Intrinsic value of Empire Resorts, Inc. - NYNY

Previous Close

$10.80

  Intrinsic Value

$17.69

stock screener

  Rating & Target

str. buy

+64%

Previous close

$10.80

 
Intrinsic value

$17.69

 
Up/down potential

+64%

 
Rating

str. buy

We calculate the intrinsic value of NYNY 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 0.4

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  106
  163
  244
  354
  499
  687
  922
  1,210
  1,557
  1,967
  2,443
  2,986
  3,599
  4,283
  5,036
  5,858
  6,748
  7,704
  8,725
  9,809
  10,956
  12,163
  13,430
  14,756
  16,141
  17,586
  19,090
  20,655
  22,282
  23,973
Variable operating expenses, $m
  141
  216
  322
  465
  656
  900
  1,207
  1,585
  2,038
  2,574
  3,193
  3,903
  4,705
  5,598
  6,582
  7,656
  8,820
  10,070
  11,404
  12,822
  14,320
  15,898
  17,554
  19,288
  21,098
  22,986
  24,952
  26,998
  29,125
  31,335
Fixed operating expenses, $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 operating expenses, $m
  141
  216
  322
  465
  656
  900
  1,207
  1,585
  2,038
  2,574
  3,193
  3,903
  4,705
  5,598
  6,582
  7,656
  8,820
  10,070
  11,404
  12,822
  14,320
  15,898
  17,554
  19,288
  21,098
  22,986
  24,952
  26,998
  29,125
  31,335
Operating income, $m
  -35
  -53
  -78
  -111
  -156
  -214
  -286
  -374
  -481
  -607
  -750
  -917
  -1,105
  -1,315
  -1,546
  -1,799
  -2,072
  -2,366
  -2,679
  -3,012
  -3,364
  -3,735
  -4,124
  -4,531
  -4,957
  -5,400
  -5,862
  -6,343
  -6,843
  -7,362
EBITDA, $m
  -30
  -46
  -69
  -99
  -140
  -193
  -259
  -340
  -437
  -552
  -686
  -838
  -1,011
  -1,202
  -1,414
  -1,645
  -1,894
  -2,163
  -2,450
  -2,754
  -3,076
  -3,415
  -3,771
  -4,143
  -4,532
  -4,937
  -5,360
  -5,799
  -6,256
  -6,731
Interest expense (income), $m
  0
  39
  66
  107
  163
  240
  342
  473
  637
  839
  1,082
  1,369
  1,701
  2,082
  2,511
  2,989
  3,515
  4,091
  4,713
  5,382
  6,096
  6,855
  7,657
  8,502
  9,388
  10,316
  11,285
  12,295
  13,348
  14,443
  15,581
Earnings before tax, $m
  -74
  -119
  -184
  -275
  -396
  -556
  -759
  -1,012
  -1,320
  -1,689
  -2,119
  -2,618
  -3,187
  -3,826
  -4,535
  -5,314
  -6,163
  -7,079
  -8,061
  -9,109
  -10,220
  -11,392
  -12,626
  -13,919
  -15,273
  -16,685
  -18,158
  -19,691
  -21,285
  -22,943
Tax expense, $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
Net income, $m
  -74
  -119
  -184
  -275
  -396
  -556
  -759
  -1,012
  -1,320
  -1,689
  -2,119
  -2,618
  -3,187
  -3,826
  -4,535
  -5,314
  -6,163
  -7,079
  -8,061
  -9,109
  -10,220
  -11,392
  -12,626
  -13,919
  -15,273
  -16,685
  -18,158
  -19,691
  -21,285
  -22,943

