Intrinsic value of Las Vegas Sands Corp. - LVS

Previous Close

$57.28

  Intrinsic Value

$42.63

stock screener

  Rating & Target

sell

-26%

Previous close

$57.28

 
Intrinsic value

$42.63

 
Up/down potential

-26%

 
Rating

sell

We calculate the intrinsic value of LVS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 44.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  14,072
  14,459
  14,889
  15,362
  15,879
  16,438
  17,042
  17,690
  18,384
  19,125
  19,915
  20,754
  21,645
  22,590
  23,590
  24,649
  25,767
  26,948
  28,194
  29,509
  30,894
  32,354
  33,893
  35,512
  37,217
  39,011
  40,898
  42,884
  44,972
  47,168
Variable operating expenses, $m
  10,033
  10,309
  10,616
  10,953
  11,320
  11,719
  12,149
  12,611
  13,105
  13,633
  14,189
  14,787
  15,422
  16,095
  16,808
  17,562
  18,358
  19,200
  20,088
  21,024
  22,011
  23,052
  24,148
  25,301
  26,516
  27,794
  29,139
  30,554
  32,041
  33,606
Fixed operating expenses, $m
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  298
  305
  312
  319
  326
  333
  340
  348
  355
  363
Total operating expenses, $m
  10,226
  10,506
  10,818
  11,159
  11,531
  11,934
  12,369
  12,836
  13,335
  13,868
  14,429
  15,032
  15,673
  16,351
  17,070
  17,830
  18,632
  19,480
  20,374
  21,316
  22,309
  23,357
  24,460
  25,620
  26,842
  28,127
  29,479
  30,902
  32,396
  33,969
Operating income, $m
  3,846
  3,953
  4,072
  4,204
  4,348
  4,504
  4,673
  4,854
  5,049
  5,257
  5,486
  5,722
  5,973
  6,239
  6,521
  6,819
  7,135
  7,469
  7,821
  8,192
  8,584
  8,998
  9,433
  9,892
  10,375
  10,884
  11,419
  11,983
  12,575
  13,199
EBITDA, $m
  4,987
  5,125
  5,279
  5,449
  5,635
  5,836
  6,053
  6,287
  6,538
  6,806
  7,091
  7,395
  7,717
  8,060
  8,422
  8,806
  9,212
  9,641
  10,093
  10,571
  11,074
  11,605
  12,165
  12,754
  13,375
  14,028
  14,716
  15,439
  16,200
  17,000
Interest expense (income), $m
  214
  647
  669
  695
  723
  754
  788
  825
  865
  908
  953
  1,002
  1,054
  1,109
  1,168
  1,230
  1,296
  1,366
  1,439
  1,517
  1,599
  1,686
  1,777
  1,873
  1,975
  2,081
  2,193
  2,312
  2,436
  2,567
  2,704
Earnings before tax, $m
  3,199
  3,283
  3,377
  3,481
  3,593
  3,716
  3,848
  3,989
  4,141
  4,304
  4,484
  4,668
  4,863
  5,071
  5,291
  5,523
  5,769
  6,029
  6,304
  6,593
  6,899
  7,221
  7,560
  7,917
  8,294
  8,690
  9,108
  9,547
  10,009
  10,495
Tax expense, $m
  864
  887
  912
  940
  970
  1,003
  1,039
  1,077
  1,118
  1,162
  1,211
  1,260
  1,313
  1,369
  1,428
  1,491
  1,558
  1,628
  1,702
  1,780
  1,863
  1,950
  2,041
  2,138
  2,239
  2,346
  2,459
  2,578
  2,702
  2,834
Net income, $m
  2,335
  2,397
  2,465
  2,541
  2,623
  2,712
  2,809
  2,912
  3,023
  3,142
  3,273
  3,408
  3,550
  3,702
  3,862
  4,032
  4,212
  4,401
  4,602
  4,813
  5,036
  5,271
  5,519
  5,780
  6,055
  6,344
  6,649
  6,969
  7,306
  7,661

