Intrinsic value of Sinclair Broadcast Group, Inc. - SBGI

Previous Close

$37.80

  Intrinsic Value

$255.88

stock screener

  Rating & Target

str. buy

+577%

Previous close

$37.80

 
Intrinsic value

$255.88

 
Up/down potential

+577%

 
Rating

str. buy

We calculate the intrinsic value of SBGI 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 3.5

 

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, %
  25.40
  23.36
  21.52
  19.87
  18.38
  17.05
  15.84
  14.76
  13.78
  12.90
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
Revenue, $m
  3,831
  4,726
  5,743
  6,884
  8,150
  9,539
  11,050
  12,681
  14,429
  16,291
  18,264
  20,346
  22,536
  24,831
  27,232
  29,737
  32,348
  35,066
  37,893
  40,832
  43,886
  47,060
  50,358
  53,787
  57,351
  61,059
  64,916
  68,932
  73,115
  77,473
Variable operating expenses, $m
  2,659
  3,189
  3,791
  4,467
  5,216
  6,039
  6,933
  7,899
  8,933
  10,036
  10,813
  12,046
  13,342
  14,701
  16,122
  17,606
  19,151
  20,761
  22,434
  24,174
  25,982
  27,862
  29,814
  31,844
  33,954
  36,149
  38,433
  40,811
  43,287
  45,868
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
  2,659
  3,189
  3,791
  4,467
  5,216
  6,039
  6,933
  7,899
  8,933
  10,036
  10,813
  12,046
  13,342
  14,701
  16,122
  17,606
  19,151
  20,761
  22,434
  24,174
  25,982
  27,862
  29,814
  31,844
  33,954
  36,149
  38,433
  40,811
  43,287
  45,868
Operating income, $m
  1,172
  1,537
  1,952
  2,418
  2,934
  3,501
  4,117
  4,782
  5,495
  6,255
  7,451
  8,300
  9,194
  10,130
  11,109
  12,131
  13,196
  14,305
  15,458
  16,657
  17,903
  19,198
  20,544
  21,942
  23,397
  24,909
  26,483
  28,121
  29,827
  31,605
EBITDA, $m
  1,676
  2,068
  2,513
  3,012
  3,566
  4,174
  4,835
  5,548
  6,313
  7,127
  7,991
  8,902
  9,860
  10,864
  11,914
  13,011
  14,153
  15,342
  16,579
  17,865
  19,201
  20,590
  22,033
  23,533
  25,092
  26,714
  28,402
  30,159
  31,989
  33,896
Interest expense (income), $m
  191
  288
  379
  485
  606
  741
  890
  1,055
  1,234
  1,426
  1,633
  1,854
  2,087
  2,333
  2,592
  2,864
  3,148
  3,444
  3,753
  4,075
  4,409
  4,757
  5,118
  5,494
  5,884
  6,290
  6,711
  7,150
  7,607
  8,082
  8,576
Earnings before tax, $m
  884
  1,158
  1,467
  1,812
  2,193
  2,610
  3,062
  3,549
  4,069
  4,622
  5,597
  6,213
  6,860
  7,538
  8,245
  8,983
  9,752
  10,552
  11,384
  12,248
  13,146
  14,080
  15,050
  16,058
  17,107
  18,198
  19,333
  20,515
  21,746
  23,029
Tax expense, $m
  239
  313
  396
  489
  592
  705
  827
  958
  1,099
  1,248
  1,511
  1,678
  1,852
  2,035
  2,226
  2,425
  2,633
  2,849
  3,074
  3,307
  3,550
  3,802
  4,063
  4,336
  4,619
  4,913
  5,220
  5,539
  5,871
  6,218
Net income, $m
  645
  845
  1,071
  1,323
  1,601
  1,906
  2,236
  2,591
  2,970
  3,374
  4,086
  4,536
  5,008
  5,502
  6,019
  6,558
  7,119
  7,703
  8,310
  8,941
  9,597
  10,278
  10,986
  11,723
  12,488
  13,284
  14,113
  14,976
  15,874
  16,811

