Discounted Cash Flow (DCF) Analysis Unlevered

Wynn Resorts Ltd (WYR.DE)

95.6 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -104.40 | 95.6 | overvalue

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	6,306.37	6,717.66	6,611.10	2,095.86	3,763.66	3,916.22	4,074.96	4,240.14	4,412.01	4,590.85
Revenue (%)
EBITDA	1,359.23	1,007.53	1,338.73	-220.60	566.21	480.29	499.75	520.01	541.09	563.02
EBITDA (%)
EBIT	806.86	456.93	713.85	-946.10	-149.75	-146.67	-152.62	-158.80	-165.24	-171.94
EBIT (%)
Depreciation	552.37	550.60	624.88	725.50	715.96	626.96	652.37	678.81	706.33	734.96
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	2,971.25	2,215	2,351.90	3,482.03	2,522.53	2,732.15	2,842.90	2,958.13	3,078.04	3,202.80
Total Cash (%)
Account Receivables	224.13	276.64	346.43	200.16	199.46	217.45	226.26	235.43	244.97	254.90
Account Receivables (%)
Inventories	71.64	66.63	88.52	66.28	69.97	66.48	69.18	71.98	74.90	77.94
Inventories (%)
Accounts Payable	285.44	321.80	262.44	148.48	170.54	195.04	202.95	211.17	219.73	228.64
Accounts Payable (%)
Capital Expenditure	-949.05	-1,602.39	-1,069.29	-290.12	-346.69	-611.95	-636.76	-662.57	-689.42	-717.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 95.6
Beta	2.227
Diluted Shares Outstanding	113.76
Cost of Debt
Tax Rate	25.28
After-tax Cost of Debt	3.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.027
Total Debt	12,049.73
Total Equity	10,875.46
Total Capital	22,925.19
Debt Weighting	52.56
Equity Weighting	47.44
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	6,306.37	6,717.66	6,611.10	2,095.86	3,763.66	3,916.22	4,074.96	4,240.14	4,412.01	4,590.85
EBITDA	1,359.23	1,007.53	1,338.73	-220.60	566.21	480.29	499.75	520.01	541.09	563.02
EBIT	806.86	456.93	713.85	-946.10	-149.75	-146.67	-152.62	-158.80	-165.24	-171.94
Tax Rate	-33.36%	-87.23%	74.81%	-17.31%	25.28%	-7.56%	-7.56%	-7.56%	-7.56%	-7.56%
EBIAT	1,076.04	855.51	179.82	-1,109.83	-111.89	-157.76	-164.15	-170.81	-177.73	-184.94
Depreciation	552.37	550.60	624.88	725.50	715.96	626.96	652.37	678.81	706.33	734.96
Accounts Receivable	-	-52.52	-69.79	146.27	0.69	-17.98	-8.81	-9.17	-9.54	-9.93
Inventories	-	5.01	-21.89	22.23	-3.68	3.48	-2.69	-2.80	-2.92	-3.04
Accounts Payable	-	36.36	-59.36	-113.96	22.06	24.50	7.91	8.23	8.56	8.91
Capital Expenditure	-949.04	-1,602.39	-1,069.29	-290.12	-346.69	-611.95	-636.76	-662.57	-689.42	-717.37
UFCF	679.36	-207.43	-415.63	-619.89	276.46	-132.76	-152.14	-158.31	-164.73	-171.41
WACC
PV UFCF						-122.21	-128.93	-123.50	-118.30	-113.31
SUM PV UFCF										-606.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.63
Free cash flow (t + 1)	-174.83
Terminal Value	-2,637.01
Present Value of Terminal Value	-1,743.26

Intrinsic Value

Enterprise Value	-2,349.51
Net Debt	9,527.20
Equity Value	-11,876.71
Shares Outstanding	113.76
Equity Value Per Share	-104.40