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  21,452
  22,041
  22,697
  23,418
  24,205
  25,058
  25,978
  26,966
  28,025
  29,154
  30,358
  31,638
  32,996
  34,436
  35,961
  37,574
  39,279
  41,079
  42,979
  44,982
  47,095
  49,321
  51,665
  54,134
  56,733
  59,468
  62,345
  65,372
  68,555
  71,902
Adjusted assets (=assets-cash), $m
  21,452
  22,041
  22,697
  23,418
  24,205
  25,058
  25,978
  26,966
  28,025
  29,154
  30,358
  31,638
  32,996
  34,436
  35,961
  37,574
  39,279
  41,079
  42,979
  44,982
  47,095
  49,321
  51,665
  54,134
  56,733
  59,468
  62,345
  65,372
  68,555
  71,902
Revenue / Adjusted assets
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
Average production assets, $m
  17,013
  17,481
  18,001
  18,573
  19,197
  19,874
  20,603
  21,387
  22,226
  23,122
  24,077
  25,092
  26,169
  27,312
  28,521
  29,800
  31,152
  32,580
  34,087
  35,676
  37,351
  39,117
  40,976
  42,934
  44,995
  47,164
  49,446
  51,847
  54,371
  57,026
Working capital, $m
  -2,195
  -2,256
  -2,323
  -2,397
  -2,477
  -2,564
  -2,658
  -2,760
  -2,868
  -2,984
  -3,107
  -3,238
  -3,377
  -3,524
  -3,680
  -3,845
  -4,020
  -4,204
  -4,398
  -4,603
  -4,820
  -5,047
  -5,287
  -5,540
  -5,806
  -6,086
  -6,380
  -6,690
  -7,016
  -7,358
Total debt, $m
  12,394
  12,866
  13,391
  13,968
  14,597
  15,280
  16,016
  16,806
  17,653
  18,556
  19,519
  20,543
  21,630
  22,782
  24,002
  25,292
  26,656
  28,096
  29,616
  31,219
  32,909
  34,690
  36,565
  38,540
  40,619
  42,807
  45,109
  47,530
  50,077
  52,754
Total liabilities, $m
  17,161
  17,633
  18,158
  18,735
  19,364
  20,047
  20,783
  21,573
  22,420
  23,323
  24,286
  25,310
  26,397
  27,549
  28,769
  30,059
  31,423
  32,863
  34,383
  35,986
  37,676
  39,457
  41,332
  43,307
  45,386
  47,574
  49,876
  52,297
  54,844
  57,521
Total equity, $m
  4,290
  4,408
  4,539
  4,684
  4,841
  5,012
  5,196
  5,393
  5,605
  5,831
  6,072
  6,328
  6,599
  6,887
  7,192
  7,515
  7,856
  8,216
  8,596
  8,996
  9,419
  9,864
  10,333
  10,827
  11,347
  11,894
  12,469
  13,074
  13,711
  14,380
Total liabilities and equity, $m
  21,451
  22,041
  22,697
  23,419
  24,205
  25,059
  25,979
  26,966
  28,025
  29,154
  30,358
  31,638
  32,996
  34,436
  35,961
  37,574
  39,279
  41,079
  42,979
  44,982
  47,095
  49,321
  51,665
  54,134
  56,733
  59,468
  62,345
  65,371
  68,555
  71,901
Debt-to-equity ratio
  2.890
  2.920
  2.950
  2.980
  3.020
  3.050
  3.080
  3.120
  3.150
  3.180
  3.210
  3.250
  3.280
  3.310
  3.340
  3.370
  3.390
  3.420
  3.450
  3.470
  3.490
  3.520
  3.540
  3.560
  3.580
  3.600
  3.620
  3.640
  3.650
  3.670
Adjusted equity ratio
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,335
  2,397
  2,465
  2,541
  2,623
  2,712
  2,809
  2,912
  3,023
  3,142
  3,273
  3,408
  3,550
  3,702
  3,862
  4,032
  4,212
  4,401
  4,602
  4,813
  5,036
  5,271
  5,519
  5,780
  6,055
  6,344
  6,649
  6,969
  7,306
  7,661
Depreciation, amort., depletion, $m
  1,141
  1,173
  1,207
  1,245
  1,287
  1,332
  1,381
  1,433
  1,489
  1,549
  1,605
  1,673
  1,745
  1,821
  1,901
  1,987
  2,077
  2,172
  2,272
  2,378
  2,490
  2,608
  2,732
  2,862
  3,000
  3,144
  3,296
  3,456
  3,625
  3,802
Funds from operations, $m
  3,476
  3,570
  3,673
  3,786
  3,910
  4,044
  4,189
  4,345
  4,512
  4,690
  4,878
  5,080
  5,295
  5,523
  5,764
  6,019
  6,288
  6,573
  6,874
  7,191
  7,526
  7,879
  8,250
  8,642
  9,054
  9,488
  9,945
  10,426
  10,931
  11,463
Change in working capital, $m
  -54
  -60
  -67
  -74
  -81
  -87
  -94
  -101
  -108
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
  -310
  -326
  -343
Cash from operations, $m
  3,530
  3,630
  3,740
  3,860
  3,991
  4,132
  4,284
  4,446
  4,620
  4,806
