Intrinsic value of E.W. Scripps Company (The) - SSP

Previous Close

$22.41

  Intrinsic Value

$110.39

stock screener

  Rating & Target

str. buy

+393%

Previous close

$22.41

 
Intrinsic value

$110.39

 
Up/down potential

+393%

 
Rating

str. buy

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 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 1.8

 

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, %
  40.60
  37.04
  33.84
  30.95
  28.36
  26.02
  23.92
  22.03
  20.32
  18.79
  17.41
  16.17
  15.05
  14.05
  13.14
  12.33
  11.60
  10.94
  10.34
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
Revenue, $m
  1,698
  2,328
  3,115
  4,079
  5,236
  6,599
  8,177
  9,978
  12,006
  14,262
  16,746
  19,454
  22,383
  25,527
  28,882
  32,443
  36,206
  40,166
  44,320
  48,668
  53,207
  57,940
  62,869
  67,996
  73,326
  78,867
  84,624
  90,607
  96,826
  103,290
Variable operating expenses, $m
  1,154
  1,572
  2,096
  2,738
  3,507
  4,414
  5,464
  6,662
  8,011
  9,512
  11,141
  12,943
  14,891
  16,983
  19,215
  21,585
  24,088
  26,722
  29,486
  32,378
  35,399
  38,548
  41,826
  45,237
  48,784
  52,470
  56,300
  60,281
  64,418
  68,719
Fixed operating expenses, $m
  195
  199
  204
  208
  213
  218
  222
  227
  232
  237
  243
  248
  253
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
Total operating expenses, $m
  1,349
  1,771
  2,300
  2,946
  3,720
  4,632
  5,686
  6,889
  8,243
  9,749
  11,384
  13,191
  15,144
  17,242
  19,480
  21,856
  24,365
  27,005
  29,775
  32,673
  35,701
  38,856
  42,141
  45,559
  49,113
  52,806
  56,644
  60,632
  64,777
  69,086
Operating income, $m
  349
  556
  815
  1,133
  1,516
  1,967
  2,491
  3,089
  3,762
  4,512
  5,362
  6,263
  7,238
  8,285
  9,402
  10,588
  11,842
  13,161
  14,545
  15,994
  17,507
  19,084
  20,727
  22,436
  24,213
  26,061
  27,980
  29,975
  32,049
  34,205
EBITDA, $m
  425
  651
  934
  1,281
  1,699
  2,192
  2,764
  3,417
  4,153
  4,971
  5,873
  6,857
  7,921
  9,064
  10,284
  11,579
  12,947
  14,387
  15,898
  17,479
  19,131
  20,853
  22,646
  24,512
  26,451
  28,468
  30,563
  32,741
  35,004
  37,357
Interest expense (income), $m
  16
  37
  64
  97
  140
  192
  254
  327
  412
  509
  618
  740
  873
  1,019
  1,177
  1,346
  1,526
  1,718
  1,920
  2,133
  2,357
  2,591
  2,835
  3,090
  3,355
  3,631
  3,918
  4,216
  4,526
  4,848
  5,182
Earnings before tax, $m
  312
  492
  718
  993
  1,324
  1,713
  2,163
  2,676
  3,253
  3,894
  4,623
  5,390
  6,219
  7,108
  8,056
  9,062
  10,124
  11,241
  12,412
  13,637
  14,916
  16,249
  17,637
  19,081
  20,582
  22,143
  23,764
  25,449
  27,201
  29,022
Tax expense, $m
  84
  133
  194
  268
  358
  463
  584
  723
  878
  1,051
  1,248
  1,455
  1,679
  1,919
  2,175
  2,447
  2,733
  3,035
  3,351
  3,682
  4,027
  4,387
  4,762
  5,152
  5,557
  5,979
  6,416
  6,871
  7,344
  7,836
Net income, $m
  228
  359
  524
  725
  967
  1,251
  1,579
  1,954
  2,375
  2,843
  3,374
  3,935
  4,540
  5,189
  5,881
  6,615
  7,390
  8,206
  9,061
  9,955
  10,889
  11,862
  12,875
  13,929
  15,025
  16,164
  17,348
  18,578
  19,857
  21,186

