Discounted Cash Flow (DCF) Analysis Levered
Cinemark Holdings, Inc. (CNK)
$16.82
+0.56 (+3.44%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,221.74 | 3,283.10 | 686.31 | 1,510.46 | 2,454.70 | 3,101.56 | 3,918.87 | 4,951.56 | 6,256.38 | 7,905.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 556.92 | 562 | -330.10 | 166.22 | 136 | 17.69 | 22.35 | 28.24 | 35.68 | 45.08 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -346.07 | -303.63 | -83.93 | -95.54 | -110.70 | -267.07 | -337.45 | -426.37 | -538.73 | -680.69 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 210.84 | 258.37 | -414.03 | 70.68 | 25.30 | -249.38 | -315.10 | -398.13 | -503.05 | -635.61 |
Weighted Average Cost Of Capital
| Share price | $ 16.82 |
|---|---|
| Beta | 2.293 |
| Diluted Shares Outstanding | 118.20 |
| Cost of Debt | |
| Tax Rate | -2.34 |
| After-tax Cost of Debt | 4.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.514 |
| Total Debt | 3,777.80 |
| Total Equity | 1,988.12 |
| Total Capital | 5,765.92 |
| Debt Weighting | 65.52 |
| Equity Weighting | 34.48 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,221.74 | 3,283.10 | 686.31 | 1,510.46 | 2,454.70 | 3,101.56 | 3,918.87 | 4,951.56 | 6,256.38 | 7,905.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 556.92 | 562 | -330.10 | 166.22 | 136 | 17.69 | 22.35 | 28.24 | 35.68 | 45.08 |
| Capital Expenditure | -346.07 | -303.63 | -83.93 | -95.54 | -110.70 | -267.07 | -337.45 | -426.37 | -538.73 | -680.69 |
| Free Cash Flow | 210.84 | 258.37 | -414.03 | 70.68 | 25.30 | -249.38 | -315.10 | -398.13 | -503.05 | -635.61 |
| WACC | ||||||||||
| PV LFCF | -230.70 | -269.65 | -315.17 | -368.39 | -430.59 | |||||
| SUM PV LFCF | -1,614.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.10 |
| Free cash flow (t + 1) | -648.32 |
| Terminal Value | -10,628.23 |
| Present Value of Terminal Value | -7,200 |
Intrinsic Value
| Enterprise Value | -8,814.50 |
|---|---|
| Net Debt | 3,103.30 |
| Equity Value | -11,917.80 |
| Shares Outstanding | 118.20 |
| Equity Value Per Share | -100.83 |