Entravision SOTP - ATS revenue multiple, spectrum and media

Entravision Communications Corporation (EVC)
By@hypertonx
Assumptions as of 2026-10-16
USD
Updated Oct 16, 2026 · Revised 8 times
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Entravision SOTP - ATS revenue multiple, spectrum and media

as of 2026-10-16

SOTP fair value per share
$14.51
Implied equity value ($M)
$1,493
Implied ATS enterprise value ($M)
$1,350
Normalized ATS comparable net revenue ($M)
$270
Q2 annualized ATS comparable net revenue ($M)
$284
Q2 ATS comparable net revenue growth
223%
Spectrum proceeds after leakage ($M)
$150
Legacy media enterprise value ($M)
$225
Capitalized corporate drag ($M)
$158
Net debt ($M)
$74
Current enterprise value ($M)
$715
Upside/downside to current price
133%

ATS

270.00$M
5.00x

Capital structure

102.86M
73.89$M

Corporate

6.00x
26.39$M

Liabilities

0.00$M

Market

6.23$/sh
Latest EVC quote · updated Oct 23, 2026 2:00 PM MDT

Media

225.00$M

Spectrum

200.00$M
25%

Sources

  1. October 16 Model Edge regular-session EVC reference $6.32, refreshed 2026-10-16T15:05:06.774786-06:00. Retrieval time is not trade time. Scope and separate financial-anchor changes are described in refresh context. (accessed 2026-10-16)
  2. October 6 Model Edge reference EVC quote $6.7, refreshed 2026-10-06T15:02:50.877287-06:00. Price changes refresh market-relative outputs; evidence-supported valuation changes are separately described. (accessed 2026-10-06)
  3. October 6: price fell 5.90% to $6.70. The filed Univision amendment extends the December 31, 2026 affiliation expiry to March 31, 2027, followed by automatic three-month renewals unless either party gives at least 30 days' notice. Related marketing, sales and negotiation agreements extend too; 2026 subscriber-fee terms and thresholds continue. This resolves the immediate December expiry but is not a permanent long-term renewal or quantified margin uplift. Retain existing SOTP economics. Causation of the daily price move is unconfirmed. — modeledge.ai (accessed 2026-10-06)
  4. Additional supporting source for the October 6 review; see the dated evidence note. — sec.gov (accessed 2026-10-06)
  5. September 25, 2026 Model Edge reference EVC price $7.41, refreshed 2026-09-25T15:02:46.064505-06:00. This changes market-relative outputs; intrinsic changes are separately sourced. (accessed 2026-09-26)
  6. Q2 call expects a sequential Q3 ATS revenue decline and over 100% year-over-year growth in Q3/Q4. Preserve the distinction between gross billings and net revenue. — modeledge.ai (accessed 2026-09-26)
  7. The linked FY2026 estimate is analyst work rather than company point guidance; current normalized ATS net-revenue assumption is retained. — modeledge.ai (accessed 2026-09-26)
  8. Q2 2026 ATS gross revenue was $182.821M and cost of revenue was $111.870M, producing $70.951M of comparable net revenue. Corporate expense was $6.597M. — sec.gov (accessed 2026-08-11)
  9. At June 30, 2026, cash and marketable securities were $83.381M, debt was $157.270M, and Q2 diluted weighted-average shares were 102.858M. — sec.gov (accessed 2026-08-11)
  10. Q1 2026 ATS revenue was $154.550M and ATS cost of revenue was $96.589M, producing $57.961M of comparable net revenue versus $20.668M in Q1 2025. — sec.gov
  11. At March 31, 2026, cash and marketable securities were $71.144M, debt was $162.195M, and diluted shares were 96.420181M. — sec.gov
  12. Liftoff reported Q1 2026 Core Advertising revenue of $204.7M, up 37%, and reports publisher consideration net because it acts as agent. — sec.gov
  13. Entravision generated $6.170M of spectrum usage rights revenue in 2025 and $0.797M in Q1 2026. — sec.gov
  14. Entravision announced approximately $264M of anticipated proceeds from the 2017 FCC broadcast spectrum auction. — investor.entravision.com
  15. Historical EVC prices used to frame a conservative legacy media stub include approximately $3.96 in August 2023 and approximately $2.19 in July 2024. — financecharts.com

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