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
  1,337
  2,065
  3,089
  4,481
  6,322
  8,692
  11,667
  15,320
  19,713
  24,899
  30,919
  37,801
  45,563
  54,211
  63,742
  74,147
  85,412
  97,517
  110,443
  124,170
  138,682
  153,962
  169,999
  186,786
  204,319
  222,603
  241,643
  261,454
  282,052
  303,462
Adjusted assets (=assets-cash), $m
  1,337
  2,065
  3,089
  4,481
  6,322
  8,692
  11,667
  15,320
  19,713
  24,899
  30,919
  37,801
  45,563
  54,211
  63,742
  74,147
  85,412
  97,517
  110,443
  124,170
  138,682
  153,962
  169,999
  186,786
  204,319
  222,603
  241,643
  261,454
  282,052
  303,462
Revenue / Adjusted assets
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
Average production assets, $m
  83
  129
  193
  280
  395
  542
  728
  956
  1,230
  1,554
  1,930
  2,359
  2,844
  3,383
  3,978
  4,628
  5,331
  6,086
  6,893
  7,749
  8,655
  9,609
  10,610
  11,657
  12,752
  13,893
  15,081
  16,317
  17,603
  18,939
Working capital, $m
  -123
  -190
  -284
  -412
  -582
  -800
  -1,074
  -1,410
  -1,814
  -2,292
  -2,846
  -3,479
  -4,193
  -4,989
  -5,867
  -6,824
  -7,861
  -8,975
  -10,165
  -11,428
  -12,764
  -14,170
  -15,646
  -17,191
  -18,805
  -20,487
  -22,240
  -24,063
  -25,959
  -27,929
Total debt, $m
  810
  1,301
  1,990
  2,929
  4,170
  5,767
  7,772
  10,234
  13,195
  16,691
  20,748
  25,387
  30,618
  36,447
  42,871
  49,884
  57,476
  65,635
  74,347
  83,600
  93,380
  103,679
  114,488
  125,802
  137,620
  149,943
  162,776
  176,129
  190,012
  204,442
Total liabilities, $m
  901
  1,392
  2,082
  3,020
  4,261
  5,858
  7,864
  10,325
  13,286
  16,782
  20,839
  25,478
  30,709
  36,538
  42,962
  49,975
  57,567
  65,726
  74,438
  83,691
  93,472
  103,770
  114,579
  125,893
  137,711
  150,034
  162,868
  176,220
  190,103
  204,533
Total equity, $m
  436
  673
  1,007
  1,461
  2,061
  2,834
  3,803
  4,994
  6,426
  8,117
  10,079
  12,323
  14,853
  17,673
  20,780
  24,172
  27,844
  31,790
  36,004
  40,480
  45,210
  50,192
  55,420
  60,892
  66,608
  72,569
  78,776
  85,234
  91,949
  98,928
Total liabilities and equity, $m
  1,337
  2,065
  3,089
  4,481
  6,322
  8,692
  11,667
  15,319
  19,712
  24,899
  30,918
  37,801
  45,562
  54,211
  63,742
  74,147
  85,411
  97,516
  110,442
  124,171
  138,682
  153,962
  169,999
  186,785
  204,319
  222,603
  241,644
  261,454
  282,052
  303,461
Debt-to-equity ratio
  1.860
  1.930
  1.980
  2.010
  2.020
  2.040
  2.040
  2.050
  2.050
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
Adjusted equity ratio
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -119
  -184
  -275
  -396
  -556
  -759
  -1,012
  -1,320
  -1,689
  -2,119
  -2,618
  -3,187
  -3,826
  -4,535
  -5,314
  -6,163
  -7,079
  -8,061
  -9,109
  -10,220
  -11,392
  -12,626
  -13,919
  -15,273
  -16,685
  -18,158
  -19,691
  -21,285
  -22,943
Depreciation, amort., depletion, $m
  5
  7
  9
  12
  16
  21
  27
  35
  44
  54
  64
  79
  95
  113
  133
  154
  178
  203
  230
  258
  289
  320
  354
  389
  425
  463
  503
  544
  587
  631
Funds from operations, $m
  -68
  -112
  -175
  -263
  -380
  -535
  -732
  -977
  -1,276
  -1,634
  -2,054
  -2,540
  -3,092
  -3,713
  -4,402
  -5,160
  -5,985
  -6,876
  -7,832
  -8,851
  -9,931
  -11,072
  -12,272
  -13,531
  -14,848
  -16,222
  -17,655
  -19,147
  -20,698
  -22,312
Change in working capital, $m
  -46
  -67
  -94
  -128
  -169
  -218
  -274
  -336
  -404
  -477
  -554
  -633
  -714
  -796
  -877
  -958
  -1,037
  -1,114
  -1,190
  -1,263
  -1,336
  -1,406
  -1,476
  -1,545
  -1,614
  -1,683
  -1,752
  -1,823
  -1,896
  -1,970
Cash from operations, $m
  -22
  -45
  -81
  -134
  -211
  -317
  -458
  -641
  -872
  -1,157
  -1,500
  -1,906
  -2,378
  -2,917
  -3,525
  -4,202
  -4,948
  -5,762
  -6,642
  -7,587
  -8,596
  -9,666
  -10,796
  -11,986
  -13,234
  -14,539
  -15,903
  -17,323
  -18,803
  -20,341
Maintenance CAPEX, $m
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -24
  -32
