Enterprise Value (EV)
Current Enterprise Value (EV)
Las Vegas Sands Corp., current enterprise value calculation
| Current share price (P) | $45.32 |
| No. shares of common stock outstanding | 764,490,874 |
| US$ in millions | |
| Common equity (market value)1 | 34,647) |
| Add: Preferred stock, $0.001 par value, zero shares issued and outstanding (per books) | —) |
| Add: Noncontrolling interests (per books) | (225) |
| Total equity | 34,422) |
| Add: Current maturities of long-term debt (per books) | 2,031) |
| Add: Long-term debt, excluding current maturities (per books) | 13,947) |
| Total equity and debt | 50,400) |
| Less: Cash and cash equivalents | 6,311) |
| Less: Restricted cash and cash equivalents | —) |
| Enterprise value (EV) | 44,089) |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.32 × 764,490,874
Historical Enterprise Value (EV)
Las Vegas Sands Corp., EV calculation
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 58.08 × 764,273,371
An analysis of the financial position from 2018 to 2022 reveals a period of significant volatility in enterprise valuation and capital structure. The overall trajectory is characterized by a peak in valuation during 2019, followed by a multi-year contraction that reached its lowest point in 2021, before initiating a recovery phase in 2022.
- Enterprise Value (EV) Trends
- The enterprise value exhibited an upward movement from 56,136 million US$ in 2018 to a peak of 60,584 million US$ in 2019. A subsequent downward trend occurred over the next two years, with the valuation declining to 46,945 million US$ by December 31, 2021. This represents a reduction of approximately 22.5% from the 2019 high. A partial recovery was observed in 2022, with the EV rising to 53,831 million US$.
- Equity Valuation and Correlation
- The market value of common equity closely tracked the total book equity throughout the period. Both metrics peaked in 2019 and experienced a synchronized decline through 2021, where common equity market value hit a minimum of 33,768 million US$ and total equity fell to 34,020 million US$. The close alignment between market and book values suggests a valuation closely tied to the company's net asset base. By the end of 2022, both figures rebounded to approximately 44 billion US$.
- Capitalization and Debt Dynamics
- Total equity and debt followed a cyclical pattern mirrored by the enterprise value. This figure increased from 60,797 million US$ in 2018 to 64,826 million US$ in 2019, before contracting to a low of 48,815 million US$ in 2021. The increase to 60,142 million US$ in 2022 indicates a restoration of the total capital base to levels nearly identical to those observed at the start of the analyzed period.
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