LVS Las Vegas Sands
fair · 62
Owner-earnings value$46.85
Price$36.10
Margin of safety
+29.8%
Quality gate · 62/100
Median ROIC12.8%
Gross margin48.5%
Net debt / EBITDA2.6x
FCF conversion62%
Share count / yr-4.0%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 2.22B |
| Owner-earnings yield | 9.5% |
| Free-cash-flow yield | 11.5% |
| Growth used (normalized) | -2.3% |
| Market-implied growth (reverse DCF) | -8.3% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 2.16B | -2.3% | 1.99B |
| 2 | 2.13B | -1.7% | 1.79B |
| 3 | 2.10B | -1.1% | 1.62B |
| 4 | 2.09B | -0.5% | 1.48B |
| 5 | 2.09B | 0.0% | 1.36B |
| 6 | 2.11B | 0.6% | 1.26B |
| 7 | 2.13B | 1.2% | 1.17B |
| 8 | 2.17B | 1.8% | 1.09B |
| 9 | 2.22B | 2.4% | 1.02B |
| 10 | 2.29B | 3.0% | 967.00M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~-8%/yr owner-earnings growth over 10y (reverse DCF); model credits -2%. Capped at market + 6pts.