Discounted Cash Flow (DCF) Analysis Levered
Melco Resorts & Entertainment Limit... (MLCO)
$13.25
-0.30 (-2.21%)
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 | 5,284.82 | 5,158.51 | 5,736.80 | 1,727.92 | 2,012.36 | 1,787.98 | 1,588.63 | 1,411.50 | 1,254.12 | 1,114.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,162.50 | 1,056.70 | 836.16 | -860.96 | -268.77 | -21.91 | -19.46 | -17.29 | -15.36 | -13.65 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -502.75 | -615.11 | -449.92 | -463.87 | -679.39 | -321.43 | -285.59 | -253.75 | -225.46 | -200.32 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 659.74 | 441.59 | 386.25 | -1,324.83 | -948.17 | -343.34 | -305.06 | -271.04 | -240.82 | -213.97 |
Weighted Average Cost Of Capital
| Share price | $ 13.25 |
|---|---|
| Beta | 1.114 |
| Diluted Shares Outstanding | 478.03 |
| Cost of Debt | |
| Tax Rate | 14.87 |
| After-tax Cost of Debt | 4.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.808 |
| Total Debt | 7,035.82 |
| Total Equity | 6,333.89 |
| Total Capital | 13,369.71 |
| Debt Weighting | 52.63 |
| Equity Weighting | 47.37 |
| 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 | 5,284.82 | 5,158.51 | 5,736.80 | 1,727.92 | 2,012.36 | 1,787.98 | 1,588.63 | 1,411.50 | 1,254.12 | 1,114.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,162.50 | 1,056.70 | 836.16 | -860.96 | -268.77 | -21.91 | -19.46 | -17.29 | -15.36 | -13.65 |
| Capital Expenditure | -502.75 | -615.11 | -449.92 | -463.87 | -679.39 | -321.43 | -285.59 | -253.75 | -225.46 | -200.32 |
| Free Cash Flow | 659.74 | 441.59 | 386.25 | -1,324.83 | -948.17 | -343.34 | -305.06 | -271.04 | -240.82 | -213.97 |
| WACC | ||||||||||
| PV LFCF | -322.68 | -269.46 | -225.02 | -187.90 | -156.91 | |||||
| SUM PV LFCF | -1,161.97 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.40 |
| Free cash flow (t + 1) | -218.25 |
| Terminal Value | -4,960.25 |
| Present Value of Terminal Value | -3,637.44 |
Intrinsic Value
| Enterprise Value | -4,799.41 |
|---|---|
| Net Debt | 5,382.93 |
| Equity Value | -10,182.34 |
| Shares Outstanding | 478.03 |
| Equity Value Per Share | -21.30 |