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
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 | 13,729 | 13,739 | 3,612 | 4,234 | 4,110 | 3,500.23 | 2,980.92 | 2,538.66 | 2,162.02 | 1,841.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4,380 | 4,937 | 28 | 752 | 3,779 | 1,248.32 | 1,063.12 | 905.39 | 771.06 | 656.67 |
| EBITDA (%) | ||||||||||
| EBIT | 3,234 | 3,721 | -1,187 | -345 | 2,990.44 | 576.76 | 491.19 | 418.31 | 356.25 | 303.40 |
| EBIT (%) | ||||||||||
| Depreciation | 1,146 | 1,216 | 1,215 | 1,097 | 788.56 | 671.56 | 571.93 | 487.08 | 414.81 | 353.27 |
| 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 | 4,648 | 4,226 | 2,121 | 1,854 | 1,717.20 | 1,462.43 | 1,245.46 | 1,060.68 | 903.31 | 769.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 726 | 844 | 338 | 202 | 262.63 | 223.66 | 190.48 | 162.22 | 138.15 | 117.66 |
| Account Receivables (%) | ||||||||||
| Inventories | 35 | 37 | 32 | 22 | 19.83 | 16.89 | 14.38 | 12.25 | 10.43 | 8.88 |
| Inventories (%) | ||||||||||
| Accounts Payable | 178 | 149 | 98 | 77 | 71.03 | 60.49 | 51.52 | 43.87 | 37.36 | 31.82 |
| 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 | 13,729 | 13,739 | 3,612 | 4,234 | 4,110 | 3,500.23 | 2,980.92 | 2,538.66 | 2,162.02 | 1,841.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4,380 | 4,937 | 28 | 752 | 3,779 | 1,248.32 | 1,063.12 | 905.39 | 771.06 | 656.67 |
| EBIT | 3,234 | 3,721 | -1,187 | -345 | 2,990.44 | 576.76 | 491.19 | 418.31 | 356.25 | 303.40 |
| Tax Rate | 27.45% | 28.47% | 22.74% | 34.80% | 232.08% | 69.11% | 69.11% | 69.11% | 69.11% | 69.11% |
| EBIAT | 2,346.25 | 2,661.52 | -917.05 | -224.93 | -3,949.89 | 178.16 | 151.73 | 129.22 | 110.04 | 93.72 |
| Depreciation | 1,146 | 1,216 | 1,215 | 1,097 | 788.56 | 671.56 | 571.93 | 487.08 | 414.81 | 353.27 |
| Accounts Receivable | - | -118 | 506 | 136 | -60.63 | 38.96 | 33.18 | 28.26 | 24.07 | 20.50 |
| Inventories | - | -2 | 5 | 10 | 2.17 | 2.94 | 2.51 | 2.13 | 1.82 | 1.55 |
| 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 | 2,543.25 | 2,459.52 | -572.05 | 158.07 | -3,973.63 | 244.17 | 207.94 | 177.09 | 150.82 | 128.44 |
| WACC | ||||||||||
| PV UFCF | 234.12 | 191.19 | 156.12 | 127.49 | 104.11 | |||||
| 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 |