Discounted Cash Flow (DCF) Analysis Levered

Barrick Gold Corporation (ABX.TO)

$19.9

+0.48 (+2.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 42.64 | 19.9 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,2439,71712,59511,98511,01312,412.2613,989.2915,766.7017,769.9420,027.70
Revenue (%)
Operating Cash Flow 1,7652,8335,4174,3783,4814,087.844,607.235,192.605,852.346,595.91
Operating Cash Flow (%)
Capital Expenditure -1,400-1,701-2,054-2,435-3,049-2,510.88-2,829.89-3,189.45-3,594.68-4,051.40
Capital Expenditure (%)
Free Cash Flow 3651,1323,3631,9434321,576.971,777.332,003.152,257.662,544.51

Weighted Average Cost Of Capital

Share price $ 19.9
Beta 0.404
Diluted Shares Outstanding 1,771
Cost of Debt
Tax Rate 39.50
After-tax Cost of Debt 3.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.192
Total Debt 5,250
Total Equity 35,242.90
Total Capital 40,492.90
Debt Weighting 12.97
Equity Weighting 87.03
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,2439,71712,59511,98511,01312,412.2613,989.2915,766.7017,769.9420,027.70
Operating Cash Flow 1,7652,8335,4174,3783,4814,087.844,607.235,192.605,852.346,595.91
Capital Expenditure -1,400-1,701-2,054-2,435-3,049-2,510.88-2,829.89-3,189.45-3,594.68-4,051.40
Free Cash Flow 3651,1323,3631,9434321,576.971,777.332,003.152,257.662,544.51
WACC
PV LFCF 1,489.111,584.811,686.651,795.041,910.40
SUM PV LFCF 8,466.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.90
Free cash flow (t + 1) 2,620.84
Terminal Value 90,373.85
Present Value of Terminal Value 67,852.05

Intrinsic Value

Enterprise Value 76,318.06
Net Debt 810
Equity Value 75,508.06
Shares Outstanding 1,771
Equity Value Per Share 42.64