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	6,717.66	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