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
  2,995
  4,105
  5,494
  7,195
  9,235
  11,638
  14,421
  17,598
  21,175
  25,154
  29,534
  34,310
  39,475
  45,021
  50,939
  57,220
  63,855
  70,839
  78,166
  85,833
  93,840
  102,188
  110,879
  119,922
  129,323
  139,095
  149,249
  159,801
  170,768
  182,170
Adjusted assets (=assets-cash), $m
  2,995
  4,105
  5,494
  7,195
  9,235
  11,638
  14,421
  17,598
  21,175
  25,154
  29,534
  34,310
  39,475
  45,021
  50,939
  57,220
  63,855
  70,839
  78,166
  85,833
  93,840
  102,188
  110,879
  119,922
  129,323
  139,095
  149,249
  159,801
  170,768
  182,170
Revenue / Adjusted assets
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
Average production assets, $m
  1,192
  1,634
  2,187
  2,864
  3,676
  4,632
  5,740
  7,005
  8,428
  10,012
  11,756
  13,657
  15,713
  17,920
  20,275
  22,775
  25,417
  28,196
  31,113
  34,165
  37,352
  40,674
  44,134
  47,733
  51,475
  55,364
  59,406
  63,606
  67,972
  72,510
Working capital, $m
  238
  326
  436
  571
  733
  924
  1,145
  1,397
  1,681
  1,997
  2,344
  2,724
  3,134
  3,574
  4,044
  4,542
  5,069
  5,623
  6,205
  6,813
  7,449
  8,112
  8,802
  9,519
  10,266
  11,041
  11,847
  12,685
  13,556
  14,461
Total debt, $m
  1,177
  1,804
  2,589
  3,550
  4,702
  6,060
  7,633
  9,428
  11,449
  13,697
  16,172
  18,870
  21,788
  24,922
  28,265
  31,814
  35,563
  39,509
  43,649
  47,981
  52,505
  57,221
  62,132
  67,241
  72,553
  78,073
  83,810
  89,772
  95,969
  102,411
Total liabilities, $m
  1,692
  2,319
  3,104
  4,065
  5,218
  6,575
  8,148
  9,943
  11,964
  14,212
  16,687
  19,385
  22,304
  25,437
  28,780
  32,329
  36,078
  40,024
  44,164
  48,496
  53,020
  57,736
  62,647
  67,756
  73,068
  78,588
  84,326
  90,287
  96,484
  102,926
Total equity, $m
  1,303
  1,786
  2,390
  3,130
  4,017
  5,062
  6,273
  7,655
  9,211
  10,942
  12,847
  14,925
  17,172
  19,584
  22,158
  24,890
  27,777
  30,815
  34,002
  37,338
  40,820
  44,452
  48,233
  52,166
  56,256
  60,506
  64,923
  69,513
  74,284
  79,244
Total liabilities and equity, $m
  2,995
  4,105
  5,494
  7,195
  9,235
  11,637
  14,421
  17,598
  21,175
  25,154
  29,534
  34,310
  39,476
  45,021
  50,938
  57,219
  63,855
  70,839
  78,166
  85,834
  93,840
  102,188
  110,880
  119,922
  129,324
  139,094
  149,249
  159,800
  170,768
  182,170
Debt-to-equity ratio
  0.900
  1.010
  1.080
  1.130
  1.170
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.280
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
Adjusted equity ratio
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  228
  359
  524
  725
  967
  1,251
  1,579
  1,954
  2,375
  2,843
  3,374
  3,935
  4,540
  5,189
  5,881
  6,615
  7,390
  8,206
  9,061
  9,955
  10,889
  11,862
  12,875
  13,929
  15,025
  16,164
  17,348
  18,578
  19,857
  21,186
Depreciation, amort., depletion, $m
  76
  95
  119
  148
  184
  225
  273
  328
  390
  459
  511
  594
  683
  779
  882
  990
  1,105
  1,226
  1,353
  1,485
  1,624
  1,768
  1,919
  2,075
  2,238
  2,407
  2,583
  2,765
  2,955
  3,153
Funds from operations, $m
  304
  454
  643
  873
  1,150
  1,476
  1,853
  2,282
  2,765
  3,302
  3,886
  4,528
  5,223
  5,968
  6,763
  7,606
  8,495
  9,432
  10,413
  11,440
  12,513
  13,630
  14,794
  16,005
  17,263
  18,571
  19,931
  21,343
  22,812
  24,339
Change in working capital, $m
  69
  88
  110
  135
  162
  191
  221
  252
  284
  316
  348
  379
  410
  440
  470
  499
  527
  554
  582
  609
  636
  663
  690
  718
  746
  776
  806
  838
  871
  905
Cash from operations, $m
  235
  366
  532
  738
  988
  1,285
  1,632
  2,030
  2,481
  2,986
  3,538
  4,149
  4,813
  5,528
  6,293
  7,107
  7,969
  8,877
  9,832
  10,832
  11,877
  12,968
  14,104
  15,287
  16,517
  17,796
  19,125
  20,506
  21,941
  23,434
Maintenance CAPEX, $m
  -37
  -52
  -71
  -95
  -125
  -160
  -201
  -250
  -305
  -366
  -435
  -511
  -594
  -683
  -779
  -882
  -990
  -1,105
  -1,226
  -1,353
  -1,485
  -1,624
  -1,768
  -1,919
  -2,075
  -2,238
  -2,407
  -2,583
  -2,765
  -2,955
New CAPEX, $m
  -345
  -442
  -553
  -677
  -812
  -956
  -1,108
  -1,264
  -1,424
  -1,584
  -1,743
  -1,901
