Discounted Cash Flow (DCF) Analysis Unlevered

Wynn Resorts, Limited (WYNN)

$105.65

-0.93 (-0.87%)
All numbers are in Millions, Currency in USD
Stock DCF: -95.10 | 105.65 | 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 6,717.666,611.102,095.863,763.663,756.823,846.153,937.594,031.214,127.054,225.17
Revenue (%)
EBITDA 1,007.531,338.73-220.60566.21928.68496.05507.84519.92532.28544.93
EBITDA (%)
EBIT 456.93713.86-946.10-149.75236.36-194.07-198.68-203.41-208.24-213.19
EBIT (%)
Depreciation 550.60624.88725.50715.96692.32690.12706.52723.32740.52758.13
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 2,2152,351.903,482.032,522.533,650.443,068.283,141.233,215.923,292.383,370.66
Total Cash (%)
Account Receivables 276.64346.43200.16199.46216.03230.45235.93241.54247.28253.16
Account Receivables (%)
Inventories 66.6388.5266.2869.9770.0970.9172.6074.3276.0977.90
Inventories (%)
Accounts Payable 321.80262.44148.48170.54191.37195.92200.58205.35210.23215.23
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 6,717.666,611.102,095.863,763.663,756.823,846.153,937.594,031.214,127.054,225.17
EBITDA 1,007.531,338.73-220.60566.21928.68496.05507.84519.92532.28544.93
EBIT 456.93713.86-946.10-149.75236.36-194.07-198.68-203.41-208.24-213.19
Tax Rate -87.23%74.81%-17.31%25.28%39.45%7.00%7.00%7.00%7.00%7.00%
EBIAT 855.51179.82-1,109.83-111.89143.11-180.48-184.77-189.16-193.66-198.26
Depreciation 550.60624.88725.50715.96692.32690.12706.52723.32740.52758.13
Accounts Receivable --69.79146.270.69-16.57-14.42-5.48-5.61-5.74-5.88
Inventories --21.8922.23-3.68-0.13-0.82-1.69-1.73-1.77-1.81
Accounts Payable --59.36-113.9622.0620.834.554.664.774.885
Capital Expenditure -1,602.39-1,069.29-290.12-346.69-300.13-546.69-559.69-573-586.62-600.57
UFCF -196.28-415.63-619.89276.46539.43-47.74-40.44-41.40-42.39-43.40
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