Melco Resorts & Entertainment is one of only six licensed casino operators in Macao. It operates Altira, a complex focused on premium customers; City of Dreams, an integrated resort in Cotai serving both mass-market and premium patrons; and Mocha Clubs electronic gaming machines. The company also has a majority interest in Studio City, which opened in 2015. Outside Macao, Melco owns City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus. The business mix in terms of adjusted EBITDA was about 84% from Macao with the rest largely from the Philippines as of 2019.

Financial Strength

2/10

Name	Current	Vs Industry
Cash-To-Debt	0.17
Equity-to-Asset	-0.15
Debt-to-Equity	-6.04
Debt-to-EBITDA	12.26
Interest Coverage	0.22
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	0.05	Distress Grey Safe
Beneish M-Score	-1.55	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

7/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	33.5
	3-Year EPS without NRI Growth Rate	72
	Future 3-5Y Total Revenue Growth Rate	13.3

Momentum Rank

2/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	41.46
	9-Day RSI	35.6
	14-Day RSI	35.99
	6-1 Month Momentum %	-15.3
	12-1 Month Momentum %	-46.24

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.4
	Quick Ratio	1.37
	Cash Ratio	1.19
	Days Inventory	4.23
	Days Sales Outstanding	7.76
	Days Payable	1.56

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	2.9
	Shareholder Yield %	-0.97

Profitability Rank

4/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	37.42
	Operating Margin %	2.89
	Net Margin %	-8.66
	FCF Margin %	9.5
	ROA %	-3.72
	ROIC %	1.53
	ROC (Joel Greenblatt) %	1.56
	ROCE %	1.17
	Years of Profitability over Past 10-Year	6

GF Value Rank

2/10

	Name	Current	Vs Industry		Vs History
	Forward PE Ratio	26.39
	Price-to-Owner-Earnings	71.24
	PS Ratio	0.74
	Price-to-Free-Cash-Flow	7.74
	Price-to-Operating-Cash-Flow	4.46
	EV-to-EBIT	102.43
	EV-to-Forward-EBIT	18.39
	EV-to-EBITDA	14.62
	EV-to-Forward-EBITDA	9.49
	EV-to-Revenue	2.46
	EV-to-Forward-Revenue	1.99
	EV-to-FCF	25.83
	Price-to-Median-PS-Value	0.32
	Earnings Yield (Greenblatt) %	0.98
	FCF Yield %	12.77
	Forward Rate of Return (Yacktman) %	7.15

GF Value: $24.06

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