Discounted Cash Flow (DCF) Analysis Levered
Caesars Entertainment, Inc. (CZR)
$51.4
-0.59 (-1.13%)
All numbers are in Millions, Currency in USD
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 | 1,473.50 | 2,056.01 | 2,528.25 | 3,474 | 9,570 | 16,158.54 | 27,283.01 | 46,066.20 | 77,780.82 | 131,329.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 130.24 | 323.28 | 312.53 | -571 | 1,172 | 1,057.87 | 1,786.17 | 3,015.87 | 5,092.17 | 8,597.92 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -83.52 | -147.42 | -170.77 | -198 | -832 | -1,098.32 | -1,854.47 | -3,131.20 | -5,286.90 | -8,926.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 46.72 | 175.86 | 141.76 | -769 | 340 | -40.45 | -68.30 | -115.33 | -194.72 | -328.78 |
Weighted Average Cost Of Capital
| Share price | $ 51.4 |
|---|---|
| Beta | 2.860 |
| Diluted Shares Outstanding | 130 |
| Cost of Debt | |
| Tax Rate | 19.70 |
| After-tax Cost of Debt | 7.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.469 |
| Total Debt | 26,265 |
| Total Equity | 6,682 |
| Total Capital | 32,947 |
| Debt Weighting | 79.72 |
| Equity Weighting | 20.28 |
| 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 | 1,473.50 | 2,056.01 | 2,528.25 | 3,474 | 9,570 | 16,158.54 | 27,283.01 | 46,066.20 | 77,780.82 | 131,329.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 130.24 | 323.28 | 312.53 | -571 | 1,172 | 1,057.87 | 1,786.17 | 3,015.87 | 5,092.17 | 8,597.92 |
| Capital Expenditure | -83.52 | -147.42 | -170.77 | -198 | -832 | -1,098.32 | -1,854.47 | -3,131.20 | -5,286.90 | -8,926.70 |
| Free Cash Flow | 46.72 | 175.86 | 141.76 | -769 | 340 | -40.45 | -68.30 | -115.33 | -194.72 | -328.78 |
| WACC | ||||||||||
| PV LFCF | -31.30 | -48.51 | -75.19 | -116.55 | -180.66 | |||||
| SUM PV LFCF | -536.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.93 |
| Free cash flow (t + 1) | -335.36 |
| Terminal Value | -4,839.18 |
| Present Value of Terminal Value | -3,155.26 |
Intrinsic Value
| Enterprise Value | -3,691.85 |
|---|---|
| Net Debt | 25,195 |
| Equity Value | -28,886.85 |
| Shares Outstanding | 130 |
| Equity Value Per Share | -222.21 |