Discounted Cash Flow (DCF) Analysis Levered

Full House Resorts, Inc. (FLL)

$5.74

+0.07 (+1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.44 | 5.74 | 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 161.27163.88165.43125.59180.16190.04200.46211.45223.05235.28
Revenue (%)
Operating Cash Flow 7.149.8210.478.9910.7711.3611.9812.6413.3314.06
Operating Cash Flow (%)
Capital Expenditure -11.07-17.05-8.09-2.64-10.93-11.53-12.16-12.82-13.53-14.27
Capital Expenditure (%)
Free Cash Flow -3.93-7.232.386.35-0.16-0.17-0.17-0.18-0.19-0.20

Weighted Average Cost Of Capital

Share price $ 5.74
Beta 1.796
Diluted Shares Outstanding 36.64
Cost of Debt
Tax Rate 3.58
After-tax Cost of Debt -7.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.354
Total Debt 301.62
Total Equity 210.29
Total Capital 511.91
Debt Weighting 58.92
Equity Weighting 41.08
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 161.27163.88165.43125.59180.16190.04200.46211.45223.05235.28
Operating Cash Flow 7.149.8210.478.9910.7711.3611.9812.6413.3314.06
Capital Expenditure -11.07-17.05-8.09-2.64-10.93-11.53-12.16-12.82-13.53-14.27
Free Cash Flow -3.93-7.232.386.35-0.16-0.17-0.17-0.18-0.19-0.20
WACC
PV LFCF -0.16-0.17-0.18-0.19-0.20
SUM PV LFCF -0.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.62
Free cash flow (t + 1) -0.21
Terminal Value 15.10
Present Value of Terminal Value 14.64

Intrinsic Value

Enterprise Value 13.74
Net Debt 212.90
Equity Value -199.16
Shares Outstanding 36.64
Equity Value Per Share -5.44