Discounted Cash Flow (DCF) Analysis Unlevered
Wynn Resorts, Limited (WYNN)
$105.65
-0.93 (-0.87%)
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 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,756.82 | 3,846.15 | 3,937.59 | 4,031.21 | 4,127.05 | 4,225.17 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,007.53 | 1,338.73 | -220.60 | 566.21 | 928.68 | 496.05 | 507.84 | 519.92 | 532.28 | 544.93 |
EBITDA (%) | ||||||||||
EBIT | 456.93 | 713.86 | -946.10 | -149.75 | 236.36 | -194.07 | -198.68 | -203.41 | -208.24 | -213.19 |
EBIT (%) | ||||||||||
Depreciation | 550.60 | 624.88 | 725.50 | 715.96 | 692.32 | 690.12 | 706.52 | 723.32 | 740.52 | 758.13 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 2,215 | 2,351.90 | 3,482.03 | 2,522.53 | 3,650.44 | 3,068.28 | 3,141.23 | 3,215.92 | 3,292.38 | 3,370.66 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 276.64 | 346.43 | 200.16 | 199.46 | 216.03 | 230.45 | 235.93 | 241.54 | 247.28 | 253.16 |
Account Receivables (%) | ||||||||||
Inventories | 66.63 | 88.52 | 66.28 | 69.97 | 70.09 | 70.91 | 72.60 | 74.32 | 76.09 | 77.90 |
Inventories (%) | ||||||||||
Accounts Payable | 321.80 | 262.44 | 148.48 | 170.54 | 191.37 | 195.92 | 200.58 | 205.35 | 210.23 | 215.23 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -300.13 | -546.69 | -559.69 | -573 | -586.62 | -600.57 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 105.65 |
---|---|
Beta | 2.012 |
Diluted Shares Outstanding | 113.62 |
Cost of Debt | |
Tax Rate | 39.45 |
After-tax Cost of Debt | 2.87% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.984 |
Total Debt | 13,732.02 |
Total Equity | 12,004.27 |
Total Capital | 25,736.29 |
Debt Weighting | 53.36 |
Equity Weighting | 46.64 |
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 | 6,717.66 | 6,611.10 | 2,095.86 | 3,763.66 | 3,756.82 | 3,846.15 | 3,937.59 | 4,031.21 | 4,127.05 | 4,225.17 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,007.53 | 1,338.73 | -220.60 | 566.21 | 928.68 | 496.05 | 507.84 | 519.92 | 532.28 | 544.93 |
EBIT | 456.93 | 713.86 | -946.10 | -149.75 | 236.36 | -194.07 | -198.68 | -203.41 | -208.24 | -213.19 |
Tax Rate | -87.23% | 74.81% | -17.31% | 25.28% | 39.45% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
EBIAT | 855.51 | 179.82 | -1,109.83 | -111.89 | 143.11 | -180.48 | -184.77 | -189.16 | -193.66 | -198.26 |
Depreciation | 550.60 | 624.88 | 725.50 | 715.96 | 692.32 | 690.12 | 706.52 | 723.32 | 740.52 | 758.13 |
Accounts Receivable | - | -69.79 | 146.27 | 0.69 | -16.57 | -14.42 | -5.48 | -5.61 | -5.74 | -5.88 |
Inventories | - | -21.89 | 22.23 | -3.68 | -0.13 | -0.82 | -1.69 | -1.73 | -1.77 | -1.81 |
Accounts Payable | - | -59.36 | -113.96 | 22.06 | 20.83 | 4.55 | 4.66 | 4.77 | 4.88 | 5 |
Capital Expenditure | -1,602.39 | -1,069.29 | -290.12 | -346.69 | -300.13 | -546.69 | -559.69 | -573 | -586.62 | -600.57 |
UFCF | -196.28 | -415.63 | -619.89 | 276.46 | 539.43 | -47.74 | -40.44 | -41.40 | -42.39 | -43.40 |
WACC | ||||||||||
PV UFCF | -44.37 | -34.94 | -33.24 | -31.63 | -30.10 | |||||
SUM PV UFCF | -174.29 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.59 |
Free cash flow (t + 1) | -44.26 |
Terminal Value | -791.84 |
Present Value of Terminal Value | -549.26 |
Intrinsic Value
Enterprise Value | -723.55 |
---|---|
Net Debt | 10,081.58 |
Equity Value | -10,805.13 |
Shares Outstanding | 113.62 |
Equity Value Per Share | -95.10 |