DDM Analysis: TGNA

Valuation Snapshot

Stable Growth	$49.09 - $130.00	$75.03
Multi-Stage	$42.60 - $46.65	$44.59
Blended Fair Value	$59.81
Current Price	$20.33
Upside	194.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.06%	-7.70%	0.50	0.51	0.52	0.48	0.47	0.37	0.37	0.55	0.75	1.03
YoY Growth	-	-	-2.60%	-1.44%	8.02%	2.62%	26.13%	0.55%	-33.14%	-25.87%	-27.38%	-7.62%
Dividend Yield	-	-	2.75%	3.50%	3.08%	2.16%	2.50%	3.44%	2.63%	4.87%	4.56%	6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	345.26
(-) Cash Dividends Paid (M)	80.32
(=) Cash Retained (M)	264.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.05	43.16	25.89
Cash Retained (M)	264.95	264.95	264.95
(-) Cash Required (M)	-69.05	-43.16	-25.89
(=) Excess Retained (M)	195.89	221.79	239.05
(/) Shares Outstanding (M)	162.49	162.49	162.49
(=) Excess Retained per Share	1.21	1.36	1.47
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	1.21	1.36	1.47
(=) Adjusted Dividend	1.70	1.86	1.97
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	4.06%	5.06%	6.06%
Fair Value	$49.09	$75.03	$130.00
Upside / Downside	141.45%	269.04%	539.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	345.26	362.74	381.09	400.38	420.65	441.94	455.20
Payout Ratio	23.26%	36.61%	49.96%	63.30%	76.65%	90.00%	92.50%
Projected Dividends (M)	80.32	132.80	190.38	253.46	322.44	397.75	421.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	4.06%	5.06%	6.06%
Year 1 PV (M)	122.17	123.34	124.52
Year 2 PV (M)	161.13	164.24	167.38
Year 3 PV (M)	197.35	203.09	208.95
Year 4 PV (M)	230.96	239.97	249.23
Year 5 PV (M)	262.10	274.94	288.27
PV of Terminal Value (M)	5,947.79	6,239.12	6,541.76
Equity Value (M)	6,921.50	7,244.70	7,580.11
Shares Outstanding (M)	162.49	162.49	162.49
Fair Value	$42.60	$44.59	$46.65
Upside / Downside	109.52%	119.31%	129.46%

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TEGNA Inc. (TGNA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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