WYNN MACAU, LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6.57 HKD | -0.76% |
|
-2.95% | +2.18% |
| 06-04 | Macau casinos play best hands to win over premium customers | RE |
| 05-30 | Wynn Macau, Limited Approves an Amendments to the Existing Dividend Policy | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 99,770 | 67,667 | 33,163 | 45,548 | 33,557 | 34,593 | - | - |
| Enterprise Value (EV) 1 | 124,840 | 98,036 | 68,033 | 86,353 | 33,557 | 71,263 | 67,891 | 63,115 |
| P/E ratio | 19.8 x | -9.37 x | -6.37 x | -6.17 x | 33.8 x | 10.9 x | 9.31 x | 7.95 x |
| Yield | 4.69% | - | - | - | - | 3.01% | 3.99% | 4.74% |
| Capitalization / Revenue | 2.79 x | 8.91 x | 2.82 x | 8.07 x | 1.38 x | 1.13 x | 1.07 x | 1.02 x |
| EV / Revenue | 3.49 x | 12.9 x | 5.78 x | 15.3 x | 1.38 x | 2.32 x | 2.1 x | 1.85 x |
| EV / EBITDA | 11.7 x | -53.4 x | 91 x | -44.3 x | 5.07 x | 7.86 x | 7.12 x | 6.31 x |
| EV / FCF | 18.5 x | -22 x | -40.3 x | -35 x | - | 9.47 x | 9.01 x | 7.34 x |
| FCF Yield | 5.41% | -4.55% | -2.48% | -2.86% | - | 10.6% | 11.1% | 13.6% |
| Price to Book | 50.2 x | -12.7 x | -3.3 x | -2.64 x | - | -2.62 x | -3.33 x | -4.96 x |
| Nbr of stocks (in thousands) | 5,196,331 | 5,197,189 | 5,206,132 | 5,235,432 | 5,218,822 | 5,225,482 | - | - |
| Reference price 2 | 19.20 | 13.02 | 6.370 | 8.700 | 6.430 | 6.620 | 6.620 | 6.620 |
| Announcement Date | 06/02/20 | 05/02/21 | 16/02/22 | 30/03/23 | 21/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 35,817 | 7,598 | 11,771 | 5,644 | 24,268 | 30,666 | 32,254 | 34,053 |
| EBITDA 1 | 10,701 | -1,836 | 747.7 | -1,948 | 6,621 | 9,071 | 9,534 | 10,005 |
| EBIT 1 | 6,365 | -5,403 | -2,657 | -4,888 | 3,702 | 6,009 | 6,377 | 6,756 |
| Operating Margin | 17.77% | -71.1% | -22.57% | -86.61% | 15.26% | 19.59% | 19.77% | 19.84% |
| Earnings before Tax (EBT) 1 | 5,020 | -7,207 | -5,181 | -7,327 | 1,214 | 3,062 | 3,880 | 4,541 |
| Net income 1 | 5,008 | -7,220 | -5,194 | -7,339 | 1,172 | 3,226 | 3,763 | 4,444 |
| Net margin | 13.98% | -95.02% | -44.12% | -130.04% | 4.83% | 10.52% | 11.67% | 13.05% |
| EPS 2 | 0.9700 | -1.390 | -1.000 | -1.410 | 0.1900 | 0.6083 | 0.7108 | 0.8326 |
| Free Cash Flow 1 | 6,749 | -4,457 | -1,688 | -2,469 | - | 7,522 | 7,534 | 8,603 |
| FCF margin | 18.84% | -58.66% | -14.34% | -43.74% | - | 24.53% | 23.36% | 25.26% |
| FCF Conversion (EBITDA) | 63.08% | - | - | - | - | 82.92% | 79.02% | 85.99% |
| FCF Conversion (Net income) | 134.78% | - | - | - | - | 233.16% | 200.21% | 193.57% |
| Dividend per Share 2 | 0.9000 | - | - | - | - | 0.1992 | 0.2642 | 0.3139 |
| Announcement Date | 06/02/20 | 05/02/21 | 16/02/22 | 30/03/23 | 21/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,430 | 2,540 | 2,343 | 905.5 | 907 | 4,698 | 6,020 | 6,404 | 7,807 | 7,590 | 7,482 | 7,517 |
| EBITDA | - | - | -43.54 | - | - | - | - | 1,992 | - | - | - | - |
| EBIT 1 | -729.6 | -984.1 | -766.2 | -1,441 | -1,265 | 370.4 | 954.1 | 997.6 | 1,638 | 1,377 | 1,284 | 1,360 |
| Operating Margin | -30.02% | -38.74% | -32.71% | -159.18% | -139.47% | 7.88% | 15.85% | 15.58% | 23.26% | 18.15% | 17.17% | 18.09% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | - | -0.3100 | - | - | - | - | - | - | 0.2000 | 0.1500 | 0.1300 | 0.1400 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/11/21 | 16/02/22 | 11/05/22 | 29/08/22 | 10/11/22 | 10/05/23 | 10/08/23 | 10/11/23 | - | - | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 25,070 | 30,368 | 34,869 | 40,805 | - | 36,671 | 33,298 | 28,522 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.343 x | -16.54 x | 46.63 x | -20.94 x | - | 4.043 x | 3.492 x | 2.851 x |
| Free Cash Flow 1 | 6,749 | -4,457 | -1,688 | -2,469 | - | 7,522 | 7,534 | 8,603 |
| ROE (net income / shareholders' equity) | 289% | - | - | - | - | - | - | - |
| ROA (Net income/ Total Assets) | 10.5% | -14.2% | -11.1% | -18.8% | - | 7.66% | 8.05% | 9.17% |
| Assets 1 | 47,737 | 50,992 | 46,909 | 38,988 | - | 42,136 | 46,742 | 48,469 |
| Book Value Per Share 2 | 0.3800 | -1.030 | -1.930 | -3.300 | - | -2.530 | -1.990 | -1.340 |
| Cash Flow per Share 2 | 1.300 | -0.7200 | -0.2300 | -0.4100 | - | 2.020 | 1.800 | 1.900 |
| Capex 1 | 1,640 | 749 | 488 | 349 | - | 1,892 | 2,487 | 3,065 |
| Capex / Sales | 4.58% | 9.86% | 4.15% | 6.18% | - | 6.17% | 7.71% | 9% |
| Announcement Date | 06/02/20 | 05/02/21 | 16/02/22 | 30/03/23 | 21/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
6.62
HKD
Average target price
10.08
HKD
Spread / Average Target
+52.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +2.18% | 4.43B | |
| +4.64% | 33.27B | |
| -14.97% | 20.99B | |
| -8.04% | 21.81B | |
| +22.10% | 20.6B | |
| +13.50% | 19.39B | |
| -24.29% | 17.99B | |
| +3.56% | 10.27B | |
| -16.83% | 8.44B | |
| +7.02% | 7.63B |
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