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
  7,571
  9,340
  11,350
  13,605
  16,107
  18,852
  21,839
  25,061
  28,515
  32,195
  36,094
  40,210
  44,537
  49,073
  53,817
  58,769
  63,928
  69,300
  74,887
  80,695
  86,731
  93,003
  99,522
  106,297
  113,342
  120,669
  128,293
  136,230
  144,495
  153,109
Adjusted assets (=assets-cash), $m
  7,571
  9,340
  11,350
  13,605
  16,107
  18,852
  21,839
  25,061
  28,515
  32,195
  36,094
  40,210
  44,537
  49,073
  53,817
  58,769
  63,928
  69,300
  74,887
  80,695
  86,731
  93,003
  99,522
  106,297
  113,342
  120,669
  128,293
  136,230
  144,495
  153,109
Revenue / Adjusted assets
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
Average production assets, $m
  3,398
  4,192
  5,094
  6,106
  7,229
  8,461
  9,802
  11,248
  12,798
  14,450
  16,200
  18,047
  19,989
  22,025
  24,154
  26,377
  28,693
  31,103
  33,611
  36,218
  38,927
  41,742
  44,668
  47,709
  50,870
  54,159
  57,581
  61,143
  64,853
  68,719
Working capital, $m
  241
  298
  362
  434
  513
  601
  696
  799
  909
  1,026
  1,151
  1,282
  1,420
  1,564
  1,716
  1,873
  2,038
  2,209
  2,387
  2,572
  2,765
  2,965
  3,173
  3,389
  3,613
  3,847
  4,090
  4,343
  4,606
  4,881
Total debt, $m
  5,127
  6,558
  8,184
  10,009
  12,032
  14,253
  16,669
  19,276
  22,071
  25,047
  28,202
  31,532
  35,032
  38,702
  42,540
  46,546
  50,720
  55,065
  59,585
  64,284
  69,167
  74,242
  79,515
  84,996
  90,695
  96,623
  102,791
  109,211
  115,899
  122,867
Total liabilities, $m
  6,125
  7,556
  9,182
  11,007
  13,030
  15,251
  17,667
  20,275
  23,069
  26,046
  29,200
  32,530
  36,031
  39,700
  43,538
  47,544
  51,718
  56,064
  60,583
  65,282
  70,165
  75,240
  80,513
  85,995
  91,694
  97,621
  103,789
  110,210
  116,897
  123,865
Total equity, $m
  1,446
  1,784
  2,168
  2,599
  3,076
  3,601
  4,171
  4,787
  5,446
  6,149
  6,894
  7,680
  8,507
  9,373
  10,279
  11,225
  12,210
  13,236
  14,303
  15,413
  16,566
  17,764
  19,009
  20,303
  21,648
  23,048
  24,504
  26,020
  27,599
  29,244
Total liabilities and equity, $m
  7,571
  9,340
  11,350
  13,606
  16,106
  18,852
  21,838
  25,062
  28,515
  32,195
  36,094
  40,210
  44,538
  49,073
  53,817
  58,769
  63,928
  69,300
  74,886
  80,695
  86,731
  93,004
  99,522
  106,298
  113,342
  120,669
  128,293
  136,230
  144,496
  153,109
Debt-to-equity ratio
  3.550
  3.680
  3.780
  3.850
  3.910
  3.960
  4.000
  4.030
  4.050
  4.070
  4.090
  4.110
  4.120
  4.130
  4.140
  4.150
  4.150
  4.160
  4.170
  4.170
  4.180
  4.180
  4.180
  4.190
  4.190
  4.190
  4.190
  4.200
  4.200
  4.200
Adjusted equity ratio
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  645
  845
  1,071
  1,323
  1,601
  1,906
  2,236
  2,591
  2,970
  3,374
  4,086
  4,536
  5,008
  5,502
  6,019
  6,558
  7,119
  7,703
  8,310
  8,941
  9,597
  10,278
  10,986
  11,723
  12,488
  13,284
  14,113
  14,976
  15,874
  16,811
Depreciation, amort., depletion, $m
  504
  531
  561
  594
  632
  673
  718
  766
  818
  873
  540
  602
  666
  734
  805
  879
  956
  1,037
  1,120
  1,207
  1,298
  1,391
  1,489
  1,590
  1,696
  1,805
  1,919
  2,038
  2,162
  2,291
Funds from operations, $m
  1,149
  1,376
  1,631
  1,917
  2,233
  2,578
  2,953
  3,357
  3,788
  4,246
  4,626
  5,137
  5,674
  6,237
  6,824
  7,437
  8,075
  8,740
  9,430
  10,148
  10,894
  11,670
  12,475
  13,313
  14,184
  15,090
  16,032
  17,014
  18,036
  19,102
Change in working capital, $m
  49
  56
  64
  72
  80
  88
  95
  103
  110
  117
  124
  131
  138
  145
  151
  158
  164
  171
  178
  185
  192
  200
  208
  216
  225
  234
  243
  253
  264
  275
Cash from operations, $m
  1,101
  1,319
  1,567
  1,845
  2,153
  2,491
  2,858
  3,254
  3,678
  4,129
  4,502
  5,006
  5,536
  6,092
  6,673
  7,279
  7,911
  8,568
  9,252
  9,963
  10,702
  11,470
  12,268
  13,097
  13,959
  14,856
  15,789
  16,761
  17,773
  18,827
Maintenance CAPEX, $m
  -90
  -113
  -140
  -170
  -204
  -241
  -282
  -327
  -375
  -427
  -482
  -540
  -602
  -666
  -734
  -805
  -879
  -956
  -1,037
  -1,120
  -1,207
  -1,298
  -1,391
  -1,489
  -1,590
  -1,696
  -1,805
  -1,919
  -2,038
  -2,162
New CAPEX, $m
  -689
  -794
  -902
  -1,012
  -1,123
  -1,232
  -1,340
  -1,446
  -1,550
  -1,651
  -1,750
  -1,847
  -1,942
  -2,036
  -2,129
  -2,222
  -2,316
  -2,411
  -2,508
  -2,607
  -2,709
  -2,815
  -2,926
  -3,041
  -3,162
  -3,289
  -3,422
  -3,562
  -3,710
  -3,866
Cash from investing activities, $m
  -779
  -907
  -1,042
  -1,182
  -1,327
  -1,473
  -1,622
  -1,773
  -1,925
  -2,078
  -2,232
  -2,387
  -2,544
  -2,702
  -2,863
  -3,027
  -3,195
  -3,367
  -3,545
  -3,727
  -3,916
  -4,113
  -4,317
  -4,530
  -4,752
  -4,985
  -5,227
  -5,481
  -5,748
  -6,028
Free cash flow, $m
  321
  412
  525
  663
  827
  1,018
  1,236
  1,481
  1,753
  2,051
  2,270
  2,619
  2,993
  3,390
  3,810
  4,252
  4,716
  5,201
  5,708
  6,236
  6,786
  7,357
  7,951
  8,567
  9,207
  9,872
  10,562
  11,279
  12,025
  12,800
Issuance/(repayment) of debt, $m
  1,234
  1,431
  1,626
  1,825
  2,024
  2,221
  2,416
  2,607
  2,794
  2,977
  3,155
  3,329
  3,501
  3,670
  3,838
  4,006
  4,174
  4,345
  4,520
  4,699
  4,883
  5,074
  5,274
  5,481
  5,699
  5,928
  6,168
  6,421
  6,687
  6,968
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,234
  1,431
  1,626
  1,825
  2,024
  2,221
  2,416
  2,607
  2,794
  2,977
  3,155
  3,329
  3,501
  3,670
  3,838
  4,006
  4,174
  4,345
  4,520
  4,699
  4,883
  5,074
  5,274
  5,481
  5,699
  5,928
  6,168
  6,421
  6,687
  6,968
Total cash flow (excl. dividends), $m
  1,555
  1,843
  2,152
  2,488
  2,851
  3,239
  3,652
  4,088
  4,547
  5,028
  5,425
  5,948
  6,493
  7,060
  7,647
  8,257
  8,890
  9,547
  10,228
  10,935
  11,669
  12,431
  13,224
  14,048
  14,906
  15,799
  16,730
  17,700
  18,712
  19,768
Retained Cash Flow (-), $m
  -295
  -338
  -384
  -431
  -478
  -524
  -570
  -616
  -660
  -703
  -745
  -786
  -826
  -866
  -906
  -946
  -986
  -1,026
  -1,067
  -1,109
  -1,153
  -1,198
  -1,245
  -1,294
  -1,346
  -1,399
  -1,456
  -1,516
  -1,579
  -1,645
Prev. year cash balance distribution, $m
  488
  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
  1,748
  1,505
  1,768
  2,057
  2,373
  2,714
  3,081
  3,472
  3,887
  4,325
  4,680
  5,162
  5,667
  6,193
  6,741
  7,312
  7,905
  8,521
  9,161
  9,825
  10,516
  11,233
  11,979
  12,754
  13,561
  14,400
  15,274
  16,184
  17,133
  18,123
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  1,625
  1,291
  1,389
  1,468
  1,525
  1,558
  1,563
  1,540
  1,492
  1,419
  1,296
  1,191
  1,074
  950
  823
  699
  582
  473
  377
  293
  222
  164
  118
  83
  57
  37
  24
  15
  9
  5
Current shareholders' claim on cash, %
  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