  5,001
  5,211
  5,434
  5,670
  5,920
  6,184
  6,463
  6,757
  7,068
  7,396
  7,742
  8,107
  8,490
  8,895
  9,320
  9,768
  10,239
  10,735
  11,257
  11,805
Maintenance CAPEX, $m
  -1,106
  -1,134
  -1,165
  -1,200
  -1,238
  -1,280
  -1,325
  -1,374
  -1,426
  -1,482
  -1,541
  -1,605
  -1,673
  -1,745
  -1,821
  -1,901
  -1,987
  -2,077
  -2,172
  -2,272
  -2,378
  -2,490
  -2,608
  -2,732
  -2,862
  -3,000
  -3,144
  -3,296
  -3,456
  -3,625
New CAPEX, $m
  -421
  -468
  -520
  -572
  -624
  -676
  -730
  -784
  -839
  -896
  -955
  -1,015
  -1,077
  -1,142
  -1,209
  -1,279
  -1,352
  -1,428
  -1,507
  -1,589
  -1,675
  -1,765
  -1,860
  -1,958
  -2,061
  -2,169
  -2,282
  -2,400
  -2,524
  -2,655
Cash from investing activities, $m
  -1,527
  -1,602
  -1,685
  -1,772
  -1,862
  -1,956
  -2,055
  -2,158
  -2,265
  -2,378
  -2,496
  -2,620
  -2,750
  -2,887
  -3,030
  -3,180
  -3,339
  -3,505
  -3,679
  -3,861
  -4,053
  -4,255
  -4,468
  -4,690
  -4,923
  -5,169
  -5,426
  -5,696
  -5,980
  -6,280
Free cash flow, $m
  2,003
  2,028
  2,054
  2,088
  2,128
  2,175
  2,229
  2,289
  2,355
  2,428
  2,505
  2,591
  2,684
  2,783
  2,889
  3,003
  3,124
  3,253
  3,390
  3,535
  3,688
  3,851
  4,023
  4,205
  4,397
  4,599
  4,813
  5,038
  5,276
  5,526
Issuance/(repayment) of debt, $m
  409
  472
  525
  577
  629
  682
  736
  791
  846
  904
  963
  1,024
  1,087
  1,152
  1,220
  1,290
  1,364
  1,440
  1,520
  1,603
  1,690
  1,781
  1,876
  1,975
  2,079
  2,188
  2,302
  2,421
  2,546
  2,678
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  409
  472
  525
  577
  629
  682
  736
  791
  846
  904
  963
  1,024
  1,087
  1,152
  1,220
  1,290
  1,364
  1,440
  1,520
  1,603
  1,690
  1,781
  1,876
  1,975
  2,079
  2,188
  2,302
  2,421
  2,546
  2,678
Total cash flow (excl. dividends), $m
  2,412
  2,500
  2,579
  2,665
  2,758
  2,858
  2,965
  3,080
  3,202
  3,332
  3,468
  3,615
  3,771
  3,935
  4,109
  4,293
  4,488
  4,693
  4,910
  5,138
  5,378
  5,632
  5,899
  6,180
  6,476
  6,787
  7,115
  7,460
  7,822
  8,204
Retained Cash Flow (-), $m
  -110
  -118
  -131
  -144
  -157
  -171
  -184
  -198
  -212
  -226
  -241
  -256
  -272
  -288
  -305
  -323
  -341
  -360
  -380
  -401
  -422
  -445
  -469
  -494
  -520
  -547
  -575
  -605
  -637
  -669
Prev. year cash balance distribution, $m
  1,504
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,806
  2,382
  2,448
  2,521
  2,601
  2,687
  2,781
  2,882
  2,990
  3,106
  3,228
  3,359
  3,499
  3,647
  3,804
  3,971
  4,147
  4,333
  4,530
  4,737
  4,956
  5,187
  5,430
  5,686
  5,956
  6,240
  6,539
  6,854
  7,186
  7,534
Discount rate, %
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
  3,642
  2,172
  2,117
  2,057
  1,993
  1,922
  1,846
  1,764
  1,675
  1,582
  1,482
  1,380
  1,274
  1,166
  1,058
  949
  843
  740
  642
  550
  464
  386
  316
  254
  201
  156
  119
  89
  65
  46
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Las Vegas Sands Corp. is a developer of destination properties (integrated resorts) that feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. The Company owns and operates integrated resorts in Asia and the United States. The Company's principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. In Macao, the Company's segments include The Venetian Macao; Sands Cotai Central; The Parisian Macao; Four Seasons Macao; Sands Macao, and Other Asia (comprises the Company's ferry operations and various other operations). In Singapore, the Company's segments include Marina Bay Sands. In the United States, the Company's segments include Las Vegas Operating Properties and Sands Bethlehem. The Company also offers players club loyalty programs at its properties, which provides access to rewards, privileges and members-only events.

