Discounted Cash Flow (DCF) Analysis Levered
SeaWorld Entertainment, Inc. (SEAS)
$50.76
+1.86 (+3.80%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,398.24 | 431.78 | 1,503.73 | 1,731.24 | 2,852.35 | 4,699.47 | 7,742.74 | 12,756.76 | 21,017.76 | 34,628.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 348.42 | -120.73 | 503.01 | 564.59 | 549.22 | 773.30 | 1,274.07 | 2,099.12 | 3,458.47 | 5,698.10 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -195.22 | -109.18 | -128.85 | -200.71 | -423.64 | -697.97 | -1,149.96 | -1,894.65 | -3,121.59 | -5,143.06 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 153.20 | -229.90 | 374.16 | 363.88 | 125.58 | 75.32 | 124.10 | 204.47 | 336.88 | 555.03 |
Weighted Average Cost Of Capital
| Share price | $ 50.76 |
|---|---|
| Beta | 1.890 |
| Diluted Shares Outstanding | 70.28 |
| Cost of Debt | |
| Tax Rate | 25.35 |
| After-tax Cost of Debt | 3.93% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.077 |
| Total Debt | 2,229.84 |
| Total Equity | 3,567.41 |
| Total Capital | 5,797.25 |
| Debt Weighting | 38.46 |
| Equity Weighting | 61.54 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,398.24 | 431.78 | 1,503.73 | 1,731.24 | 2,852.35 | 4,699.47 | 7,742.74 | 12,756.76 | 21,017.76 | 34,628.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 348.42 | -120.73 | 503.01 | 564.59 | 549.22 | 773.30 | 1,274.07 | 2,099.12 | 3,458.47 | 5,698.10 |
| Capital Expenditure | -195.22 | -109.18 | -128.85 | -200.71 | -423.64 | -697.97 | -1,149.96 | -1,894.65 | -3,121.59 | -5,143.06 |
| Free Cash Flow | 153.20 | -229.90 | 374.16 | 363.88 | 125.58 | 75.32 | 124.10 | 204.47 | 336.88 | 555.03 |
| WACC | ||||||||||
| PV LFCF | 125.58 | 68.75 | 103.39 | 155.48 | 233.81 | 351.61 | ||||
| SUM PV LFCF | 913.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.56 |
| Free cash flow (t + 1) | 566.14 |
| Terminal Value | 7,488.56 |
| Present Value of Terminal Value | 4,743.93 |
Intrinsic Value
| Enterprise Value | 5,656.97 |
|---|---|
| Net Debt | 2,150.65 |
| Equity Value | 3,506.32 |
| Shares Outstanding | 70.28 |
| Equity Value Per Share | 49.89 |