Discounted Cash Flow (DCF) Analysis Levered
Park Hotels & Resorts Inc. (PK)
$14.445
-0.34 (-2.27%)
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 | 2,791 | 2,737 | 2,844 | 852 | 1,362 | 1,334.05 | 1,306.67 | 1,279.86 | 1,253.60 | 1,227.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 653 | 444 | 499 | -438 | -137 | -11.48 | -11.24 | -11.01 | -10.79 | -10.57 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -185 | -188 | -240 | -86 | -54 | -96.04 | -94.07 | -92.14 | -90.25 | -88.39 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 468 | 256 | 259 | -524 | -191 | -107.52 | -105.31 | -103.15 | -101.03 | -98.96 |
Weighted Average Cost Of Capital
| Share price | $ 14.445 |
|---|---|
| Beta | 1.957 |
| Diluted Shares Outstanding | 236 |
| Cost of Debt | |
| Tax Rate | -2.00 |
| After-tax Cost of Debt | 5.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.857 |
| Total Debt | 4,899 |
| Total Equity | 3,409.02 |
| Total Capital | 8,308.02 |
| Debt Weighting | 58.97 |
| Equity Weighting | 41.03 |
| 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 | 2,791 | 2,737 | 2,844 | 852 | 1,362 | 1,334.05 | 1,306.67 | 1,279.86 | 1,253.60 | 1,227.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 653 | 444 | 499 | -438 | -137 | -11.48 | -11.24 | -11.01 | -10.79 | -10.57 |
| Capital Expenditure | -185 | -188 | -240 | -86 | -54 | -96.04 | -94.07 | -92.14 | -90.25 | -88.39 |
| Free Cash Flow | 468 | 256 | 259 | -524 | -191 | -107.52 | -105.31 | -103.15 | -101.03 | -98.96 |
| WACC | ||||||||||
| PV LFCF | -66.34 | -59.96 | -54.18 | -48.97 | -44.26 | |||||
| SUM PV LFCF | -409.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.38 |
| Free cash flow (t + 1) | -100.94 |
| Terminal Value | -1,582.12 |
| Present Value of Terminal Value | -1,058.02 |
Intrinsic Value
| Enterprise Value | -1,467.31 |
|---|---|
| Net Debt | 4,211 |
| Equity Value | -5,678.31 |
| Shares Outstanding | 236 |
| Equity Value Per Share | -24.06 |