NYSE:LVS

Stock Analysis Report

Executive Summary

Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States.

Rewards

PE ratio (19.5x) is below the Hospitality industry average (24.2x)

Earnings grew by 11.8% over the past year

Risk Analysis

Earnings are forecast to decline by an average of -0.2% per year for the next 3 years

Has a high level of debt

Unstable dividend track record



Snowflake Analysis

Solid track record average dividend payer.


Similar Companies

Red Rock Resorts

NasdaqGS:RRR

Share Price & News

How has Las Vegas Sands's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: LVS has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.1%

LVS

1.0%

US Hospitality

0.9%

US Market


1 Year Return

11.3%

LVS

7.3%

US Hospitality

20.0%

US Market

Return vs Industry: LVS exceeded the US Hospitality industry which returned 8.1% over the past year.

Return vs Market: LVS underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

LVSIndustryMarket
7 Day-1.1%1.0%0.9%
30 Day-8.1%-4.9%1.4%
90 Day12.2%6.6%8.8%
1 Year17.1%11.3%10.0%7.3%22.5%20.0%
3 Year50.7%30.8%35.2%26.2%49.9%40.3%
5 Year55.6%21.2%47.6%32.1%73.2%54.1%

Price Volatility Vs. Market

How volatile is Las Vegas Sands's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Las Vegas Sands undervalued compared to its fair value and its price relative to the market?

19.45x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LVS ($68.07) is trading above our estimate of fair value ($62.15)

Significantly Below Fair Value: LVS is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: LVS is good value based on its PE Ratio (19.5x) compared to the Hospitality industry average (24.2x).

PE vs Market: LVS is poor value based on its PE Ratio (19.5x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: LVS's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: LVS is overvalued based on its PB Ratio (10x) compared to the US Hospitality industry average (2.2x).


Next Steps

Future Growth

How is Las Vegas Sands forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?

-0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LVS's earnings are forecast to decline over the next 3 years (-0.2% per year).

Earnings vs Market: LVS's earnings are forecast to decline over the next 3 years (-0.2% per year).

High Growth Earnings: LVS's earnings are forecast to decline over the next 3 years.

Revenue vs Market: LVS's revenue (4.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: LVS's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LVS's Return on Equity is forecast to be high in 3 years time (38.3%)


Next Steps

Past Performance

How has Las Vegas Sands performed over the past 5 years?

3.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LVS has high quality earnings.

Growing Profit Margin: LVS's current net profit margins (19.6%) are higher than last year (17.6%).


Past Earnings Growth Analysis

Earnings Trend: LVS's earnings have grown by 3.2% per year over the past 5 years.

Accelerating Growth: LVS's earnings growth over the past year (11.8%) exceeds its 5-year average (3.2% per year).

Earnings vs Industry: LVS earnings growth over the past year (11.8%) exceeded the Hospitality industry -9.8%.


Return on Equity

High ROE: Whilst LVS's Return on Equity (50.78%) is outstanding, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Las Vegas Sands's financial position?


Financial Position Analysis

Short Term Liabilities: LVS's short term assets ($5.3B) exceed its short term liabilities ($3.2B).

Long Term Liabilities: LVS's short term assets ($5.3B) do not cover its long term liabilities ($13.5B).


Debt to Equity History and Analysis

Debt Level: LVS's debt to equity ratio (191.7%) is considered high.

Reducing Debt: LVS's debt to equity ratio has increased from 110.7% to 191.7% over the past 5 years.

Debt Coverage: LVS's debt is well covered by operating cash flow (24.4%).

Interest Coverage: LVS's interest payments on its debt are well covered by EBIT (7.9x coverage).


Balance Sheet

Inventory Level: LVS has a high level of physical assets or inventory.

Debt Coverage by Assets: LVS's debt is not covered by short term assets (assets are 0.4x debt).


Next Steps

Dividend

What is Las Vegas Sands's current dividend yield, its reliability and sustainability?

4.64%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Las Vegas Sands before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company4.6%marketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Years4.8%

Current dividend yield vs market & industry

Notable Dividend: LVS's dividend (4.64%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: LVS's dividend (4.64%) is in the top 25% of dividend payers in the US market (3.69%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, LVS has been paying a dividend for less than 10 years.

