Discounted Cash Flow (DCF) Analysis Unlevered

Las Vegas Sands Corp. (LCR.DE)

37.19 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.80 | 37.19 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,72913,7393,6124,2344,1103,500.232,980.922,538.662,162.021,841.25
Revenue (%)
EBITDA 4,3804,937287523,7791,248.321,063.12905.39771.06656.67
EBITDA (%)
EBIT 3,2343,721-1,187-3452,990.44576.76491.19418.31356.25303.40
EBIT (%)
Depreciation 1,1461,2161,2151,097788.56671.56571.93487.08414.81353.27
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 4,6484,2262,1211,8541,717.201,462.431,245.461,060.68903.31769.29
Total Cash (%)
Account Receivables 726844338202262.63223.66190.48162.22138.15117.66
Account Receivables (%)
Inventories 3537322219.8316.8914.3812.2510.438.88
Inventories (%)
Accounts Payable 178149987771.0360.4951.5243.8737.3631.82
Accounts Payable (%)
Capital Expenditure -949-1,269-1,330-839-747.88-636.92-542.43-461.95-393.41-335.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.19
Beta 1.247
Diluted Shares Outstanding 764
Cost of Debt
Tax Rate 232.08
After-tax Cost of Debt -5.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.419
Total Debt 14,795
Total Equity 28,413.16
Total Capital 43,208.16
Debt Weighting 34.24
Equity Weighting 65.76
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,72913,7393,6124,2344,1103,500.232,980.922,538.662,162.021,841.25
EBITDA 4,3804,937287523,7791,248.321,063.12905.39771.06656.67
EBIT 3,2343,721-1,187-3452,990.44576.76491.19418.31356.25303.40
Tax Rate 27.45%28.47%22.74%34.80%232.08%69.11%69.11%69.11%69.11%69.11%
EBIAT 2,346.252,661.52-917.05-224.93-3,949.89178.16151.73129.22110.0493.72
Depreciation 1,1461,2161,2151,097788.56671.56571.93487.08414.81353.27
Accounts Receivable --118506136-60.6338.9633.1828.2624.0720.50
Inventories --25102.172.942.512.131.821.55
Accounts Payable --29-51-21-5.97-10.54-8.97-7.64-6.51-5.54
Capital Expenditure -949-1,269-1,330-839-747.88-636.92-542.43-461.95-393.41-335.05
UFCF 2,543.252,459.52-572.05158.07-3,973.63244.17207.94177.09150.82128.44
WACC
PV UFCF 234.12191.19156.12127.49104.11
SUM PV UFCF 813.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) 131.01
Terminal Value 5,720.99
Present Value of Terminal Value 4,637.22

Intrinsic Value

Enterprise Value 5,450.26
Net Debt 12,941
Equity Value -7,490.74
Shares Outstanding 764
Equity Value Per Share -9.80