NYT
The New York Times Company
$64.00
Platform & Compounding FCF
75%
Two-stage FCF DCF
Mild
·
Conviction
Fair Value
Trading 10.0% below fair value
You pay
$64.00
Bear
$53.31
Fair
$71.14
Bull
$88.80
Bear
$53.31
-16.7%
6% stage 1 growth, 11% discount
Fair
$71.14
+11.2%
10% stage 1 growth, 11% discount
Bull
$88.80
+38.8%
13% stage 1 growth, 11% discount
Adjust Assumptions
10.3%
11.0%
3.0%
Key Value Driver
FCF growth rate (10% base case)
Terminal Value % of EV
39%
Implied Market Multiple
19.8x
Market is pricing in (growth)
8.8%
vs 10.3% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (17 analysts)
$84.00
Divergence from AlphaVal
15%
Summary
Using a two-stage FCF DCF with 10% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $71.14 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions