DCF Tool

WYNN

Wynn Resorts Ltd. – Casinos (except Casino Hotels)
Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.
Analysis Results
Intrinsic Value $2.85
Latest Price $64.43
Relative Value 2161% overvalued
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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 -26.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -26.1%, 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)
2022 0.0585 0.0541
2023 0.0432 0.037
2024 0.0319 0.0253
2025 0.0236 0.0173
2026 0.0174 0.0118
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.294 billion. This corresponds to a present value of 0.185 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.146 billion. Adding in the terminal value gives a total present value of 0.33 billion.

There are presently 116.0 million outstanding shares, so the intrinsic value per share is 2.85.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,875,917,000
Current Cash 2,522,530,000
Current Liabilities 1,287,880,000
Current Debt 50,000,000
Non-Cash Working Capital (NCWC) -884,493,000
Change in NCWC 68,872,000
EBIT -394,541,000
Tax Provision 474,000
Depreciation and Amortization 715,962,000
Capital Expenditure -346,691,000
Unlevered Free Cash Flow 43,602,000
Current Assets 3,813,147,000
Current Cash 3,482,032,000
Current Liabilities 1,880,888,000
Current Debt 596,408,000
Non-Cash Working Capital (NCWC) -953,365,000
Change in NCWC 201,210,000
EBIT -1,232,045,000
Tax Provision 564,671,000
Depreciation and Amortization 725,502,000
Capital Expenditure -290,115,000
Unlevered Free Cash Flow -595,448,000
Current Assets 2,856,337,000
Current Cash 2,351,904,000
Current Liabilities 1,982,884,000
Current Debt 323,876,000
Non-Cash Working Capital (NCWC) -1,154,575,000
Change in NCWC 289,153,000
EBIT 878,305,000
Tax Provision 176,840,000
Depreciation and Amortization 624,878,000
Capital Expenditure -1,069,293,000
Unlevered Free Cash Flow 404,907,543
Current Assets 2,641,376,000
Current Cash 2,215,001,000
Current Liabilities 1,882,063,000
Current Debt 11,960,000
Non-Cash Working Capital (NCWC) -1,443,728,000
Change in NCWC -28,665,000
EBIT 1,199,101,000
Tax Provision -497,344,000
Depreciation and Amortization 550,596,000
Capital Expenditure -1,602,386,000
Unlevered Free Cash Flow 118,646,000
Current Assets 3,423,784,000
Current Cash 2,971,247,000
Current Liabilities 1,930,290,000
Current Debt 62,690,000
Non-Cash Working Capital (NCWC) -1,415,063,000
Change in NCWC -362,570,000
EBIT 1,048,854,000
Tax Provision -328,985,000
Depreciation and Amortization 552,368,000
Capital Expenditure -949,045,000
Unlevered Free Cash Flow 289,607,000
Current Assets 2,990,367,000
Current Cash 2,626,559,000
Current Liabilities 1,416,301,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,052,493,000
Change in NCWC -268,714,000
EBIT 521,678,000
Tax Provision 8,128,000
Depreciation and Amortization 404,730,000
Capital Expenditure -1,240,928,000
Unlevered Free Cash Flow -596,885,769
Current Assets 2,505,778,000
Current Cash 2,195,386,000
Current Liabilities 1,110,171,000
Current Debt 16,000,000
Non-Cash Working Capital (NCWC) -783,779,000
Change in NCWC 138,545,000
EBIT 671,172,000
Tax Provision 7,723,000
Depreciation and Amortization 322,629,000
Capital Expenditure -1,921,240,000
Unlevered Free Cash Flow -806,814,536
Current Assets 2,782,331,000
Current Cash 2,422,304,000
Current Liabilities 1,313,165,000
Current Debt 30,814,000
Non-Cash Working Capital (NCWC) -922,324,000
Change in NCWC 143,445,000
EBIT 1,278,064,000
Tax Provision -3,782,000
Depreciation and Amortization 314,119,000
Capital Expenditure -1,127,015,000
Unlevered Free Cash Flow 608,613,000
Current Assets 2,968,814,000
Current Cash 2,609,440,000
Current Liabilities 1,455,534,000
Current Debt 30,391,000
Non-Cash Working Capital (NCWC) -1,065,769,000
Change in NCWC -301,651,000
EBIT 1,308,314,000
Tax Provision -17,634,000
Depreciation and Amortization 371,051,000
Capital Expenditure -506,786,000
Unlevered Free Cash Flow 870,928,000
Current Assets 2,202,378,000
Current Cash 1,864,106,000
Current Liabilities 1,131,377,000
Current Debt 28,987,000
Non-Cash Working Capital (NCWC) -764,118,000
Change in NCWC 52,617,000
EBIT 1,070,340,000
Tax Provision 4,299,000
Depreciation and Amortization 373,199,000
Capital Expenditure -240,985,000
Unlevered Free Cash Flow 1,248,893,504

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