Discounted Cash Flow (DCF) Analysis Unlevered

Century Casinos, Inc. (CNTY)

$6.99

+0.04 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.55 | 6.99 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 154.07168.94218.23304.27388.51491.40621.55786.16994.381,257.74
Revenue (%)
EBITDA 23.4318.9310.0230.14100.6265.6683.05105.04132.86168.05
EBITDA (%)
EBIT 14.489.53-6.73-0.0569.8229.4037.1847.0359.4875.24
EBIT (%)
Depreciation 8.949.4016.7530.1930.8036.2645.8658.0173.3892.81
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 74.6845.5854.7563.41107.82146.57185.38234.48296.59375.14
Total Cash (%)
Account Receivables 6.286.0311.378.249.4117.6822.3628.2935.7845.25
Account Receivables (%)
Inventories 0.740.902.051.661.442.823.564.515.707.21
Inventories (%)
Accounts Payable 4.763.305.2012.8612.6514.6618.5423.4529.6637.51
Accounts Payable (%)
Capital Expenditure -11.53-56.77-24.04-10.71-10.01-57.20-72.34-91.51-115.74-146.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.99
Beta 2.726
Diluted Shares Outstanding 31.39
Cost of Debt
Tax Rate 26.74
After-tax Cost of Debt 6.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.692
Total Debt 494.61
Total Equity 219.40
Total Capital 714.01
Debt Weighting 69.27
Equity Weighting 30.73
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 154.07168.94218.23304.27388.51491.40621.55786.16994.381,257.74
EBITDA 23.4318.9310.0230.14100.6265.6683.05105.04132.86168.05
EBIT 14.489.53-6.73-0.0569.8229.4037.1847.0359.4875.24
Tax Rate 49.73%42.70%-60.07%-10.89%26.74%9.64%9.64%9.64%9.64%9.64%
EBIAT 7.285.46-10.77-0.0651.1526.5633.6042.4953.7567.98
Depreciation 8.949.4016.7530.1930.8036.2645.8658.0173.3892.81
Accounts Receivable -0.25-5.343.13-1.18-8.27-4.68-5.92-7.49-9.48
Inventories --0.16-1.150.390.22-1.37-0.75-0.94-1.19-1.51
Accounts Payable --1.461.907.66-0.212.013.884.916.217.86
Capital Expenditure -11.53-56.77-24.04-10.71-10.01-57.20-72.34-91.51-115.74-146.39
UFCF 4.70-43.29-22.6530.6170.77-2.015.577.048.9111.27
WACC
PV UFCF -1.844.645.366.197.15
SUM PV UFCF 21.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.52
Free cash flow (t + 1) 11.49
Terminal Value 152.83
Present Value of Terminal Value 96.99

Intrinsic Value

Enterprise Value 118.50
Net Debt 386.79
Equity Value -268.29
Shares Outstanding 31.39
Equity Value Per Share -8.55