Discounted Cash Flow (DCF) Analysis Levered
Wynn Resorts, Limited (WYNN)
$103.61
+0.07 (+0.07%)
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 | 6,306.37 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,916.22 | 4,074.96 | 4,240.14 | 4,412.01 | 4,590.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,876.58 | 961.49 | 901.07 | -1,072.43 | -222.59 | 4.83 | 5.02 | 5.23 | 5.44 | 5.66 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -949.05 | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -611.95 | -636.76 | -662.57 | -689.42 | -717.37 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 927.53 | -640.90 | -168.22 | -1,362.54 | -569.28 | -607.12 | -631.73 | -657.34 | -683.98 | -711.71 |
Weighted Average Cost Of Capital
| Share price | $ 103.61 |
|---|---|
| Beta | 2.006 |
| Diluted Shares Outstanding | 113.76 |
| Cost of Debt | |
| Tax Rate | 25.28 |
| After-tax Cost of Debt | 3.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.108 |
| Total Debt | 12,049.73 |
| Total Equity | 11,786.67 |
| Total Capital | 23,836.41 |
| Debt Weighting | 50.55 |
| Equity Weighting | 49.45 |
| 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 | 6,306.37 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,916.22 | 4,074.96 | 4,240.14 | 4,412.01 | 4,590.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,876.58 | 961.49 | 901.07 | -1,072.43 | -222.59 | 4.83 | 5.02 | 5.23 | 5.44 | 5.66 |
| Capital Expenditure | -949.05 | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -611.95 | -636.76 | -662.57 | -689.42 | -717.37 |
| Free Cash Flow | 927.53 | -640.90 | -168.22 | -1,362.54 | -569.28 | -607.12 | -631.73 | -657.34 | -683.98 | -711.71 |
| WACC | ||||||||||
| PV LFCF | -560.18 | -537.82 | -516.35 | -495.74 | -475.95 | |||||
| SUM PV LFCF | -2,586.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.38 |
| Free cash flow (t + 1) | -725.94 |
| Terminal Value | -11,378.42 |
| Present Value of Terminal Value | -7,609.15 |
Intrinsic Value
| Enterprise Value | -10,195.18 |
|---|---|
| Net Debt | 9,527.20 |
| Equity Value | -19,722.38 |
| Shares Outstanding | 113.76 |
| Equity Value Per Share | -173.37 |