Saga Communications, Inc. Financial Ratios — SGA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	19.56	23.47	18.12	16.74	14.16	17.57	42.01	8.88	8.31	-1.19	6.9	5.97	6.81	2.63	-6.52
Return on Assets (%)	6.48	9.25	7.82	7.74	6.76	8.57	23.35	5.51	5.3	-0.77	4.51	3.77	4.02	1.52	-3.73
Return on Capital (%)	9.98	13.52	11.74	11.95	10.62	13.31	- -	8.12	7.89	- -	6.82	6.02	6.91	2.78	- -
Return on Invested Capital (%)	9.35	11.48	10.3	10.42	6.47	7.77	- -	6.56	6.34	- -	5.34	4.45	4.79	1.05	- -
Gross Margin (%)	27.42	30.69	28.19	26.55	25.59	27.03	25.72	24.92	24.68	14.85	23.17	23.81	19.54	18.67	14.31
EBITDA Margin (%)	27.53	30.31	27.6	26.29	20.96	23.88	21.1	21.2	20.93	10.88	19.2	15.88	14.32	6.76	13.57
Operating Margin (%)	21.36	24.57	21.88	20.81	16.1	18.94	15.81	15.77	15.28	4.07	13.89	11.38	9.95	2.09	8.73
Incremental Operating Margin (%)	262.5	105.44	471.45	-9.87	44.49	63.14	477.54	15.03	49.74	54.69	88.99	-30.24	-258.92	353.31	-120.51
Pretax Margin (%)	17.15	23.03	19.34	18.62	14.06	18.31	13.82	15.53	15.19	-1.26	14.23	12.19	11.15	4.05	-9.77
Profit Margin (%)	10.08	13.76	11.8	11.12	12	15.29	46.31	10.97	10.79	-2	10.3	8.01	8.22	3.06	-7.37
Net Income to Common Margin (%)	10.08	13.76	11.8	11.12	12	15.29	46.31	10.97	10.79	-2	10.3	8.01	8.22	3.06	-7.37
Effective Tax Rate (%)	40.04	39.8	39.9	40.27	41.81	40.73	- -	29.4	28.99	- -	27.63	34.28	26.21	24.29	- -
Dvd Payout Ratio (%)	- -	38.82	68.61	69.91	70.11	59.12	23.88	86.66	64.94	-194.25	17.16	215.01	209.21	650.87	-81.44
Sustainable Growth Rate (%)	19.56	14.36	5.69	5.04	4.23	7.18	31.98	1.18	2.91	-3.5	5.72	-6.87	-7.44	-14.49	-11.83

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	69	59	46	36	36	36	25	20	10	10	- -	- -	- -	5	5
ST Debt	3	- -	1	- -	- -	1	- -	5	- -	- -	- -	- -	- -	- -	- -
LT Debt	66	59	45	36	36	35	25	15	10	10	- -	- -	- -	5	5
Total Debt/EBITDA	2	1.49	1.29	1.02	1.55	1.28	1	0.76	0.39	0.96	- -	- -	- -	0.65	0.34
Net Debt/EBITDA	1.8	1.09	0.8	0.52	0.63	0.34	-1.12	-0.93	-1.32	-3.97	-2.63	-2.02	-1.79	-1.81	-1.2
Total Debt/EBIT	2.58	1.84	1.63	1.29	2.02	1.61	1.34	1.02	0.53	2.56	- -	- -	- -	2.12	0.53
Net Debt/EBIT	2.32	1.34	1	0.65	0.82	0.43	-1.5	-1.26	-1.81	-10.6	-3.64	-2.82	-2.58	-5.89	-1.87
EBITDA to Interest Expense	10.09	22.78	27.38	33.1	27.4	38.18	27.61	27.98	35.04	30.66	73.24	140.32	95.62	21.95	33.48
EBITDA-CapEx/Interest Expense	8.5	20.01	23.43	27.06	9.38	15.58	-7.94	11.9	26.2	23.29	58.74	93.77	70.45	-5.29	26.47
EBIT to Interest Expense	7.82	18.47	21.71	26.21	21.06	30.28	20.68	20.81	25.59	11.47	53	100.54	66.4	6.77	21.55
Interest Expense	3	2	1	1	1	1	1	1	1	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	37.25	41.46	44.9	47.52	48.03	49.46	60.97	63.09	64.54	64.53	66.28	59.8	58.07	57.86	56.61
