Discounted Cash Flow

LAS Vegas Sands Corp.

LVS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $11.4b $1.7b $2.6b 14.6% $2.10
2017 $12.9b (12.9%) $2.8b (68.0%) $3.7b (40.1%) 21.8% (48.8%) $3.54 (68.6%)
2018 $13.7b (6.6%) $2.4b (-14.0%) $3.8b (1.2%) 17.6% (-19.3%) $3.07 (-13.3%)
2019 $13.7b (0.1%) $2.7b (11.8%) $1.8b (-51.4%) 19.6% (11.7%) $3.50 (14.0%)
2020 $3.6b (-73.7%) $-1.7b (-162.5%) $-2.6b (-245.0%) -46.7% (-337.6%) $-2.21 (-163.1%)
2021 $4.2b (17.2%) $-961.0m (43.0%) $-570.0m (78.4%) -22.7% (51.3%) $-1.26 (43.0%)
2022 $4.1b (-2.9%) $1.8b (290.6%) $-502.0m (11.9%) 44.6% (296.4%) $2.40 (290.5%)
2023 $10.4b (152.4%) $1.2b (-33.4%) $-1.0b (-102.6%) 11.8% (-73.6%) $1.60 (-33.3%)
2024 $11.3b (8.9%) $1.4b (18.4%) $-1.6b (-54.1%) 12.8% (8.7%) $1.97 (23.1%)
2025 $13.0b (15.2%) $1.6b (12.5%) $1.9b (218.4%) 12.5% (-2.3%) $2.35 (19.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model