Discounted Cash Flow (DCF) Analysis Levered
Monarch Casino & Resort, Inc. (MCRI)
$76.24
-1.47 (-1.89%)
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 | 230.73 | 240.32 | 249.17 | 184.41 | 395.38 | 490.51 | 608.54 | 754.97 | 936.63 | 1,162.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 49.45 | 58.76 | 63.25 | 31.44 | 128.10 | 118.43 | 146.92 | 182.28 | 226.14 | 280.55 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -49.99 | -137.07 | -125.37 | -88.67 | -46.93 | -185.38 | -229.99 | -285.33 | -353.99 | -439.17 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -0.54 | -78.32 | -62.12 | -57.22 | 81.18 | -66.96 | -83.07 | -103.06 | -127.85 | -158.62 |
Weighted Average Cost Of Capital
| Share price | $ 76.24 |
|---|---|
| Beta | 1.729 |
| Diluted Shares Outstanding | 19.42 |
| Cost of Debt | |
| Tax Rate | 19.78 |
| After-tax Cost of Debt | 3.53% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.677 |
| Total Debt | 102.39 |
| Total Equity | 1,480.81 |
| Total Capital | 1,583.20 |
| Debt Weighting | 6.47 |
| Equity Weighting | 93.53 |
| 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 | 230.73 | 240.32 | 249.17 | 184.41 | 395.38 | 490.51 | 608.54 | 754.97 | 936.63 | 1,162.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 49.45 | 58.76 | 63.25 | 31.44 | 128.10 | 118.43 | 146.92 | 182.28 | 226.14 | 280.55 |
| Capital Expenditure | -49.99 | -137.07 | -125.37 | -88.67 | -46.93 | -185.38 | -229.99 | -285.33 | -353.99 | -439.17 |
| Free Cash Flow | -0.54 | -78.32 | -62.12 | -57.22 | 81.18 | -66.96 | -83.07 | -103.06 | -127.85 | -158.62 |
| WACC | ||||||||||
| PV LFCF | -48.76 | -54.43 | -60.75 | -67.80 | -75.68 | |||||
| SUM PV LFCF | -379.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.15 |
| Free cash flow (t + 1) | -161.79 |
| Terminal Value | -1,768.22 |
| Present Value of Terminal Value | -1,042.29 |
Intrinsic Value
| Enterprise Value | -1,422.09 |
|---|---|
| Net Debt | 68.87 |
| Equity Value | -1,490.95 |
| Shares Outstanding | 19.42 |
| Equity Value Per Share | -76.76 |