Long-Term Debt/Equity (%)	71.07	56.45	41.02	31.31	29.61	26.14	13.93	8.11	5.2	5.25	- -	- -	- -	3.01	3.3
Long-Term Debt/Capital (%)	47.2	41.83	33.87	28.33	27.01	24.31	14.15	8.49	5.78	5.91	- -	- -	- -	3.75	4.2
Long-Term Debt/Total Assets (%)	34.72	29.81	23.29	18.79	17.78	16.04	10.05	6.04	3.96	4.06	- -	- -	- -	2.26	2.48
Total Debt/Equity (%)	74.3	56.45	42	31.31	29.61	26.94	13.93	10.81	5.2	5.25	- -	- -	- -	3.01	3.3
Total Debt/Capital (%)	49.35	41.83	34.69	28.33	27.01	25.05	14.15	11.31	5.78	5.91	- -	- -	- -	3.75	4.2
Total Debt/Total Assets (%)	36.29	29.81	23.85	18.79	17.78	16.53	10.05	8.05	3.96	4.06	- -	- -	- -	2.26	2.48
Net Debt to Equity	66.78	41.18	25.93	15.77	12.01	7.16	-15.62	-13.37	-17.69	-21.7	-27.81	-20.61	-17.35	-8.35	-11.56
Net Debt/Capital (%)	46.69	34.4	24.69	16.61	13.05	8.16	-22.67	-18.73	-26.41	-35.13	-49.98	-34.34	-28.1	-12.11	-18.15
EBITDA	34	39	36	35	23	28	25	26	26	10	21	18	17	8	15
EBITDA-CapEx	29	35	31	29	8	12	-7	11	19	8	17	12	12	-2	11
Operating Income (Loss)	27	32	28	28	18	23	19	20	19	4	15	13	11	2	9

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.48	1.29	1.26	1.37	1.51	1.66	2.54	1.93	2.52	3.69	2.85	1.6	1.43	1.68	1.97
Current Ratio	2.12	3.02	3.01	3.34	3.34	3.29	3.64	2.96	3.81	5.09	3.88	2.31	2.16	2.84	3.04
Quick Ratio	1.9	2.87	2.76	3.05	3.08	2.85	3.52	2.85	3.67	4.88	3.75	2.23	2.08	2.69	2.88
CFO/Avg Current Liab	1.64	2.21	1.95	1.88	2.09	1.93	0.29	1.16	1.25	0.77	1.15	0.71	0.54	0.62	0.33
Common Equity/Total Assets	37.25	41.46	44.9	47.52	48.03	49.46	60.97	63.09	64.54	64.53	66.28	59.8	58.07	57.86	56.61
Long-Term Debt/Equity (%)	71.07	56.45	41.02	31.31	29.61	26.14	13.93	8.11	5.2	5.25	- -	- -	- -	3.01	3.3
Long-Term Debt/Capital (%)	47.2	41.83	33.87	28.33	27.01	24.31	14.15	8.49	5.78	5.91	- -	- -	- -	3.75	4.2
Long-Term Debt/Total Assets (%)	34.72	29.81	23.29	18.79	17.78	16.04	10.05	6.04	3.96	4.06	- -	- -	- -	2.26	2.48
Total Debt/Equity (%)	74.3	56.45	42	31.31	29.61	26.94	13.93	10.81	5.2	5.25	- -	- -	- -	3.01	3.3
Total Debt/Capital (%)	49.35	41.83	34.69	28.33	27.01	25.05	14.15	11.31	5.78	5.91	- -	- -	- -	3.75	4.2
Total Debt/Total Assets (%)	36.29	29.81	23.85	18.79	17.78	16.53	10.05	8.05	3.96	4.06	- -	- -	- -	2.26	2.48
CFO/Total Liabilities	27.92	33.24	31.98	33.09	35.01	34.47	7.75	40.26	42.2	21.61	37.45	27.52	24.94	24.68	10.96
CFO/CapEx	5.02	6.44	5.18	3.95	1.86	1.74	0.17	1.68	3.9	4.83	4.64	2.83	3.53	1.45	1.8
Altman's Z-Score	4.32	5.29	5.68	5.67	4.73	5.18	5.37	5.35	5.23	4.44	4.97	4.46	4.42	3.79	3.9

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.3	6.23	6.15	6.24	5.03	5.72	5.96	5.95	5.93	5.2	6.4	6.44	6.33	6.51	6.82
