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 6,306.376,717.666,611.102,095.863,763.663,916.224,074.964,240.144,412.014,590.85
Revenue (%)
EBITDA 1,359.231,007.531,338.73-220.60566.21480.29499.75520.01541.09563.02
EBITDA (%)
EBIT 806.86456.93713.85-946.10-149.75-146.67-152.62-158.80-165.24-171.94
EBIT (%)
Depreciation 552.37550.60624.88725.50715.96626.96652.37678.81706.33734.96
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 2,971.252,2152,351.903,482.032,522.532,732.152,842.902,958.133,078.043,202.80
Total Cash (%)
Account Receivables 224.13276.64346.43200.16199.46217.45226.26235.43244.97254.90
Account Receivables (%)
Inventories 71.6466.6388.5266.2869.9766.4869.1871.9874.9077.94
Inventories (%)
Accounts Payable 285.44321.80262.44148.48170.54195.04202.95211.17219.73228.64
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 6,306.376,717.666,611.102,095.863,763.663,916.224,074.964,240.144,412.014,590.85
EBITDA 1,359.231,007.531,338.73-220.60566.21480.29499.75520.01541.09563.02
EBIT 806.86456.93713.85-946.10-149.75-146.67-152.62-158.80-165.24-171.94
Tax Rate -33.36%-87.23%74.81%-17.31%25.28%-7.56%-7.56%-7.56%-7.56%-7.56%
EBIAT 1,076.04855.51179.82-1,109.83-111.89-157.76-164.15-170.81-177.73-184.94
Depreciation 552.37550.60624.88725.50715.96626.96652.37678.81706.33734.96
Accounts Receivable --52.52-69.79146.270.69-17.98-8.81-9.17-9.54-9.93
Inventories -5.01-21.8922.23-3.683.48-2.69-2.80-2.92-3.04
Accounts Payable -36.36-59.36-113.9622.0624.507.918.238.568.91
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 679.36-207.43-415.63-619.89276.46-132.76-152.14-158.31-164.73-171.41
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