The capital program is designed to enhance shareholder value by delivering attractive margins and returns, while advancing the development of the company's core assets within discretionary cash flow
FYE* 2011 revenue exceeded $146,000 with owner/operator's discretionary cash flow
more than $30,000.
The upgrade factors in the significant slowdown in advertising revenue declines coupled with continuous cost-cutting efforts that have increased the company's EBITDA more than three times to USD174m in the first six months of 2010 and strengthened discretionary cash flow
to over USD100m in the period, S&P noted.
Discretionary cash flow
to shareholders represents a return on invested equity when it is:
The company posted a discretionary cash flow
for the third quarter of 2009 at USD7.
A capitalization rate is the rate of return used to convert estimated 'normalized' discretionary cash flow
into value, which assumes that the cash flows will continue into perpetuity.