FINANCIAL RATIOS  of  Las Vegas Sands Corp. (LVS)

Valuation Ratios
P/E Ratio 27.3
Price to Sales 4
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.9%
Financial Strength
Quick Ratio 13
Current Ratio 0
LT Debt to Equity 152.6%
Total Debt to Equity 155.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 25.7%
Return On Equity - 3 Yr. Avg. 30.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 48.8%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 31.7%
EBITDA Margin - 3 Yr. Avg. 33.3%
Operating Margin 21.8%
Oper. Margin - 3 Yr. Avg. 24.7%
Pre-Tax Margin 19.8%
Pre-Tax Margin - 3 Yr. Avg. 22.8%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 10.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.7%
Payout Ratio 174.2%

LVS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LVS stock intrinsic value calculation we used $13729 million for the last fiscal year's total revenue generated by Las Vegas Sands Corp.. The default revenue input number comes from 0001 income statement of Las Vegas Sands Corp.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LVS stock valuation model: a) initial revenue growth rate of 2.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.5%, whose default value for LVS is calculated based on our internal credit rating of Las Vegas Sands Corp., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Las Vegas Sands Corp..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LVS stock the variable cost ratio is equal to 71.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $189 million in the base year in the intrinsic value calculation for LVS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Las Vegas Sands Corp..

Corporate tax rate of 27% is the nominal tax rate for Las Vegas Sands Corp.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LVS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LVS are equal to 120.9%.

Life of production assets of 15 years is the average useful life of capital assets used in Las Vegas Sands Corp. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LVS is equal to -15.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5684 million for Las Vegas Sands Corp. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 775.100 million for Las Vegas Sands Corp. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Las Vegas Sands Corp. at the current share price and the inputted number of shares is $44.4 billion.

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