MeritValue

Brightstar Lottery PLC

BRSLdata completeness 100%13 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.09B1$2.6B2$2.53B3$2.51B3$2.51B3
Net income$482M4$275M5$156M6$348M6$147M6
Operating cash flow$978M7$899M8$1.01B9$1.05B9−$99M9
Capital expenditure$238M10$162M11$147M12$149M12$316M12
Free cash flow (derived)$740M7$737M8$865M9$901M9−$415M9
Total debt$6.53B13$5.75B14$5.67B15$5.36B16$4.18B16
Cash & equivalents$591M17$590M18$508M19$584M20$1.45B20
Diluted shares207.0M203.0M203.0M204.0M197.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000051%
of the whole company
Your share of last year’s profit
$7.46
Your share of its debt
$212.08
Your share of free cash flow
−$21.07
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$76.08
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.5%
  • fcfBase$865M
DCF · Growth Exit 5Y
$67.66
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.5%
  • fcfBase$865M
Earnings Power Value
$14.71
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$275M
  • growthAssumed0.0%
Graham Number
$8.6
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.5%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $67.66

Default growth 5.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001619762-24-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001619762-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001628280-26-011083 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001619762-24-000017 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001619762-25-000007 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001628280-26-011083 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001619762-24-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001619762-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001628280-26-011083 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001619762-24-000017 (PaymentsToAcquireProductiveAssets)
  11. 20-F · period ending 2022-12-31 · accession 0001619762-25-000007 (PaymentsToAcquireProductiveAssets)
  12. 20-F · period ending 2023-12-31 · accession 0001628280-26-011083 (PaymentsToAcquireProductiveAssets)
  13. 20-F · period ending 2021-12-31 · accession 0001619762-23-000014 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001619762-24-000017 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001619762-25-000007 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-12-31 · accession 0001628280-26-011083 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-12-31 · accession 0001619762-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-12-31 · accession 0001619762-24-000017 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-12-31 · accession 0001619762-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2024-12-31 · accession 0001628280-26-011083 (CashAndCashEquivalentsAtCarryingValue)