Price to FCFE (P/FCFE)
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Las Vegas Sands Corp. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Las Vegas Sands Corp., FCFE calculation
US$ in millions
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).
- Net cash generated from (used in) operating activities
- The net cash generated from operating activities exhibits a declining trend over the observed period. In 2018, there was a strong positive cash flow of 4,701 million US dollars, which decreased substantially to 3,038 million in 2019. Subsequently, the company experienced negative operating cash flows for three consecutive years: -1,312 million in 2020, -243 million in 2021, and -944 million in 2022. This shift indicates growing operational challenges or increased cash outflows related to core business activities.
- Free cash flow to equity (FCFE)
- The free cash flow to equity similarly demonstrates considerable volatility and a downward trend. Starting with a high positive value of 6,054 million US dollars in 2018, the FCFE dropped sharply to 2,159 million in 2019. The subsequent years showed consistent negative values: -1,194 million in 2020, -398 million in 2021, and -463 million in 2022. This pattern suggests diminishing liquidity available to equity holders, possibly driven by declining operating cash flows or increased capital expenditures and financing activities.
- Overall insights
- Both measures indicate a deteriorating cash flow position over the five-year period. The transition from positive to negative cash flows after 2019 is a notable concern, signaling potential operational difficulties or structural changes affecting cash generation capacity. The persistence of negative free cash flow to equity suggests that the company might have faced challenges in sustaining shareholder returns or meeting obligations without resorting to external financing.
Price to FCFE Ratio, Current
Las Vegas Sands Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Las Vegas Sands Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
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 Data adjusted for splits and stock dividends.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period ending in 2022. The share price demonstrated variability, initially increasing from $61.61 at the end of 2018 to a peak of $66.80 in 2019. Subsequently, it declined for two consecutive years, reaching a low of $44.20 in 2021, before rebounding somewhat to $58.08 in 2022. This pattern indicates a period of volatility with a partial recovery in the most recent year.
Regarding Free Cash Flow to Equity (FCFE) per share, there is a significant decline over the analyzed period. In 2018, FCFE per share stood at $7.81, but it fell sharply to $2.83 in 2019. The company then experienced negative FCFE per share values for the three subsequent years, with -$1.56 in 2020, and slightly improved but still negative values of -$0.52 and -$0.61 in 2021 and 2022 respectively. This trend suggests a deterioration in the company’s ability to generate free cash flow for equity holders, indicating potential operational or investment challenges during this timeframe.
The Price to FCFE (P/FCFE) ratio reveals an initial increase from 7.89 in 2018 to 23.63 in 2019, reflecting a higher valuation relative to free cash flow per share, potentially due to the sharp decline in FCFE per share that year. Data for this ratio are unavailable for subsequent years, precluding further analysis of valuation trends against FCFE beyond 2019.
Overall, the data suggest a period marked by financial strain as evidenced by declining and negative FCFE per share, coupled with share price volatility. The partial recovery in share price in 2022 may indicate improved market sentiment despite ongoing challenges in free cash flow generation.