Discounted Cash Flow (DCF) Analysis Unlevered

Full House Resorts, Inc. (FLL)

$7.26

-0.14 (-1.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.49 | 7.26 | 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 161.27163.88165.43125.59180.16190.04200.46211.45223.05235.28
Revenue (%)
EBITDA 13.4013.8712.1316.27-11.5211.6612.3012.9713.6814.43
EBITDA (%)
EBIT 4.805.483.808.60-21.241.401.471.551.641.73
EBIT (%)
Depreciation 8.608.408.337.679.7310.2610.8211.4212.0412.70
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 19.9120.6328.8537.7088.7246.2348.7751.4454.2657.24
Total Cash (%)
Account Receivables 1.762.042.214.904.693.874.084.304.544.79
Account Receivables (%)
Inventories 1.691.432.291.511.662.062.182.302.422.55
Inventories (%)
Accounts Payable 5.185.925.224.198.416.837.217.608.028.46
Accounts Payable (%)
Capital Expenditure -11.07-17.05-8.09-2.64-10.93-11.53-12.16-12.82-13.53-14.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.26
Beta 1.850
Diluted Shares Outstanding 36.64
Cost of Debt
Tax Rate 3.58
After-tax Cost of Debt -7.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.623
Total Debt 301.62
Total Equity 265.98
Total Capital 567.60
Debt Weighting 53.14
Equity Weighting 46.86
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 161.27163.88165.43125.59180.16190.04200.46211.45223.05235.28
EBITDA 13.4013.8712.1316.27-11.5211.6612.3012.9713.6814.43
EBIT 4.805.483.808.60-21.241.401.471.551.641.73
Tax Rate 2.90%-12.22%-1.39%-167.27%3.58%-34.88%-34.88%-34.88%-34.88%-34.88%
EBIAT 4.666.143.8522.99-20.481.881.992.092.212.33
Depreciation 8.608.408.337.679.7310.2610.8211.4212.0412.70
Accounts Receivable --0.28-0.17-2.700.210.83-0.21-0.22-0.24-0.25
Inventories -0.27-0.870.78-0.15-0.40-0.11-0.12-0.13-0.13
Accounts Payable -0.73-0.70-1.024.22-1.580.370.400.420.44
Capital Expenditure -11.07-17.05-8.09-2.64-10.93-11.53-12.16-12.82-13.53-14.27
UFCF 2.19-1.782.3625.08-17.40-0.540.700.740.780.82
WACC
PV UFCF -0.530.680.710.740.77
SUM PV UFCF 2.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.43
Free cash flow (t + 1) 0.84
Terminal Value -147.26
Present Value of Terminal Value -137.17

Intrinsic Value

Enterprise Value -134.81
Net Debt 212.90
Equity Value -347.70
Shares Outstanding 36.64
Equity Value Per Share -9.49