Financials MGM Resorts International London S.E.

Equities

0JWC

US5529531015

Casinos & Gaming

Delayed London S.E. Other stock markets 08:00:01 01/03/2024 pm IST			5-day change	1st Jan Change
42.95 ^USD	+23.42%		-2.45%	-4.47%

16/07	Wells Fargo Adjusts Price Target on MGM Resorts International to $55 From $56, Maintains Overweight Rating	MT
12/07	Morgan Stanley Adjusts Price Target on MGM Resorts International to $44 From $47	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,134	15,564	21,047	12,876	15,262	14,674	-	-
Enterprise Value (EV) ¹	25,973	22,839	29,115	12,876	18,678	18,056	17,959	17,435
P/E ratio	8.57 x	-15.6 x	18.6 x	9.61 x	14 x	17.5 x	14.2 x	12 x
Yield	1.56%	0.5%	0.02%	-	-	-	-	-
Capitalization / Revenue	1.33 x	3.02 x	2.17 x	0.98 x	0.94 x	0.85 x	0.84 x	0.83 x
EV / Revenue	2.01 x	4.42 x	3.01 x	0.98 x	1.16 x	1.05 x	1.03 x	0.98 x
EV / EBITDA	8.83 x	-154 x	12 x	3.68 x	4.07 x	3.73 x	3.56 x	3.38 x
EV / FCF	24.2 x	-13 x	33 x	-	10.6 x	13.1 x	11.1 x	13.4 x
FCF Yield	4.13%	-7.72%	3.03%	-	9.42%	7.64%	8.97%	7.48%
Price to Book	2.17 x	2.39 x	3.35 x	-	3.37 x	4.22 x	3.43 x	2.65 x
Nbr of stocks (in thousands)	5,14,984	4,93,939	4,68,960	3,84,020	3,41,583	3,13,680	-	-
Reference price ²	33.27	31.51	44.88	33.53	44.68	46.78	46.78	46.78
Announcement Date	12/02/20	10/02/21	09/02/22	08/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,900	5,162	9,680	13,127	16,164	17,193	17,431	17,739
EBITDA ¹	2,941	-148.5	2,421	3,497	4,588	4,841	5,049	5,164
EBIT ¹	3,940	-642.4	2,279	1,439	1,891	1,791	1,984	1,982
Operating Margin	30.55%	-12.45%	23.54%	10.96%	11.7%	10.42%	11.38%	11.17%
Earnings before Tax (EBT) ¹	2,847	-1,511	1,462	903.8	1,473	1,352	1,571	1,643
Net income ¹	2,049	-1,033	1,254	1,473	1,142	843.3	1,002	1,131
Net margin	15.89%	-20.01%	12.96%	11.22%	7.07%	4.91%	5.75%	6.38%
EPS ²	3.880	-2.020	2.410	3.490	3.190	2.667	3.288	3.894
Free Cash Flow ¹	1,071	-1,764	882.7	-	1,759	1,380	1,611	1,304
FCF margin	8.31%	-34.16%	9.12%	-	10.88%	8.03%	9.24%	7.35%
FCF Conversion (EBITDA)	36.42%	-	36.46%	-	38.34%	28.52%	31.91%	25.25%
FCF Conversion (Net income)	52.28%	-	70.37%	-	154%	163.68%	160.77%	115.29%
Dividend per Share ²	0.5200	0.1575	0.0100	-	-	-	-	-
Announcement Date	12/02/20	10/02/21	09/02/22	08/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,057	2,854	3,265	3,416	3,592	3,873	3,942	3,973	4,376	4,383	4,202	4,222	4,402	4,402	4,301
EBITDA ¹	821.4	670.4	919.7	949.8	957.3	1,106	1,142	1,146	1,194	1,235	1,176	1,191	1,253	1,299	1,243
EBIT ¹	368.8	105.8	2,381	-1,046	-1.896	730.8	371.4	369.9	419.3	458.4	412.8	417.8	485.3	550.9	538.1
Operating Margin	12.07%	3.71%	72.94%	-30.62%	-0.05%	18.87%	9.42%	9.31%	9.58%	10.46%	9.82%	9.9%	11.03%	12.51%	12.51%
Earnings before Tax (EBT) ¹	147.2	-71.13	2,195	-1,186	-34.08	645.7	282.7	224.3	320.1	343.4	304.3	319	380.3	452	432.4
Net income ¹	131	-18.02	1,784	-576.8	284	466.8	200.8	161.1	313.5	217.5	190.5	189.1	227.6	255	249.5
Net margin	4.29%	-0.63%	54.64%	-16.89%	7.91%	12.05%	5.09%	4.06%	7.16%	4.96%	4.53%	4.48%	5.17%	5.79%	5.8%
EPS ²	0.2300	-0.0600	4.200	-1.450	0.6900	1.240	0.5500	0.4600	0.9200	0.6700	0.6052	0.6455	0.7369	0.8950	0.9800
Dividend per Share ²	0.002500	0.002500	0.002500	0.002500	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/02/22	02/05/22	03/08/22	02/11/22	08/02/23	01/05/23	02/08/23	08/11/23	13/02/24	01/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,839	7,275	8,068	-	3,416	3,382	3,285	2,761
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.005 x	-48.99 x	3.332 x	-	0.7445 x	0.6987 x	0.6505 x	0.5347 x
Free Cash Flow ¹	1,071	-1,764	883	-	1,759	1,380	1,611	1,304
ROE (net income / shareholders' equity)	5.71%	-14.5%	-5.14%	-	22.2%	23%	23.6%	25%
ROA (Net income/ Total Assets)	1.27%	-2.94%	-0.83%	-	2.17%	8.63%	8.19%	-
Assets ¹	1,61,096	35,185	-1,50,332	-	52,521	9,767	12,233	-
Book Value Per Share ²	15.40	13.20	13.40	-	13.30	11.10	13.60	17.60
Cash Flow per Share ²	3.430	-3.020	2.820	-	7.500	6.700	7.440	8.470
Capex ¹	739	271	491	-	932	856	1,054	1,234
Capex / Sales	5.73%	5.24%	5.07%	-	5.76%	4.98%	6.05%	6.96%
Announcement Date	12/02/20	10/02/21	09/02/22	08/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MGM Resorts International

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

46.78 USD

Average target price

56.19 USD

Spread / Average Target

+20.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Casinos

	1st Jan change	Capi.
LAS VEGAS SANDS CORP.	-12.82%	31.96B
WYNN RESORTS, LIMITED	-5.66%	9.55B
GENTING SINGAPORE LIMITED	-13.00%	7.76B
SJM HOLDINGS LIMITED	+4.05%	2.32B
KANGWON LAND, INC.	-11.31%	2.08B
BLOOMBERRY RESORTS CORPORATION	-5.39%	1.83B
TRAVELLERS INTERNATIONAL HOTEL GROUP INC	0.00%	1.53B
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED	+7.10%	1.34B
MONARCH CASINO & RESORT, INC.	+3.17%	1.34B

Casinos