DCF Tool

MTN

Vail Resorts Inc. – Hotels (except Casino Hotels) and Motels
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 37 world-class destination mountain resorts and regional ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts.
Analysis Results
Intrinsic Value $254.30
Latest Price $234.09
Relative Value 8% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 16.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.4%, 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 (million) Present value (million)
2022 425 393
2023 495 423
2024 576 455
2025 670 489
2026 780 526
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 12900 million. This corresponds to a present value of 8030 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2290 million. Adding in the terminal value gives a total present value of 10300 million.

There are presently 40.6 million outstanding shares, so the intrinsic value per share is 254.3.

Financial Statements

The following data was to determine the past cash flows.

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

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.