  -41
  -52
  -64
  -79
  -95
  -113
  -133
  -154
  -178
  -203
  -230
  -258
  -289
  -320
  -354
  -389
  -425
  -463
  -503
  -544
  -587
New CAPEX, $m
  -31
  -45
  -64
  -87
  -115
  -148
  -186
  -228
  -274
  -324
  -376
  -430
  -484
  -540
  -595
  -649
  -703
  -755
  -807
  -857
  -906
  -954
  -1,001
  -1,048
  -1,094
  -1,141
  -1,188
  -1,236
  -1,286
  -1,336
Cash from investing activities, $m
  -33
  -48
  -68
  -93
  -124
  -161
  -204
  -252
  -306
  -365
  -428
  -494
  -563
  -635
  -708
  -782
  -857
  -933
  -1,010
  -1,087
  -1,164
  -1,243
  -1,321
  -1,402
  -1,483
  -1,566
  -1,651
  -1,739
  -1,830
  -1,923
Free cash flow, $m
  -55
  -93
  -149
  -228
  -335
  -478
  -662
  -893
  -1,178
  -1,522
  -1,928
  -2,400
  -2,941
  -3,552
  -4,233
  -4,984
  -5,805
  -6,695
  -7,652
  -8,674
  -9,760
  -10,908
  -12,117
  -13,387
  -14,717
  -16,106
  -17,554
  -19,062
  -20,632
  -22,264
Issuance/(repayment) of debt, $m
  340
  491
  690
  939
  1,241
  1,597
  2,005
  2,462
  2,961
  3,495
  4,057
  4,639
  5,232
  5,829
  6,424
  7,013
  7,592
  8,159
  8,712
  9,252
  9,781
  10,299
  10,809
  11,314
  11,818
  12,323
  12,833
  13,352
  13,883
  14,430
Issuance/(repurchase) of shares, $m
  238
  357
  518
  729
  996
  1,328
  1,729
  2,202
  2,752
  3,379
  4,081
  4,862
  5,717
  6,645
  7,642
  8,706
  9,835
  11,025
  12,275
  13,584
  14,950
  16,374
  17,854
  19,392
  20,989
  22,646
  24,365
  26,149
  28,000
  29,922
Cash from financing (excl. dividends), $m  
  578
  848
  1,208
  1,668
  2,237
  2,925
  3,734
  4,664
  5,713
  6,874
  8,138
  9,501
  10,949
  12,474
  14,066
  15,719
  17,427
  19,184
  20,987
  22,836
  24,731
  26,673
  28,663
  30,706
  32,807
  34,969
  37,198
  39,501
  41,883
  44,352
Total cash flow (excl. dividends), $m
  523
  754
  1,058
  1,440
  1,902
  2,447
  3,072
  3,771
  4,535
  5,353
  6,211
  7,101
  8,008
  8,922
  9,834
  10,735
  11,621
  12,489
  13,336
  14,163
  14,972
  15,764
  16,545
  17,319
  18,090
  18,863
  19,644
  20,439
  21,251
  22,088
Retained Cash Flow (-), $m
  -238
  -357
  -518
  -729
  -996
  -1,328
  -1,729
  -2,202
  -2,752
  -3,379
  -4,081
  -4,862
  -5,717
  -6,645
  -7,642
  -8,706
  -9,835
  -11,025
  -12,275
  -13,584
  -14,950
  -16,374
  -17,854
  -19,392
  -20,989
  -22,646
  -24,365
  -26,149
  -28,000
  -29,922
Prev. year cash balance distribution, $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 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
  285
  398
  541
  711
  906
  1,119
  1,344
  1,569
  1,783
  1,974
  2,130
  2,239
  2,291
  2,277
  2,191
  2,029
  1,787
  1,464
  1,061
  579
  21
  -609
  -1,308
  -2,073
  -2,899
  -3,783
  -4,721
  -5,710
  -6,749
  -7,834
Discount rate, %
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
  257
  321
  386
  444
  489
  516
  522
  506
  470
  419
  358
  293
  229
  170
  120
  79
  49
  27
  13
  5
  0
  -2
  -2
  -2
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  61.0
  38.2
  24.4
  16.0
  10.7
  7.3
  5.0
  3.5
  2.5
  1.8
  1.3
  1.0
  0.7
  0.6
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Empire Resorts, Inc. is a holding company for various subsidiaries engaged in the hospitality and gaming industries. As of December 31, 2016, the Company, through Monticello Raceway Management, Inc. (MRMI), owned and operated Monticello Casino and Raceway, a 45,000 square foot video gaming machine (VGM) and harness horseracing facility located in Monticello, New York, approximately 90 miles northwest of New York City. The Company's Monticello Casino and Raceway includes VGM Operations and Raceway Operations. As of December 31, 2016, Monticello Casino and Raceway operated 1,110 VGMs, which included 1,070 video lottery terminals (VLTs) and 40 electronic table game positions (ETGs). ETGs include the games of roulette, blackjack and three-card poker. The Company, through its subsidiary, Montreign Operating Company, LLC, has a license to operate a resort casino (the Casino Project).

