The New York Times (NYSE:NYT) Digital Subscription Revenue rose from around $460 million in 2019 to about $600 million in 2020. Trefis expects the metric to rise to about $802 million in 2021 and to around $900 million by 2022.
Growth is being driven by customers increasingly opting for the company’s digital-only offerings.
We don’t think the projected growth is fully priced into NYT stock. We estimate The New York Times Valuation to be around $51 per share which is 20% above the current market price. This represents a P/EBITDA multiple of 54x for the company based on our forecast for The New York Times EBITDA for the current fiscal year.
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|S&P 500 Return||-2%||-2%||108%|
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 Month-to-date and year-to-date as of 1/16/2022
 Cumulative total returns since the end of 2016