Sinclair Broadcast Group, Inc. is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it. It also owns digital and Internet media products that are complementary to its portfolio of television station related digital properties. It focuses on offering marketing solutions to advertisers. Its other business consists of original networks and content, digital and Internet solutions, technical services and other non-media investments.

FINANCIAL RATIOS  of  Sinclair Broadcast Group, Inc. (SBGI)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 1.2
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.1%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 685.4%
Total Debt to Equity 733.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 43.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.9%
Gross Margin - 3 Yr. Avg. 63%
EBITDA Margin 35.6%
EBITDA Margin - 3 Yr. Avg. 37.5%
Operating Margin 21.2%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 26.9%

SBGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBGI stock intrinsic value calculation we used $3055 million for the last fiscal year's total revenue generated by Sinclair Broadcast Group, Inc.. The default revenue input number comes from 0001 income statement of Sinclair Broadcast Group, 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 SBGI stock valuation model: a) initial revenue growth rate of 25.4% 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 7.6%, whose default value for SBGI is calculated based on our internal credit rating of Sinclair Broadcast Group, 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 Sinclair Broadcast Group, 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 SBGI stock the variable cost ratio is equal to 72%.

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 SBGI 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 7.4% for Sinclair Broadcast Group, Inc..

Corporate tax rate of 27% is the nominal tax rate for Sinclair Broadcast Group, 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 SBGI 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 SBGI are equal to 88.7%.

Life of production assets of 44.7 years is the average useful life of capital assets used in Sinclair Broadcast Group, 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 SBGI is equal to 6.3%. 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 - $1638.836 million for Sinclair Broadcast Group, 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 91.325 million for Sinclair Broadcast Group, 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 Sinclair Broadcast Group, Inc. at the current share price and the inputted number of shares is $3.5 billion.

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