Discounted Cash Flow (DCF) Analysis Levered

MGM Resorts International (MGM)

$42.3091

-0.05 (-0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -93.38 | 42.3091 | overvalue

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 11,763.1012,899.675,162.089,680.1413,127.4815,517.2118,341.9621,680.9225,627.7130,292.97
Revenue (%)
Operating Cash Flow 1,722.541,810.40-1,493.041,373.421,756.46847.951,002.311,184.771,400.451,655.38
Operating Cash Flow (%)
Capital Expenditure -1,486.84-739.01-270.58-490.70-765.07-1,070.92-1,265.87-1,496.31-1,768.70-2,090.67
Capital Expenditure (%)
Free Cash Flow 235.701,071.40-1,763.62882.73991.40-222.97-263.56-311.54-368.25-435.29

Weighted Average Cost Of Capital

Share price $ 42.3,091
Beta 2.198
Diluted Shares Outstanding 412.99
Cost of Debt
Tax Rate 77.13
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.669
Total Debt 33,868.59
Total Equity 17,473.36
Total Capital 51,341.95
Debt Weighting 65.97
Equity Weighting 34.03
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 11,763.1012,899.675,162.089,680.1413,127.4815,517.2118,341.9621,680.9225,627.7130,292.97
Operating Cash Flow 1,722.541,810.40-1,493.041,373.421,756.46847.951,002.311,184.771,400.451,655.38
Capital Expenditure -1,486.84-739.01-270.58-490.70-765.07-1,070.92-1,265.87-1,496.31-1,768.70-2,090.67
Free Cash Flow 235.701,071.40-1,763.62882.73991.40-222.97-263.56-311.54-368.25-435.29
WACC
PV LFCF -211.07-236.17-264.26-295.69-330.85
SUM PV LFCF -1,338.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.64
Free cash flow (t + 1) -443.99
Terminal Value -12,197.66
Present Value of Terminal Value -9,271.17

Intrinsic Value

Enterprise Value -10,609.21
Net Debt 27,956.70
Equity Value -38,565.90
Shares Outstanding 412.99
Equity Value Per Share -93.38