|Shares Out. (in M):||44||P/E||0.0x||0.0x|
|Market Cap (in $M):||89||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||193||EBIT||0||0|
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|Publishing Assets||10.0||5x EBITDA|
|Excess Real Estate||7.5||Indianapolis|
|Venture investments||3.6||marked at 1/2 cost of what is on balance sheet-Courseload is big one|
|Net Working Capital||25.0||huge AR right now because of Seasonality|
|NextRadio||5.0||option value currently|
|NYC station||30.0||$30mm in DCF assuming it is worth 6x BCF at exit, 12% discount rate back|
|NOL's||20.0||$66mm NOLs as of end of year 2014|
|Digonex||1.5||purchased in Q214 for $3m|
|Radio Stations||400.0||50mm of runrate at 8x|
|SG&A Load||-96.0||12MM at 8x-once Litigation/M&A are over, SG&A should run-rate to this level|
|Total Asset Value||406.6|
|Upside in Equity Base Case||127%|
|Value to Strategic||$6.76||8x BCF|
|% Upside in upside case||235%|
|2014 Pro-Forma FCF||Notes|
|G&A||-16.0||Using elevated current G&A, still have PFD litigation/NextRadio drag|
|Price at 12% FCF yield||$4.08|
|Company "FCF"||19.7||includes debt amort, I don’t include for valuation|
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