Days Sales Outstanding	57.92	58.58	59.36	58.5	72.55	63.85	61.29	61.31	61.57	70.16	57.05	56.7	57.63	56.1	53.55
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	36.66	26.12	26.29	28.42	21.79	24.56	28.22	25.97	25.79	26	26.62	25.41	25.23	23.74	23.78
Accounts Payable Turnover Days	9.96	13.97	13.88	12.84	16.75	14.86	12.93	14.05	14.15	14.04	13.71	14.36	14.47	15.37	15.35
Cash Conversion Cycle	47.96	44.61	45.48	45.66	55.81	48.99	48.36	47.26	47.41	56.12	43.33	42.34	43.16	40.72	38.21
Inventory to Cash Days	57.92	58.58	59.36	58.5	72.55	63.85	61.29	61.31	61.57	70.16	57.05	56.7	57.63	56.1	53.55
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	158	263	286	248	219	290	235	194	177	141	143	141	135	67	70
- Cash & Cash Equivalents	7	16	18	18	22	27	53	45	44	51	55	37	30	19	23
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	69	59	46	36	36	36	25	20	10	10	- -	- -	- -	5	5
Enterprise Value	221	305	314	266	234	299	207	169	143	100	88	94	94	44	44
Total Capital	140	141	133	127	135	145	177	177	173	169	164	144	135	133	119
Total Debt/Capital (%)	49.35	41.83	34.69	28.33	27.01	25.05	14.15	11.31	5.78	5.91	- -	- -	- -	3.75	4.2
Total Debt / EV	0.31	0.19	0.15	0.14	0.16	0.12	0.12	0.12	0.07	0.1	- -	- -	- -	0.11	0.11
EV/Sales	1.76	2.34	2.43	1.99	2.09	2.52	1.75	1.35	1.16	1.04	0.82	0.82	0.82	0.39	0.41
EV/EBITDA	6.39	7.72	8.79	7.55	9.99	10.54	8.29	6.38	5.57	9.56	4.25	5.16	5.71	5.79	3
EV/EBIT	8.24	9.52	11.09	9.54	13.01	13.29	11.07	8.58	7.62	25.56	5.87	7.19	8.22	18.78	4.67
EV/Cash Flow to Firm	7.55	9.52	11.43	10.21	8.04	10.07	31.3	6.44	5.54	7.89	4.57	5.46	6.09	3.15	7.53
EV/Free Cash Flow to Firm	6.37	8.28	9.62	8.19	5.26	6.43	5.34	4.08	4.43	6.59	3.77	4.04	4.75	1.88	4.94
Diluted Market Cap	159	264	289	250	221	290	235	194	177	141	143	141	135	67	70
Diluted Enterprise Value	221	307	317	268	235	300	207	169	143	100	88	104	105	53	53
EV per Share	39.03	40.39	55.31	46.67	41.04	51.98	35.62	28.99	24.57	16.98	14.93	15.74	15.61	7.28	7.09
TTM Sales	125	130	129	134	112	119	118	125	123	96	108	115	116	113	107
TTM EBITDA	34	39	36	35	23	28	25	26	26	10	21	18	17	8	15
TTM Operating Income	27	32	28	28	18	23	19	20	19	4	15	13	11	2	9
TTM Cash Flow to Firm	29	32	27	26	29	30	7	26	26	13	19	17	16	14	6
TTM Free Cash Flow to Firm	35	37	33	32	45	47	39	41	32	15	23	23	20	24	9

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	4.87	7.38	9.07	7.86	5.01	6.29	6.27	4.75	5.57	9.66	6.16	6.08	6.82	2.88	8.28
EV/EBIT	8.24	9.52	11.09	9.54	13.01	13.29	11.07	8.58	7.62	25.56	5.87	7.19	8.22	18.78	4.67
Enterprise Value	221	305	314	266	234	299	207	169	143	100	88	94	94	44	44
Low Price	18.03	25.31	33.23	33.58	33.53	35.77	37.75	30.05	28	16.25	19.2	21.5	18.89	10.75	10.8
