media segment includes magazine publishing, custom content and customer relationship marketing, digital and mobile media, brand licensing, database-related activities, and other related operations. Its National Media segment focuses on the food, home, parenthood, and health markets and is a publisher of magazines serving women. As of June 30, 2016, the Company's owned television stations consist of seven CBS affiliates, five FOX affiliates, two MyNetworkTV affiliates, one NBC affiliate, one ABC affiliate and one independent station. The National Media segment also focuses on run-of-press display advertising.

FINANCIAL RATIOS  of  Meredith (MDP)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 40%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 63.8%
Total Debt to Equity 70.1%
Interest Coverage 14
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 64.9%
Gross Margin - 3 Yr. Avg. 63.4%
EBITDA Margin 21.4%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 47.5%
Payout Ratio 48.7%

MDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDP stock intrinsic value calculation we used $1713.361 million for the last fiscal year's total revenue generated by Meredith. The default revenue input number comes from 0001 income statement of Meredith. 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 MDP stock valuation model: a) initial revenue growth rate of 52.5% 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 6%, whose default value for MDP is calculated based on our internal credit rating of Meredith, 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 Meredith.
    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 MDP stock the variable cost ratio is equal to 92.1%.

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 MDP 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 Meredith.

Corporate tax rate of 27% is the nominal tax rate for Meredith. 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 MDP 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 MDP are equal to 65.1%.

Life of production assets of 28.5 years is the average useful life of capital assets used in Meredith 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 MDP is equal to 5%. 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 - $995.9 million for Meredith - 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 39.761 million for Meredith 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 Meredith at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Tribune Media, Sinclair, Meredith, other media firms settle with DOJ   [01:22PM  American City Business Journals]
▶ [$$] Fortune Magazine to Be Sold to Thai Businessman for $150 Million   [Nov-09-18 07:10PM  The Wall Street Journal]
▶ Meredith to sell Fortune brand for $150 million   [01:59PM  Associated Press]
▶ Meredith to sell Fortune for $150 million   [12:02PM  MarketWatch]
▶ [$$] Fortune Magazine to Be Sold to Thai Businessman   [11:30AM  The Wall Street Journal]
▶ Fortune magazine sold to Thai businessman   [10:32AM  American City Business Journals]
▶ [$$] Thai businessman buys Fortune magazine for $150m   [Nov-08-18 11:46PM  Financial Times]
▶ A Market Guide to the Midterms   [Nov-06-18 04:33PM  Bloomberg]
▶ [$$] Edward Felsenthal Named Chief Executive of Time Magazine   [Nov-05-18 08:35PM  The Wall Street Journal]
▶ Two running buddies pick up the pace with Meredith wellness program   [Oct-19-18 06:00AM  American City Business Journals]
▶ [$$] Epiris raises £821m for UK-focused maiden fund   [Oct-03-18 07:02AM  Financial Times]
▶ Sinclair Broadcast Group's sports platform to air Cayman Islands Classic   [Oct-01-18 03:38PM  American City Business Journals]
▶ Company News For Sep 18, 2018   [10:16AM  Zacks]
▶ [$$] Time Magazine's Financials Show Erosion in Print Business   [Sep-17-18 09:18PM  The Wall Street Journal]
▶ Why the Benioffs Are Buying Time Magazine   [07:05PM  Bloomberg Video]
▶ Why Marc Benioff Bought Time Magazine   [01:32PM  Barrons.com]
▶ Marc Benioff buys Time magazine for $190 million   [09:06AM  American City Business Journals]
▶ Meredith cuts 200 jobs with organizational changes, impacts Birmingham   [Sep-12-18 06:25PM  American City Business Journals]
▶ [$$] Meredith Corp. to Merge Magazines, Cut More Jobs   [05:30PM  The Wall Street Journal]
▶ /C O R R E C T I O N -- Meredith Corporation/   [Sep-06-18 03:56PM  PR Newswire]
▶ Meredith's FOOD & WINE Celebrates 40th Anniversary   [Aug-28-18 10:00AM  PR Newswire]
▶ Campus growth: Valencia College readies $59.5M in projects beyond UCF Downtown   [Aug-23-18 10:27AM  American City Business Journals]
▶ Wasserstein family explores selling New York Magazine   [Aug-14-18 02:26PM  American City Business Journals]
▶ /C O R R E C T I O N -- Meredith Corporation/   [Aug-10-18 06:56PM  PR Newswire]

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