Discounted Cash Flow (DCF) Analysis Levered
Wynn Resorts, Limited (WYNN)
$110
+1.00 (+0.92%)
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 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,756.82 | 3,846.15 | 3,937.59 | 4,031.21 | 4,127.05 | 4,225.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 961.49 | 901.07 | -1,072.43 | -222.59 | -71.27 | -238.75 | -244.43 | -250.24 | -256.19 | -262.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -300.13 | -546.69 | -559.69 | -573 | -586.62 | -600.57 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -640.90 | -168.22 | -1,362.54 | -569.28 | -371.40 | -785.44 | -804.12 | -823.23 | -842.81 | -862.85 |
Weighted Average Cost Of Capital
| Share price | $ 110 |
|---|---|
| Beta | 2.012 |
| Diluted Shares Outstanding | 113.62 |
| Cost of Debt | |
| Tax Rate | 39.45 |
| After-tax Cost of Debt | 2.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.018 |
| Total Debt | 13,732.02 |
| Total Equity | 12,498.53 |
| Total Capital | 26,230.55 |
| Debt Weighting | 52.35 |
| Equity Weighting | 47.65 |
| 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 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,756.82 | 3,846.15 | 3,937.59 | 4,031.21 | 4,127.05 | 4,225.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 961.49 | 901.07 | -1,072.43 | -222.59 | -71.27 | -238.75 | -244.43 | -250.24 | -256.19 | -262.28 |
| Capital Expenditure | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -300.13 | -546.69 | -559.69 | -573 | -586.62 | -600.57 |
| Free Cash Flow | -640.90 | -168.22 | -1,362.54 | -569.28 | -371.40 | -785.44 | -804.12 | -823.23 | -842.81 | -862.85 |
| WACC | ||||||||||
| PV LFCF | -677.02 | -643.50 | -611.65 | -581.36 | -552.58 | |||||
| SUM PV LFCF | -3,302.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.71 |
| Free cash flow (t + 1) | -880.10 |
| Terminal Value | -15,413.36 |
| Present Value of Terminal Value | -10,632.06 |
Intrinsic Value
| Enterprise Value | -13,934.57 |
|---|---|
| Net Debt | 10,081.58 |
| Equity Value | -24,016.15 |
| Shares Outstanding | 113.62 |
| Equity Value Per Share | -211.37 |