EV/Sales	1.76	2.34	2.43	1.99	2.09	2.52	1.75	1.35	1.16	1.04	0.82	0.82	0.82	0.39	0.41
EV/EBITDA	6.39	7.72	8.79	7.55	9.99	10.54	8.29	6.38	5.57	9.56	4.25	5.16	5.71	5.79	3
Price/Earnings	12.54	14.68	18.71	16.63	16.36	15.93	4.29	14.15	13.36	- -	12.82	15.32	14.16	19.37	- -
Price/Earnings Average	11.04	12.39	17.47	16.27	16.94	13.42	4.92	16.01	13.67	-76.61	12.04	15.6	13.93	31.1	-9.52
Price/Earnings High	13.57	16.13	20.09	21.03	20.46	16.24	5.52	18.14	16.25	-98.05	15.16	19.31	17.35	43.37	-11.11
Price/Earnings Low	8.07	10.65	12.36	12.84	14.26	11.33	4	12.79	12.3	-49.87	10.18	13.96	12.02	18.87	-8.41
Price/Book Value	2.23	3.22	3.29	2.72	2.23	2.66	1.55	1.24	1.09	0.89	0.87	0.98	1	0.52	0.62
Price/Book Value Average	1.97	2.71	3.07	2.66	2.31	2.24	1.78	1.4	1.11	0.92	0.82	1	0.98	0.84	0.66
Price/Book Value High	2.42	3.53	3.54	3.44	2.79	2.71	1.99	1.58	1.32	1.18	1.03	1.23	1.22	1.17	0.77
Price/Book Value Low	1.44	2.33	2.18	2.1	1.95	1.89	1.44	1.12	1	0.6	0.69	0.89	0.85	0.51	0.58
Price/Tangible Book Value	73.94	19.68	13.73	8.93	7.31	7.36	3.46	2.84	2.32	1.75	1.64	2.05	2.22	1.24	1.17
Price/Tangible Book Value Average	65.07	16.61	12.82	8.74	7.57	6.2	3.96	3.22	2.37	1.82	1.54	2.09	2.18	1.99	1.24
Price/Tangible Book Value High	80.01	21.63	14.74	11.3	9.14	7.49	4.45	3.64	2.82	2.33	1.94	2.59	2.71	2.78	1.45
Price/Tangible Book Value Low	47.54	14.28	9.07	6.9	6.37	5.23	3.22	2.57	2.14	1.19	1.31	1.87	1.88	1.21	1.1
Price/Sales	1.26	2.02	2.21	1.85	1.96	2.44	1.99	1.55	1.44	1.47	1.32	1.23	1.16	0.59	0.66
Price/Sales Average	1.11	1.7	2.06	1.81	2.03	2.05	2.28	1.76	1.47	1.53	1.24	1.25	1.15	0.95	0.7
Price/Sales High	1.37	2.22	2.37	2.34	2.45	2.48	2.56	1.99	1.75	1.96	1.56	1.55	1.43	1.33	0.82
Price/Sales Low	0.81	1.47	1.46	1.43	1.71	1.73	1.85	1.4	1.33	1	1.05	1.12	0.99	0.58	0.62
Price/Cash Flow	5.83	8.5	10.7	9.75	7.67	9.89	43.68	7.58	7	11.67	7.49	8.23	8.75	4.87	12.89
Price/Cash Flow Average	5.13	7.17	9.99	9.54	7.94	8.33	50.12	8.57	7.16	12.12	7.03	8.38	8.6	7.81	13.77
Price/Cash Flow High	6.31	9.34	11.48	12.33	9.59	10.07	56.21	9.72	8.52	15.52	8.85	10.38	10.72	10.9	16.07
Price/Cash Flow Low	3.75	6.17	7.07	7.53	6.69	7.03	40.76	6.85	6.45	7.89	5.95	7.5	7.43	4.74	12.16
Price/Free Cash Flow Average	4.28	6.22	8.47	7.69	5.19	5.3	7.19	5.38	5.7	10.04	5.79	6.2	6.71	4.63	8.84
Price/Free Cash Flow High	5.27	8.11	9.74	9.94	6.27	6.41	8.07	6.09	6.78	12.85	7.28	7.67	8.35	6.45	10.32
Price/Free Cash Flow Low	3.13	5.35	5.99	6.07	4.37	4.48	5.85	4.3	5.13	6.54	4.89	5.54	5.79	2.81	7.81
EV/Sales Average	1.61	2.03	2.28	1.95	2.17	2.13	2.04	1.56	1.2	1.1	0.73	0.93	0.89	0.83	0.54
EV/Sales High	1.86	2.55	2.59	2.48	2.59	2.56	2.32	1.79	1.48	1.53	1.06	1.23	1.17	1.21	0.66
