Discounted Cash Flow (DCF) Analysis Levered
Las Vegas Sands Corp. (LVS)
$58.48
+0.66 (+1.14%)
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 | 13,729 | 13,739 | 3,612 | 4,234 | 4,110 | 3,500.23 | 2,980.92 | 2,538.66 | 2,162.02 | 1,841.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,701 | 3,038 | -1,312 | 15 | -795 | 7.29 | 6.21 | 5.29 | 4.50 | 3.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -949 | -1,269 | -1,330 | -839 | -780 | -642.39 | -547.09 | -465.92 | -396.79 | -337.92 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,752 | 1,769 | -2,642 | -824 | -1,575 | -635.10 | -540.88 | -460.63 | -392.29 | -334.09 |
Weighted Average Cost Of Capital
| Share price | $ 58.48 |
|---|---|
| Beta | 1.173 |
| Diluted Shares Outstanding | 764 |
| Cost of Debt | |
| Tax Rate | 232.08 |
| After-tax Cost of Debt | -5.80% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.282 |
| Total Debt | 15,978 |
| Total Equity | 44,678.72 |
| Total Capital | 60,656.72 |
| Debt Weighting | 26.34 |
| Equity Weighting | 73.66 |
| 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 | 13,729 | 13,739 | 3,612 | 4,234 | 4,110 | 3,500.23 | 2,980.92 | 2,538.66 | 2,162.02 | 1,841.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,701 | 3,038 | -1,312 | 15 | -795 | 7.29 | 6.21 | 5.29 | 4.50 | 3.84 |
| Capital Expenditure | -949 | -1,269 | -1,330 | -839 | -780 | -642.39 | -547.09 | -465.92 | -396.79 | -337.92 |
| Free Cash Flow | 3,752 | 1,769 | -2,642 | -824 | -1,575 | -635.10 | -540.88 | -460.63 | -392.29 | -334.09 |
| WACC | ||||||||||
| PV LFCF | -490.34 | -396.53 | -320.67 | -259.33 | -209.72 | |||||
| SUM PV LFCF | -2,062.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.31 |
| Free cash flow (t + 1) | -340.77 |
| Terminal Value | -10,295.16 |
| Present Value of Terminal Value | -7,948.50 |
Intrinsic Value
| Enterprise Value | -10,010.58 |
|---|---|
| Net Debt | 9,667 |
| Equity Value | -19,677.58 |
| Shares Outstanding | 764 |
| Equity Value Per Share | -25.76 |