Discounted Cash Flow (DCF) Analysis Levered

Melco Resorts & Entertainment Limit... (MLCO)

$8.59

-0.02 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.51 | 8.59 | 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 5,158.515,736.801,727.922,012.361,349.981,096.44890.51723.27587.43477.10
Revenue (%)
Operating Cash Flow 1,056.70836.16-860.96-268.77-619.43-162.29-131.81-107.05-86.95-70.62
Operating Cash Flow (%)
Capital Expenditure -615.11-449.92-463.87-679.39-622.09-277.30-225.22-182.92-148.57-120.66
Capital Expenditure (%)
Free Cash Flow 441.59386.25-1,324.83-948.17-1,241.53-439.59-357.03-289.98-235.52-191.28

Weighted Average Cost Of Capital

Share price $ 8.59
Beta 1.143
Diluted Shares Outstanding 463.72
Cost of Debt
Tax Rate -0.48
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.722
Total Debt 8,714.35
Total Equity 3,983.34
Total Capital 12,697.69
Debt Weighting 68.63
Equity Weighting 31.37
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 5,158.515,736.801,727.922,012.361,349.981,096.44890.51723.27587.43477.10
Operating Cash Flow 1,056.70836.16-860.96-268.77-619.43-162.29-131.81-107.05-86.95-70.62
Capital Expenditure -615.11-449.92-463.87-679.39-622.09-277.30-225.22-182.92-148.57-120.66
Free Cash Flow 441.59386.25-1,324.83-948.17-1,241.53-439.59-357.03-289.98-235.52-191.28
WACC
PV LFCF -414.63-317.64-243.33-186.41-142.80
SUM PV LFCF -1,304.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.02
Free cash flow (t + 1) -195.11
Terminal Value -4,853.45
Present Value of Terminal Value -3,623.36

Intrinsic Value

Enterprise Value -4,928.17
Net Debt 6,901.62
Equity Value -11,829.79
Shares Outstanding 463.72
Equity Value Per Share -25.51