EV/Sales Low	1.31	1.8	1.68	1.56	1.84	1.81	1.62	1.21	1.05	0.56	0.54	0.8	0.73	0.46	0.46
EV/EBITDA Average	5.84	6.71	8.26	7.4	10.33	8.93	9.68	7.35	5.72	10.09	3.83	5.85	6.21	12.27	3.97
EV/EBITDA High	6.77	8.41	9.38	9.42	12.34	10.74	10.99	8.45	7.06	14.03	5.5	7.72	8.18	17.83	4.84
EV/EBITDA Low	4.75	5.92	6.08	5.95	8.8	7.6	7.66	5.68	5.02	5.19	2.83	5.02	5.11	6.74	3.37
EV/EBIT Average	7.53	8.28	10.42	9.35	13.44	11.26	12.92	9.88	7.84	26.98	5.29	8.17	8.94	39.81	6.17
EV/EBIT High	8.73	10.38	11.83	11.9	16.06	13.54	14.67	11.36	9.66	37.49	7.6	10.78	11.77	57.83	7.51
EV/EBIT Low	6.13	7.31	7.67	7.52	11.45	9.58	10.23	7.64	6.88	13.86	3.91	7.01	7.36	21.85	5.23
Last Price	28.04	34.88	50.3	43.48	38.45	50.3	40.45	33.23	30.4	24.02	24.18	23.6	22.26	11.03	11.45
High Price	30.34	38.33	54	55	48.09	51.25	52.05	42.6	36.99	31.95	28.58	29.75	27.27	24.7	14.27
Enterprise Value Average	202	265	295	261	242	254	241	194	147	105	80	107	103	94	58
Enterprise Value High	234	332	335	332	289	305	274	224	182	146	114	141	135	136	70
Enterprise Value Low	164	234	217	210	206	216	191	150	129	54	59	92	85	51	49

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6
Diluted Weighted Avg Shares	6	8	6	6	6	6	6	6	6	6	6	6	6	6	6
Basic Weighted Avg Shares	6	8	6	6	6	6	6	6	6	6	6	6	6	6	6
Revenue per Share	22.17	17.26	22.79	23.51	19.59	20.65	20.36	21.42	21.1	16.32	18.31	19.24	19.11	18.59	17.41
EBITDA per Share	6.1	5.23	6.29	6.18	4.11	4.93	4.3	4.54	4.41	1.78	3.52	3.05	2.74	1.26	2.36
Operating Income per Share	4.73	4.24	4.99	4.89	3.16	3.91	3.22	3.38	3.22	0.66	2.54	2.19	1.9	0.39	1.52
Basic EPS, GAAP	2.24	2.38	2.69	2.61	2.35	3.16	9.43	2.35	2.28	-0.33	1.89	1.54	1.57	0.57	-1.28
Basic EPS from Cont Ops	2.28	2.39	2.65	2.61	1.6	2.24	3.83	2.35	2.28	-0.33	1.89	1.54	1.57	0.57	-1.28
Diluted EPS, GAAP	2.23	2.37	2.66	2.59	2.34	3.15	9.42	2.35	2.28	-0.33	1.89	1.54	1.57	0.57	-1.28
Diluted EPS from Cont Ops	2.28	2.39	2.62	2.59	1.59	2.24	3.83	2.35	2.28	-0.33	1.89	1.54	1.57	0.57	-1.28
Dividend per Share	- -	0.93	1.82	1.83	1.12	1.32	0.92	2.04	1.48	0.63	0.32	3.31	3.29	3.71	1.05
Cash Flow per Share	4.81	4.1	4.7	4.46	5.02	5.09	0.93	4.38	4.34	2.06	3.23	2.87	2.54	2.27	0.89
Free Cash Flow per Basic Share	3.85	3.47	3.8	3.33	2.31	2.17	-4.61	1.78	3.23	1.63	2.53	1.85	1.82	0.71	0.39
Cash & Equivalents per Share	1.24	2.29	3.1	3.14	3.79	4.63	9.14	7.67	7.55	8.75	9.25	7.86	6.65	4.57	5.17
Book Value per Share	12.55	10.84	15.27	16.01	17.22	18.89	26.14	26.89	27.92	27.09	27.77	24.1	22.31	21.12	18.53
Tangible Book Value per Share	0.38	1.77	3.66	4.87	5.26	6.84	11.71	11.69	13.11	13.7	14.71	11.49	10.05	8.9	9.82

Saga Communications, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)