Discounted Cash Flow (DCF) Analysis Levered
Studio City International Holdings ... (MSC)
$5.52
-0.83 (-13.07%)
All numbers are in Millions, Currency in USD
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 | 571.21 | 626.73 | 49.17 | 106.87 | 11.55 | 9.98 | 8.63 | 7.46 | 6.44 | 5.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 139.52 | 228.50 | -181.63 | -136.84 | -178.78 | -39.62 | -34.24 | -29.60 | -25.58 | -22.11 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -153.25 | -78.59 | -188.54 | -404.48 | -452.13 | -94.15 | -81.38 | -70.34 | -60.79 | -52.54 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -13.73 | 149.92 | -370.16 | -541.32 | -630.90 | -133.77 | -115.62 | -99.93 | -86.37 | -74.65 |
Weighted Average Cost Of Capital
| Share price | $ 5.52 |
|---|---|
| Beta | -0.755 |
| Diluted Shares Outstanding | 195.77 |
| Cost of Debt | |
| Tax Rate | -0.11 |
| After-tax Cost of Debt | 3.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 0.919 |
| Total Debt | 2,447.97 |
| Total Equity | 1,080.67 |
| Total Capital | 3,528.65 |
| Debt Weighting | 69.37 |
| Equity Weighting | 30.63 |
| 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 | 571.21 | 626.73 | 49.17 | 106.87 | 11.55 | 9.98 | 8.63 | 7.46 | 6.44 | 5.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 139.52 | 228.50 | -181.63 | -136.84 | -178.78 | -39.62 | -34.24 | -29.60 | -25.58 | -22.11 |
| Capital Expenditure | -153.25 | -78.59 | -188.54 | -404.48 | -452.13 | -94.15 | -81.38 | -70.34 | -60.79 | -52.54 |
| Free Cash Flow | -13.73 | 149.92 | -370.16 | -541.32 | -630.90 | -133.77 | -115.62 | -99.93 | -86.37 | -74.65 |
| WACC | ||||||||||
| PV LFCF | -130 | -109.20 | -91.72 | -77.04 | -64.71 | |||||
| SUM PV LFCF | -472.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.90 |
| Free cash flow (t + 1) | -76.15 |
| Terminal Value | -8,460.89 |
| Present Value of Terminal Value | -7,333.97 |
Intrinsic Value
| Enterprise Value | -7,806.64 |
|---|---|
| Net Debt | 1,938.45 |
| Equity Value | -9,745.09 |
| Shares Outstanding | 195.77 |
| Equity Value Per Share | -49.78 |