Discounted Cash Flow (DCF) Analysis Levered

Studio City International Holdings ... (MSC)

$ 9.3
0.3578 (+3.66%)

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 424.53539.81571.21626.7349.2143.1237.7933.1229.0225.44
Revenue (%)
Operating Cash Flow 14.5868.31139.52228.50-167.43-22.71-19.90-17.44-15.28-13.39
Operating Cash Flow (%)
Capital Expenditure -111.73-43.80-153.25-78.59-202.81-41.91-36.73-32.19-28.21-24.72
Capital Expenditure (%)
Free Cash Flow -97.1524.52-13.73149.92-370.24-64.62-56.63-49.63-43.49-38.11

Weighted Average Cost Of Capital

Share price $ 9.3
Beta -0.947
Diluted Shares Outstanding 60.45
Cost of Debt
Tax Rate 20.80
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity -5.076
Total Debt 1,602.79
Total Equity 562.23
Total Capital 2,165.02
Debt Weighting 74.03
Equity Weighting 25.97
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 424.53539.81571.21626.7349.2143.1237.7933.1229.0225.44
Operating Cash Flow 14.5868.31139.52228.50-167.43-22.71-19.90-17.44-15.28-13.39
Capital Expenditure -111.73-43.80-153.25-78.59-202.81-41.91-36.73-32.19-28.21-24.72
Free Cash Flow -97.1524.52-13.73149.92-370.24-64.62-56.63-49.63-43.49-38.11
WACC
PV LFCF -66.72-57.54-49.63-42.80-36.92
SUM PV LFCF -241.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.61
Free cash flow (t + 1) -39.64
Terminal Value 1,658.51
Present Value of Terminal Value 1,531.21

Intrinsic Value

Enterprise Value 1,289.48
Net Debt 1,027.58
Equity Value 261.90
Shares Outstanding 60.45
Equity Value Per Share 4.33