Discounted Cash Flow (DCF) Analysis Levered
MGM Resorts International (MGM)
$41.45
-0.26 (-0.62%)
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 | 10,773.90 | 11,763.10 | 12,899.67 | 5,162.08 | 9,680.14 | 10,802.67 | 12,055.36 | 13,453.32 | 15,013.39 | 16,754.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,206.41 | 1,722.54 | 1,810.40 | -1,493.04 | 1,373.42 | 743.70 | 829.94 | 926.18 | 1,033.58 | 1,153.44 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,864.08 | -1,486.84 | -739.01 | -270.58 | -490.70 | -993.44 | -1,108.64 | -1,237.20 | -1,380.67 | -1,540.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 342.33 | 235.70 | 1,071.40 | -1,763.62 | 882.73 | -249.74 | -278.70 | -311.02 | -347.09 | -387.34 |
Weighted Average Cost Of Capital
| Share price | $ 41.45 |
|---|---|
| Beta | 2.036 |
| Diluted Shares Outstanding | 487.36 |
| Cost of Debt | |
| Tax Rate | 14.19 |
| After-tax Cost of Debt | 2.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.230 |
| Total Debt | 24,692.63 |
| Total Equity | 20,200.91 |
| Total Capital | 44,893.54 |
| Debt Weighting | 55.00 |
| Equity Weighting | 45.00 |
| 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 | 10,773.90 | 11,763.10 | 12,899.67 | 5,162.08 | 9,680.14 | 10,802.67 | 12,055.36 | 13,453.32 | 15,013.39 | 16,754.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,206.41 | 1,722.54 | 1,810.40 | -1,493.04 | 1,373.42 | 743.70 | 829.94 | 926.18 | 1,033.58 | 1,153.44 |
| Capital Expenditure | -1,864.08 | -1,486.84 | -739.01 | -270.58 | -490.70 | -993.44 | -1,108.64 | -1,237.20 | -1,380.67 | -1,540.78 |
| Free Cash Flow | 342.33 | 235.70 | 1,071.40 | -1,763.62 | 882.73 | -249.74 | -278.70 | -311.02 | -347.09 | -387.34 |
| WACC | ||||||||||
| PV LFCF | -162 | -168.21 | -174.65 | -181.34 | -188.28 | |||||
| SUM PV LFCF | -1,254.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.48 |
| Free cash flow (t + 1) | -395.09 |
| Terminal Value | -7,209.58 |
| Present Value of Terminal Value | -5,026.57 |
Intrinsic Value
| Enterprise Value | -6,280.84 |
|---|---|
| Net Debt | 19,989.57 |
| Equity Value | -26,270.42 |
| Shares Outstanding | 487.36 |
| Equity Value Per Share | -53.90 |