Discounted Cash Flow (DCF) Analysis Unlevered
MGM Resorts International (MGG.DE)
38.8 €
+0.40 (+1.03%)
All numbers are in Millions, Currency in USD
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 | 10,773.90 | 11,763.10 | 12,899.67 | 5,162.08 | 9,680.14 | 10,802.67 | 12,055.36 | 13,453.32 | 15,013.39 | 16,754.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,489.85 | 2,464.44 | 4,834.07 | 662.64 | 3,457.99 | 2,810.73 | 3,136.66 | 3,500.40 | 3,906.31 | 4,359.29 |
EBITDA (%) | ||||||||||
EBIT | 1,496.37 | 1,286.40 | 3,529.42 | -547.92 | 2,307.38 | 1,413.14 | 1,577.02 | 1,759.89 | 1,963.97 | 2,191.71 |
EBIT (%) | ||||||||||
Depreciation | 993.48 | 1,178.04 | 1,304.65 | 1,210.56 | 1,150.61 | 1,397.58 | 1,559.65 | 1,740.51 | 1,942.34 | 2,167.58 |
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 | 1,499.99 | 1,526.76 | 2,329.60 | 5,101.64 | 4,703.06 | 4,156.32 | 4,638.30 | 5,176.16 | 5,776.40 | 6,446.24 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 583.10 | 685.64 | 1,374.88 | 559.92 | 857.78 | 898.93 | 1,003.18 | 1,119.51 | 1,249.33 | 1,394.20 |
Account Receivables (%) | ||||||||||
Inventories | 102.29 | 110.83 | 102.89 | 88.32 | 96.37 | 116.58 | 130.10 | 145.18 | 162.02 | 180.81 |
Inventories (%) | ||||||||||
Accounts Payable | 255.03 | 302.58 | 235.44 | 142.52 | 263.10 | 264.52 | 295.20 | 329.43 | 367.63 | 410.26 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,864.08 | -1,486.84 | -739.01 | -270.58 | -490.70 | -993.44 | -1,108.64 | -1,237.20 | -1,380.67 | -1,540.78 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 38.8 |
---|---|
Beta | 2.280 |
Diluted Shares Outstanding | 487.36 |
Cost of Debt | |
Tax Rate | 14.19 |
After-tax Cost of Debt | 2.79% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 14.293 |
Total Debt | 24,573.26 |
Total Equity | 18,909.41 |
Total Capital | 43,482.67 |
Debt Weighting | 56.51 |
Equity Weighting | 43.49 |
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 | 10,773.90 | 11,763.10 | 12,899.67 | 5,162.08 | 9,680.14 | 10,802.67 | 12,055.36 | 13,453.32 | 15,013.39 | 16,754.37 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,489.85 | 2,464.44 | 4,834.07 | 662.64 | 3,457.99 | 2,810.73 | 3,136.66 | 3,500.40 | 3,906.31 | 4,359.29 |
EBIT | 1,496.37 | 1,286.40 | 3,529.42 | -547.92 | 2,307.38 | 1,413.14 | 1,577.02 | 1,759.89 | 1,963.97 | 2,191.71 |
Tax Rate | -103.40% | 26.38% | 28.02% | 31.67% | 14.19% | -0.63% | -0.63% | -0.63% | -0.63% | -0.63% |
EBIAT | 3,043.63 | 947.08 | 2,540.57 | -374.37 | 1,979.95 | 1,422.02 | 1,586.92 | 1,770.95 | 1,976.31 | 2,205.48 |
Depreciation | 993.48 | 1,178.04 | 1,304.65 | 1,210.56 | 1,150.61 | 1,397.58 | 1,559.65 | 1,740.51 | 1,942.34 | 2,167.58 |
Accounts Receivable | - | -102.54 | -689.25 | 814.97 | -297.86 | -41.16 | -104.24 | -116.33 | -129.82 | -144.87 |
Inventories | - | -8.54 | 7.94 | 14.57 | -8.05 | -20.20 | -13.52 | -15.09 | -16.84 | -18.79 |
Accounts Payable | - | 47.55 | -67.14 | -92.91 | 120.57 | 1.42 | 30.67 | 34.23 | 38.20 | 42.63 |
Capital Expenditure | -1,864.08 | -1,486.84 | -739.01 | -270.58 | -490.70 | -993.44 | -1,108.64 | -1,237.20 | -1,380.67 | -1,540.78 |
UFCF | 2,173.02 | 574.75 | 2,357.77 | 1,302.23 | 2,454.53 | 1,766.23 | 1,950.84 | 2,177.06 | 2,429.52 | 2,711.25 |
WACC | ||||||||||
PV UFCF | 1,638.58 | 1,679.06 | 1,738.34 | 1,799.73 | 1,863.28 | |||||
SUM PV UFCF | 8,718.99 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.79 |
Free cash flow (t + 1) | 2,765.48 |
Terminal Value | 47,762.99 |
Present Value of Terminal Value | 32,824.58 |
Intrinsic Value
Enterprise Value | 41,543.57 |
---|---|
Net Debt | 19,870.20 |
Equity Value | 21,673.36 |
Shares Outstanding | 487.36 |
Equity Value Per Share | 44.47 |