DCF Tool

MTN

Vail Resorts Inc. – Hotels (except Casino Hotels) and Motels
vail resorts is the premier mountain resort company in the world and a leader in luxury, destination-based travel at iconic locations. at vail resorts, our mission is simple – to create the experience of a lifetime for our employees, so they can in turn, provide the experience of a lifetime for our guests. vail resorts is dedicated to delivering extraordinary guest experiences by continuously investing in our team and the infrastructure, systems and training programs that support the employee experience. you’re someone who pushes boundaries and challenges the status quo. you’re brave, ambitious and passionate in everything you do. and we want you on our team. pursue your fullest potential and never settle for less in the quest to deliver extraordinary guest service. join one of the world's 50 most innovative companies as named by fast company, and re-imagine the mountain resort experience with us. welcome to vail resorts. reach your peak. www.vailresortscareers.com
Analysis Results
Intrinsic Value $470.80
Latest Price $243.31
Relative Value 48% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 19.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.596 0.554
2024 0.714 0.618
2025 0.855 0.688
2026 1.02 0.767
2027 1.23 0.854
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 22.7 billion. This corresponds to a present value of 14.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.48 billion. Adding in the terminal value gives a total present value of 18.2 billion.

There are presently 38.6 million outstanding shares, so the intrinsic value per share is 470.8.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,791,532,000
Current Cash 1,107,427,000
Current Liabilities 1,110,854,000
Current Debt 63,749,000
Non-Cash Working Capital (NCWC) -363,000,000
Change in NCWC -340,000
EBIT 579,320,000
Tax Provision 88,824,000
Depreciation and Amortization 252,391,000
Capital Expenditure -192,817,000
Unlevered Free Cash Flow 525,995,142
Current Assets 1,745,586,000
Current Cash 1,243,962,000
Current Liabilities 978,401,000
Current Debt 114,117,000
Non-Cash Working Capital (NCWC) -362,660,000
Change in NCWC -96,980,000
EBIT 287,165,000
Tax Provision 726,000
Depreciation and Amortization 252,585,000
Capital Expenditure -115,097,000
Unlevered Free Cash Flow 326,007,583
Current Assets 665,088,000
Current Cash 390,980,000
Current Liabilities 603,465,000
Current Debt 63,677,000
Non-Cash Working Capital (NCWC) -265,680,000
Change in NCWC -14,153,000
EBIT 249,442,000
Tax Provision 7,378,000
Depreciation and Amortization 249,572,000
Capital Expenditure -172,334,000
Unlevered Free Cash Flow 296,720,630
Current Assets 527,940,000
Current Cash 108,850,000
Current Liabilities 719,133,000
Current Debt 48,516,000
Non-Cash Working Capital (NCWC) -251,527,000
Change in NCWC -56,953,000
EBIT 483,680,000
Tax Provision 75,472,000
Depreciation and Amortization 218,117,000
Capital Expenditure -192,035,000
Unlevered Free Cash Flow 361,311,507
Current Assets 538,736,000
Current Cash 178,145,000
Current Liabilities 593,620,000
Current Debt 38,455,000
Non-Cash Working Capital (NCWC) -194,574,000
Change in NCWC 55,905,000
EBIT 412,591,000
Tax Provision -61,138,000
Depreciation and Amortization 204,462,000
Capital Expenditure -140,611,000
Unlevered Free Cash Flow 532,347,000
Current Assets 433,070,000
Current Cash 117,389,000
Current Liabilities 604,557,000
Current Debt 38,397,000
Non-Cash Working Capital (NCWC) -250,479,000
Change in NCWC -12,320,000
EBIT 397,103,000
Tax Provision 116,731,000
Depreciation and Amortization 189,157,000
Capital Expenditure -144,432,000
Unlevered Free Cash Flow 296,477,828
Current Assets 322,865,000
Current Cash 67,897,000
Current Liabilities 506,481,000
Current Debt 13,354,000
Non-Cash Working Capital (NCWC) -238,159,000
Change in NCWC -102,350,000
EBIT 288,585,000
Tax Provision 93,165,000
Depreciation and Amortization 161,488,000
Capital Expenditure -109,237,000
Unlevered Free Cash Flow 127,670,187
Current Assets 288,143,000
Current Cash 35,459,000
Current Liabilities 398,647,000
Current Debt 10,154,000
Non-Cash Working Capital (NCWC) -135,809,000
Change in NCWC -43,265,000
EBIT 193,191,000
Tax Provision 34,718,000
Depreciation and Amortization 149,123,000
Capital Expenditure -123,884,000
Unlevered Free Cash Flow 130,249,075
Current Assets 275,046,000
Current Cash 44,406,000
Current Liabilities 324,206,000
Current Debt 1,022,000
Non-Cash Working Capital (NCWC) -92,544,000
Change in NCWC 14,932,000
EBIT 121,133,000
Tax Provision 15,866,000
Depreciation and Amortization 140,601,000
Capital Expenditure -118,305,000
Unlevered Free Cash Flow 114,752,900
Current Assets 343,469,000
Current Cash 138,604,000
Current Liabilities 313,335,000
Current Debt 994,000
Non-Cash Working Capital (NCWC) -107,476,000
Change in NCWC -45,534,000
EBIT 92,391,000
Tax Provision 21,619,000
Depreciation and Amortization 132,688,000
Capital Expenditure -94,946,000
Unlevered Free Cash Flow 50,875,637
Current Assets 232,370,000
Current Cash 46,053,000
Current Liabilities 249,249,000
Current Debt 990,000
Non-Cash Working Capital (NCWC) -61,942,000
Change in NCWC 4,714,000
EBIT 61,673,000
Tax Provision 10,701,000
Depreciation and Amortization 127,581,000
Capital Expenditure -132,625,000
Unlevered Free Cash Flow 36,982,938

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