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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.1x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | $5.95 - $7.86 | $6.91 |
| Upside | 18.5% - 56.6% | 37.6% |
| Benchmarks | Ticker | Full Ticker |
| Charter Communications, Inc. | CHTR | NasdaqGS:CHTR |
| Paramount Global | PARA | NasdaqGS:PARA |
| Comcast Corporation | CMCSA | NasdaqGS:CMCSA |
| Warner Bros. Discovery, Inc. | WBD | NasdaqGS:WBD |
| The Walt Disney Company | DIS | NYSE:DIS |
| WideOpenWest, Inc. | WOW | NYSE:WOW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CHTR | PARA | CMCSA | WBD | DIS | WOW | ||
| NasdaqGS:CHTR | NasdaqGS:PARA | NasdaqGS:CMCSA | NasdaqGS:WBD | NYSE:DIS | NYSE:WOW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.9% | -11.2% | 2.3% | 10.6% | 1.3% | 4.9% | |
| 3Y CAGR | 2.2% | -12.7% | 3.2% | 28.0% | 26.2% | 7.5% | |
| Latest Twelve Months | 4.3% | 28.3% | 1.2% | 3.5% | 18.3% | 17.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.7% | 13.6% | 30.3% | 25.4% | 15.4% | 27.6% | |
| Prior Fiscal Year | 38.4% | 7.7% | 31.0% | 17.9% | 16.5% | 26.9% | |
| Latest Fiscal Year | 39.7% | 10.0% | 30.8% | 19.5% | 18.9% | 34.3% | |
| Latest Twelve Months | 39.7% | 10.0% | 30.8% | 19.5% | 19.9% | 34.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.82x | 0.75x | 1.88x | 1.64x | 2.36x | 2.24x | |
| EV / LTM EBITDA | 7.1x | 7.6x | 6.1x | 8.4x | 11.8x | 6.5x | |
| EV / LTM EBIT | 11.8x | 8.7x | 10.0x | 101.8x | 16.2x | 217.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.1x | 7.6x | 11.8x | ||||
| Historical EV / LTM EBITDA | 6.5x | 7.2x | 16.9x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.1x | 7.4x | ||||
| (x) LTM EBITDA | 217 | 217 | 217 | ||||
| (=) Implied Enterprise Value | 1,457 | 1,534 | 1,610 | ||||
| (-) Non-shareholder Claims * | (1,000) | (1,000) | (1,000) | ||||
| (=) Equity Value | 457 | 534 | 610 | ||||
| (/) Shares Outstanding | 82.0 | 82.0 | 82.0 | ||||
| Implied Value Range | 5.57 | 6.51 | 7.45 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.57 | 6.51 | 7.45 | 5.02 | |||
| Upside / (Downside) | 11.1% | 29.7% | 48.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHTR | PARA | CMCSA | WBD | DIS | WOW | |
| Enterprise Value | 154,951 | 21,404 | 232,338 | 64,556 | 217,915 | 1,412 | |
| (+) Cash & Short Term Investments | 459 | 2,661 | 7,322 | 5,329 | 5,486 | 39 | |
| (+) Investments & Other | 518 | 185 | 7,764 | 1,098 | 8,902 | 0 | |
| (-) Debt | (97,176) | (15,833) | (105,413) | (43,006) | (45,308) | (1,039) | |
| (-) Other Liabilities | (4,120) | (462) | (714) | (901) | (4,806) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54,632 | 7,955 | 141,297 | 27,076 | 182,189 | 411 | |
| (/) Shares Outstanding | 142.0 | 670.7 | 3,781.0 | 2,454.8 | 1,807.8 | 82.0 | |
| Implied Stock Price | 384.77 | 11.86 | 37.37 | 11.03 | 100.78 | 5.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 384.77 | 11.86 | 37.37 | 11.03 | 100.78 | 5.02 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |