Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wynn Resorts, Limited (WYNN)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$87.99 - $193.62$126.57
Multi-Stage$381.26 - $420.62$400.55
Blended Fair Value$263.56
Current Price$128.27
Upside105.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-24.44%-17.39%1.320.800.010.011.035.355.383.033.074.72
YoY Growth--64.71%5,763.88%-6.95%-98.57%-80.80%-0.57%77.63%-1.37%-34.84%-47.07%
Dividend Yield--1.58%0.75%0.01%0.02%0.82%8.89%4.16%1.66%2.68%5.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)504.28
(-) Cash Dividends Paid (M)176.38
(=) Cash Retained (M)327.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)100.8663.0337.82
Cash Retained (M)327.90327.90327.90
(-) Cash Required (M)-100.86-63.03-37.82
(=) Excess Retained (M)227.04264.86290.08
(/) Shares Outstanding (M)105.85105.85105.85
(=) Excess Retained per Share2.142.502.74
LTM Dividend per Share1.671.671.67
(+) Excess Retained per Share2.142.502.74
(=) Adjusted Dividend3.814.174.41
WACC / Discount Rate3.83%3.83%3.83%
Growth Rate-0.48%0.52%1.52%
Fair Value$87.99$126.57$193.62
Upside / Downside-31.40%-1.33%50.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)504.28506.88509.50512.14514.79517.45532.97
Payout Ratio34.98%45.98%56.99%67.99%79.00%90.00%92.50%
Projected Dividends (M)176.38233.07290.35348.21406.66465.70493.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.83%3.83%3.83%
Growth Rate-0.48%0.52%1.52%
Year 1 PV (M)222.25224.48226.71
Year 2 PV (M)264.00269.34274.72
Year 3 PV (M)301.91311.10320.48
Year 4 PV (M)336.21349.93364.06
Year 5 PV (M)367.14385.97405.55
PV of Terminal Value (M)38,866.3540,858.7442,932.02
Equity Value (M)40,357.8642,399.5544,523.54
Shares Outstanding (M)105.85105.85105.85
Fair Value$381.26$400.55$420.62
Upside / Downside197.23%212.27%227.91%

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