FINANCIAL RATIOS  of  Empire Resorts, Inc. (NYNY)

Valuation Ratios
P/E Ratio -14
Price to Sales 5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -25.9
Price to Free Cash Flow -22.4
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -22.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -11.9%
Ret/ On Assets - 3 Yr. Avg. -46.2%
Return On Total Capital -14.8%
Ret/ On T. Cap. - 3 Yr. Avg. -64.5%
Return On Equity -17.2%
Return On Equity - 3 Yr. Avg. 190.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 18.5%
EBITDA Margin -34.3%
EBITDA Margin - 3 Yr. Avg. -39.9%
Operating Margin -35.8%
Oper. Margin - 3 Yr. Avg. -36.3%
Pre-Tax Margin -35.8%
Pre-Tax Margin - 3 Yr. Avg. -42.4%
Net Profit Margin -35.8%
Net Profit Margin - 3 Yr. Avg. -42.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NYNY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NYNY stock intrinsic value calculation we used $66 million for the last fiscal year's total revenue generated by Empire Resorts, Inc.. The default revenue input number comes from 0001 income statement of Empire Resorts, Inc.. 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 NYNY stock valuation model: a) initial revenue growth rate of 60% 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 10.8%, whose default value for NYNY is calculated based on our internal credit rating of Empire Resorts, Inc., 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 Empire Resorts, Inc..
    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 NYNY stock the variable cost ratio is equal to 134.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NYNY 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 8.2% for Empire Resorts, Inc..

Corporate tax rate of 27% is the nominal tax rate for Empire Resorts, Inc.. 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 NYNY 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 NYNY are equal to 79%.

Life of production assets of 51.2 years is the average useful life of capital assets used in Empire Resorts, Inc. 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 NYNY is equal to -116.5%. 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 - $271.321 million for Empire Resorts, Inc. - 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 34.424 million for Empire Resorts, Inc. 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 Empire Resorts, Inc. at the current share price and the inputted number of shares is $0.4 billion.

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