  -2,056
  -2,207
  -2,355
  -2,500
  -2,641
  -2,780
  -2,916
  -3,052
  -3,187
  -3,323
  -3,460
  -3,599
  -3,742
  -3,889
  -4,042
  -4,200
  -4,365
  -4,538
Cash from investing activities, $m
  -382
  -494
  -624
  -772
  -937
  -1,116
  -1,309
  -1,514
  -1,729
  -1,950
  -2,178
  -2,412
  -2,650
  -2,890
  -3,134
  -3,382
  -3,631
  -3,885
  -4,142
  -4,405
  -4,672
  -4,947
  -5,228
  -5,518
  -5,817
  -6,127
  -6,449
  -6,783
  -7,130
  -7,493
Free cash flow, $m
  -147
  -127
  -91
  -33
  52
  169
  322
  516
  753
  1,036
  1,359
  1,737
  2,163
  2,637
  3,158
  3,726
  4,337
  4,992
  5,689
  6,427
  7,205
  8,021
  8,876
  9,769
  10,699
  11,668
  12,676
  13,723
  14,811
  15,940
Issuance/(repayment) of debt, $m
  489
  627
  785
  961
  1,153
  1,358
  1,573
  1,795
  2,021
  2,248
  2,475
  2,699
  2,918
  3,133
  3,343
  3,549
  3,749
  3,946
  4,140
  4,332
  4,524
  4,716
  4,911
  5,109
  5,312
  5,521
  5,737
  5,962
  6,197
  6,442
Issuance/(repurchase) of shares, $m
  149
  123
  80
  15
  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  
  638
  750
  865
  976
  1,153
  1,358
  1,573
  1,795
  2,021
  2,248
  2,475
  2,699
  2,918
  3,133
  3,343
  3,549
  3,749
  3,946
  4,140
  4,332
  4,524
  4,716
  4,911
  5,109
  5,312
  5,521
  5,737
  5,962
  6,197
  6,442
Total cash flow (excl. dividends), $m
  491
  623
  774
  942
  1,204
  1,526
  1,895
  2,311
  2,774
  3,284
  3,834
  4,436
  5,082
  5,771
  6,502
  7,274
  8,086
  8,938
  9,829
  10,759
  11,729
  12,737
  13,787
  14,878
  16,011
  17,189
  18,413
  19,685
  21,007
  22,382
Retained Cash Flow (-), $m
  -377
  -483
  -604
  -740
  -887
  -1,045
  -1,211
  -1,382
  -1,556
  -1,731
  -1,905
  -2,078
  -2,247
  -2,412
  -2,574
  -2,732
  -2,886
  -3,038
  -3,187
  -3,335
  -3,483
  -3,631
  -3,781
  -3,933
  -4,090
  -4,251
  -4,417
  -4,590
  -4,771
  -4,960
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
  114
  140
  169
  202
  317
  481
  684
  929
  1,218
  1,553
  1,929
  2,358
  2,835
  3,358
  3,928
  4,542
  5,200
  5,900
  6,642
  7,424
  8,246
  9,106
  10,006
  10,944
  11,922
  12,939
  13,996
  15,095
  16,236
  17,422
Discount rate, %
  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
  25.93
PV of cash for distribution, $m
  107
  123
  139
  153
  219
  303
  388
  471
  547
  611
  658
  691
  704
  698
  674
  634
  582
  521
  454
  387
  321
  260
  205
  157
  117
  85
  60
  41
  27
  17
Current shareholders' claim on cash, %
  92.4
  88.1
  86.1
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9

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 Company (The) (SSP)

Valuation Ratios
P/E Ratio 27.4
Price to Sales 1.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 15.6
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 $1208 million for the last fiscal year's total revenue generated by E.W. Scripps Company (The). The default revenue input number comes from 0001 income statement of E.W. Scripps Company (The). 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 40.6% 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 6.3%, whose default value for SSP is calculated based on our internal credit rating of E.W. Scripps Company (The), 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 Company (The).
    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 68.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $191 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 5.4% for E.W. Scripps Company (The).

Corporate tax rate of 27% is the nominal tax rate for E.W. Scripps Company (The). 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 70.2%.

Life of production assets of 23 years is the average useful life of capital assets used in E.W. Scripps Company (The) 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 14%. 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 - $926.165 million for E.W. Scripps Company (The) - 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 80.804 million for E.W. Scripps Company (The) 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 Company (The) at the current share price and the inputted number of shares is $1.8 billion.

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