Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The New York Times Company (NYT)

Company Dividend Discount ModelIndustry: PublishingSector: Communication Services

Valuation Snapshot

Stable Growth$38.66 - $82.38$54.98
Multi-Stage$28.65 - $31.27$29.94
Blended Fair Value$42.46
Current Price$55.98
Upside-24.16%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS21.26%12.79%0.500.420.340.270.230.190.160.160.160.16
YoY Growth--19.28%22.32%25.26%17.95%21.62%19.63%1.59%0.41%-2.64%7.00%
Dividend Yield--1.01%0.98%0.89%0.58%0.48%0.60%0.48%0.67%1.10%1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)337.87
(-) Cash Dividends Paid (M)102.43
(=) Cash Retained (M)235.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.5742.2325.34
Cash Retained (M)235.44235.44235.44
(-) Cash Required (M)-67.57-42.23-25.34
(=) Excess Retained (M)167.87193.21210.10
(/) Shares Outstanding (M)164.86164.86164.86
(=) Excess Retained per Share1.021.171.27
LTM Dividend per Share0.620.620.62
(+) Excess Retained per Share1.021.171.27
(=) Adjusted Dividend1.641.791.90
WACC / Discount Rate9.97%9.97%9.97%
Growth Rate5.50%6.50%7.50%
Fair Value$38.66$54.98$82.38
Upside / Downside-30.93%-1.79%47.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)337.87359.83383.22408.13434.66462.91476.80
Payout Ratio30.32%42.25%54.19%66.13%78.06%90.00%92.50%
Projected Dividends (M)102.43152.04207.66269.88339.31416.62441.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.97%9.97%9.97%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)136.95138.25139.55
Year 2 PV (M)168.50171.71174.95
Year 3 PV (M)197.25202.91208.68
Year 4 PV (M)223.38231.97240.81
Year 5 PV (M)247.06259.00271.39
PV of Terminal Value (M)3,750.463,931.614,119.69
Equity Value (M)4,723.604,935.445,155.06
Shares Outstanding (M)164.86164.86164.86
Fair Value$28.65$29.94$31.27
Upside / Downside-48.82%-46.52%-44.14%

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