Las Vegas Sands Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss) attributable to Las Vegas Sands Corp.	1,832)	(961)	(1,685)	2,698)	2,413)
Net (income) loss attributable to noncontrolling interests from continuing operations	(475)	(315)	(458)	606)	538)
Net noncash charges	(2,465)	1,122)	1,367)	995)	1,511)
Changes in operating assets and liabilities	164)	(89)	(536)	(1,261)	239)
Net cash generated from (used in) operating activities	(944)	(243)	(1,312)	3,038)	4,701)
Cash payments for interest, net of amounts capitalized, net of tax¹	485)	589)	412)	405)	289)
Capitalized Interest, net of tax²	3)	15)	21)	8)	3)
Capital expenditures	(651)	(828)	(1,330)	(1,216)	(949)
Proceeds from disposal of property and equipment	9)	7)	1)	5)	19)
Free cash flow to the firm (FCFF)	(1,098)	(460)	(2,208)	2,240)	4,063)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Las Vegas Sands Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Las Vegas Sands Corp. FCFF increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Las Vegas Sands Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	21.00%	0.30%	1.70%	12.40%	11.30%
Interest Paid, Net of Tax
Cash payments for interest, net of amounts capitalized, before tax	614)	591)	419)	462)	326)
Less: Cash payments for interest, net of amounts capitalized, tax²	129)	2)	7)	57)	37)
Cash payments for interest, net of amounts capitalized, net of tax	485)	589)	412)	405)	289)
Interest Costs Capitalized, Net of Tax
Capitalized Interest, before tax	4)	15)	21)	9)	3)
Less: Capitalized Interest, tax³	1)	—)	—)	1)	—)
Capitalized Interest, net of tax	3)	15)	21)	8)	3)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ See details »

² 2022 Calculation
Cash payments for interest, net of amounts capitalized, tax = Cash payments for interest, net of amounts capitalized × EITR
= 614 × 21.00% = 129

³ 2022 Calculation
Capitalized Interest, tax = Capitalized Interest × EITR
= 4 × 21.00% = 1

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Las Vegas Sands Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	44,089)
Free cash flow to the firm (FCFF)	(1,098)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Airbnb Inc.	20.01
Booking Holdings Inc.	21.89
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	29.49
Starbucks Corp.	30.12
EV/FCFF, Sector
Consumer Services	30.30
EV/FCFF, Industry
Consumer Discretionary	76.88

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Las Vegas Sands Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	53,831)	46,945)	54,882)	60,584)	56,136)
Free cash flow to the firm (FCFF)²	(1,098)	(460)	(2,208)	2,240)	4,063)
Valuation Ratio
EV/FCFF³	—	—	—	27.05	13.82
Benchmarks
EV/FCFF, Competitors⁴
Airbnb Inc.	22.46	42.36	—	—	—
Booking Holdings Inc.	14.11	36.39	—	15.01	—
Chipotle Mexican Grill Inc.	51.53	50.61	146.36	56.84	—
McDonald’s Corp.	35.39	26.32	34.80	29.06	—
Starbucks Corp.	42.44	28.09	281.97	30.98	8.45
EV/FCFF, Sector
Consumer Services	27.99	31.26	115.64	25.85	—
EV/FCFF, Industry
Consumer Discretionary	50.20	59.78	45.72	30.57	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 53,831 ÷ -1,098 = —

⁴ Click competitor name to see calculations.

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Las Vegas Sands Corp. (NYSE:LVS)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical