$2.4 B

MDP Mkt cap, 15-Oct-2018
Meredith EBIT (FY, 2018)99 M
Meredith Cash, 30-Jun-2018437.6 M
Meredith EV5.1 B

Meredith Revenue Breakdown

Embed Graph

Meredith revenue breakdown by business segment: 33.2% from Local media and 66.8% from National media

Meredith Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

1.5b1.6b1.6b

Revenue growth, %

9%3%

Sales and marketing expense

914.2m

Operating expense total

914.2m

EBIT

186.5m242.1m130.6m

EBIT margin, %

13%15%8%

Interest expense

12.2m19.4m20.4m

Interest income

10.0k

Pre tax profit

174.3m222.8m110.2m

Income tax expense

(60.8m)(86.0m)(76.3m)

Net Income

113.5m136.8m33.9m

Quarterly

USDQ1, 2014Q2, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q3, 2017Q2, 2018

Revenue

371.2m398.9m384.7m406.4m398.2m399.9m442.6m422.8m425.4m810.5m

Sales and marketing expense

218.0m241.4m218.7m241.6m206.0m225.9m267.1m222.4m210.7m441.1m

Operating expense total

218.0m241.4m218.7m241.6m206.0m225.9m267.1m222.4m210.7m716.3m

Depreciation and amortization

25.0m

EBIT

52.9m68.9m29.0m60.1m47.1m60.8m109.8m128.0m70.0m94.1m

EBIT margin, %

14%17%8%15%12%15%25%30%16%12%wdxefcqufszuzezftuxetqsqxt

Interest expense

4.2m4.8m5.3m5.3m5.2m4.7m4.7m5.1m4.6m10.2m

Pre tax profit

48.6m64.1m23.7m54.8m41.9m56.0m105.1m122.9m65.4m83.9m

Income tax expense

(19.2m)(24.5m)(12.7m)(22.3m)(16.7m)(22.0m)(33.3m)(42.0m)(25.7m)108.9m

Net Income

29.4m39.6m11.0m32.5m25.3m34.0m71.8m80.9m39.8m192.7m

Meredith Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2018

Cash

36.6m22.8m25.0m437.6m

Accounts Receivable

257.6m284.6m273.9m542.0m

Inventories

24.0m24.7m20.7m44.2m

Current Assets

470.0m482.5m481.2m2.0b

Goodwill

841.6m1.0b883.1m1.9b

Total Assets

2.5b2.8b2.6b6.7b

Accounts Payable

81.4m93.9m82.1m194.7m

Short-term debt

87.5m62.5m75.0m17.7m

Current Liabilities

483.1m531.0m477.9m1.2b

Long-term debt

627.5m732.5m620.0m3.1b

Total Debt

715.0m795.0m695.0m3.1b

Total Liabilities

1.7b5.1b

Additional Paid-in Capital

41.9m49.0m54.3m199.5m

Retained Earnings

814.1m870.9m818.7m889.8m

Total Equity

891.7m951.9m889.0m1.1b

Debt to Equity Ratio

0.8 x0.8 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x

Financial Leverage

2.9 x3 x3 x6.1 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Cash

30.3m18.1m19.7m29.9m27.9m17.2m32.1m44.5m27.4m35.0m

Accounts Receivable

263.6m289.7m269.5m278.2m294.6m281.3m273.4m284.8m275.5m297.4m

Inventories

22.2m26.2m29.5m24.2m23.4m24.0m21.9m20.0m25.7m21.4m

Current Assets

476.0m522.7m470.3m520.1m531.5m488.6m501.7m531.5m494.9m542.9m

Goodwill

840.8m941.2m1.0b998.3m1.0b1.0b883.1m895.4m895.4m907.6m

Total Assets

2.5b2.8b2.8b2.9b2.9b2.8b2.6b2.7b2.6b2.7b

Accounts Payable

77.3m76.3m83.7m96.9m76.9m71.2m74.5m75.7m75.7m83.9m

Short-term debt

62.5m62.5m62.5m65.6m68.8m71.9m75.0m62.5m62.5m65.6m

Current Liabilities

436.2m484.4m506.7m536.9m510.1m509.6m475.2m491.4m464.8m473.7m

Long-term debt

659.4m796.3m763.1m753.8m730.0m631.3m622.4m611.7m568.7m631.6m

Total Debt

697.2m

Total Liabilities

1.6b

Additional Paid-in Capital

40.7m43.6m47.2m55.4m59.0m56.5m56.2m55.3m54.8m58.9m

Retained Earnings

824.0m844.2m848.9m861.2m873.0m931.6m830.2m879.7m895.9m1.1b

Total Equity

901.2m923.1m929.7m946.4m964.0m1.0b904.4m955.9m972.7m1.1b

Financial Leverage

2.8 x3 x3 x3 x3 x2.8 x2.9 x2.8 x2.7 x2.4 x

Meredith Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2018

Net Income

113.5m136.8m33.9m

Depreciation and Amortization

59.9m57.8m59.2m

Accounts Receivable

(2.4m)(19.0m)10.7m

Inventories

4.1m(1.0m)3.5m

Accounts Payable

1.6m10.0m(11.9m)(13.0m)

Cash From Operating Activities

178.1m192.3m226.6m

Cash From Investing Activities

(442.3m)(206.8m)(31.5m)

Long-term Borrowings

(301.0m)(390.0m)(267.5m)

Dividends Paid

(75.4m)(80.0m)(86.1m)

Cash From Financing Activities

273.1m740.0k(193.0m)

Interest Paid

11.3m19.1m20.2m

Income Taxes Paid

35.0m40.4m73.0m24.0m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Net Income

29.4m39.6m25.3m11.0m32.5m80.9m34.0m71.8m39.8m192.7m

Depreciation and Amortization

12.8m14.3m14.6m15.1m15.0m14.6m13.9m13.5m13.3m15.8m

Accounts Receivable

263.6m289.7m269.5m278.2m294.6m281.3m273.4m284.8m275.5m

Inventories

22.2m26.2m29.5m24.2m23.4m24.0m21.9m20.0m25.7m

Accounts Payable

77.3m76.3m83.7m96.9m76.9m71.2m74.5m75.7m75.7m

Cash From Operating Activities

101.6m

Cash From Investing Activities

(29.6m)

Long-term Borrowings

(61.2m)

Dividends Paid

(47.2m)

Cash From Financing Activities

(59.3m)

Meredith Ratios

USDY, 2018

EV/EBIT

51.5 x

Financial Leverage

6.1 x
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Meredith Operating Metrics

Meredith's Monthly Unique Visitors was reported to be 71 m in FY, 2016.
FY, 2014FY, 2015FY, 2016

Agents

8.30 k9 k10 k

Applications (Local Media)

27 38 40

Applications (National Media)

20 20 15

Countries

70 100 80

Monthly Unique Visitors

51 m70 m71 m

Websites (Local Media)

12 13 13

Websites (National Media)

40 50 50
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