Discounted Cash Flow (DCF) Analysis Levered

Century Casinos, Inc. (CNTY)

$6.66

-0.10 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -17.33 | 6.66 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 154.07168.94218.23304.27388.51491.40621.55786.16994.381,257.74
Revenue (%)
Operating Cash Flow 19.4522.3318.789.0159.1951.7365.4482.77104.69132.41
Operating Cash Flow (%)
Capital Expenditure -11.53-56.77-24.04-10.71-10.01-57.20-72.34-91.51-115.74-146.39
Capital Expenditure (%)
Free Cash Flow 7.92-34.45-5.26-1.7049.18-5.46-6.91-8.74-11.05-13.98

Weighted Average Cost Of Capital

Share price $ 6.66
Beta 2.726
Diluted Shares Outstanding 31.39
Cost of Debt
Tax Rate 26.74
After-tax Cost of Debt 6.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.613
Total Debt 494.61
Total Equity 209.04
Total Capital 703.65
Debt Weighting 70.29
Equity Weighting 29.71
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 154.07168.94218.23304.27388.51491.40621.55786.16994.381,257.74
Operating Cash Flow 19.4522.3318.789.0159.1951.7365.4482.77104.69132.41
Capital Expenditure -11.53-56.77-24.04-10.71-10.01-57.20-72.34-91.51-115.74-146.39
Free Cash Flow 7.92-34.45-5.26-1.7049.18-5.46-6.91-8.74-11.05-13.98
WACC
PV LFCF -3.19-3.68-4.26-4.92-5.69
SUM PV LFCF -34.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.40
Free cash flow (t + 1) -14.26
Terminal Value -192.71
Present Value of Terminal Value -122.97

Intrinsic Value

Enterprise Value -157.05
Net Debt 386.79
Equity Value -543.84
Shares Outstanding 31.39
Equity Value Per Share -17.33