Growing Dividend: LVS's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88%), LVS's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LVS's dividends in 3 years are forecast to be covered by earnings (80.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.1yrs

Average management tenure


CEO

Sheldon Adelson (85yo)

15.5yrs

Tenure

US$24,012,913

Compensation

Mr. Sheldon Gary Adelson has been the Chief Executive Officer of Sands China Ltd., since March 6, 2015. Mr. Adelson has been the Chief Executive Officer of Las Vegas Sands Corp. since August 2004. He is th ...


CEO Compensation Analysis

Compensation vs Market: Sheldon's total compensation ($USD24.01M) is above average for companies of similar size in the US market ($USD10.78M).

Compensation vs Earnings: Sheldon's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Sheldon Adelson
Chairman15.5yrsUS$24.01m50.31% $26.2b
Robert Goldstein
President5.1yrsUS$24.67m0.018% $9.3m
Patrick Dumont
Executive VP2.8yrsUS$2.41m0.036% $18.7m
Randy Hyzak
Senior VP & Chief Accounting Officer3.9yrsno datano data
Daniel Briggs
Senior Vice President of Investor Relations8.1yrsno datano data
Ronald Reese
Senior Vice President of Public Relations0yrsno datano data
David Sylvester
Executive Vice President of Global Retail0yrsno datano data
Grant Chum
Senior Vice President of Global Gaming Strategy6.5yrsno datano data
George Tanasijevich
CEO & President - Marina Bay Sands Pte Ltd & MD of Global Development - Las Vegas Sands Corp8.6yrsUS$2.03mno data
Mark Juliano
President of Sands Bethlehem5.8yrsno datano data

6.1yrs

Average Tenure

58yo

Average Age

Experienced Management: LVS's management team is seasoned and experienced (6.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Sheldon Adelson
Chairman15.5yrsUS$24.01m50.31% $26.2b
Robert Goldstein
President5.1yrsUS$24.67m0.018% $9.3m
Patrick Dumont
Executive VP2.8yrsUS$2.41m0.036% $18.7m
Charles Koppelman
Independent Director8.3yrsUS$249.80k0.0020% $1.0m
Irwin Chafetz
Director15yrsUS$212.80k0.010% $5.3m
Micheline Chau
Independent Director5.3yrsUS$230.05k0.0011% $571.8k
Lewis Kramer
Independent Director2.8yrsUS$241.80k0.00058% $301.5k
Charles Forman
Director15.5yrsUS$212.80k0.027% $14.3m
George Jamieson
Independent Director5.7yrsUS$242.30k0.0014% $707.0k
David Levi
Independent Director5.1yrsUS$240.80k0.0011% $571.8k

5.5yrs

Average Tenure

71.5yo

Average Age

Experienced Board: LVS's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Las Vegas Sands Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Las Vegas Sands Corp.
  • Ticker: LVS
  • Exchange: NYSE
  • Founded: 1988
  • Industry: Casinos and Gaming
  • Sector: Consumer Services
  • Market Cap: US$51.983b
  • Shares outstanding: 763.67m
  • Website: https://www.sands.com

Number of Employees


Location

  • Las Vegas Sands Corp.
  • 3355 Las Vegas Boulevard South
  • Las Vegas
  • Nevada
  • 89109
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LVSNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 2004
LCRDB (Deutsche Boerse AG)YesCommon StockDEEURDec 2004
LCRXTRA (XETRA Trading Platform)YesCommon StockDEEURDec 2004
LVS *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNDec 2004
LVSSWX (SIX Swiss Exchange)YesCommon StockCHCHFDec 2004
0QY4LSE (London Stock Exchange)YesCommon StockGBUSDDec 2004
LVSCWBAG (Wiener Boerse AG)YesCommon StockATEURDec 2004
LVSBASE (Buenos Aires Stock Exchange)CEDEAR (EACH 1 REP 1 ORD)ARARSDec 2012

Biography

Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People’s Republic of China; and iconic Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; the Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. Its integrated resorts feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 00:09
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.