Discounted Cash Flow (DCF) Analysis Levered
Agnico Eagle Mines Limited (AEM)
$48.58
-0.47 (-0.96%)
All numbers are in Millions, Currency in USD
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 | 2,191.22 | 2,494.89 | 3,138.11 | 3,823.88 | 5,741.16 | 7,343.41 | 9,392.83 | 12,014.19 | 15,367.13 | 19,655.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 605.65 | 881.69 | 1,192.05 | 1,315.99 | 2,096.64 | 2,524.67 | 3,229.26 | 4,130.49 | 5,283.24 | 6,757.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,089.10 | -882.66 | -759.34 | -917.68 | -1,538.24 | -2,350.94 | -3,007.04 | -3,846.25 | -4,919.66 | -6,292.65 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -483.45 | -0.97 | 432.71 | 398.31 | 558.40 | 173.74 | 222.23 | 284.24 | 363.57 | 465.04 |
Weighted Average Cost Of Capital
| Share price | $ 48.58 |
|---|---|
| Beta | 0.840 |
| Diluted Shares Outstanding | 244.73 |
| Cost of Debt | |
| Tax Rate | 39.91 |
| After-tax Cost of Debt | 3.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.506 |
| Total Debt | 1,493.41 |
| Total Equity | 11,889.08 |
| Total Capital | 13,382.49 |
| Debt Weighting | 11.16 |
| Equity Weighting | 88.84 |
| 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 | 2,191.22 | 2,494.89 | 3,138.11 | 3,823.88 | 5,741.16 | 7,343.41 | 9,392.83 | 12,014.19 | 15,367.13 | 19,655.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 605.65 | 881.69 | 1,192.05 | 1,315.99 | 2,096.64 | 2,524.67 | 3,229.26 | 4,130.49 | 5,283.24 | 6,757.69 |
| Capital Expenditure | -1,089.10 | -882.66 | -759.34 | -917.68 | -1,538.24 | -2,350.94 | -3,007.04 | -3,846.25 | -4,919.66 | -6,292.65 |
| Free Cash Flow | -483.45 | -0.97 | 432.71 | 398.31 | 558.40 | 173.74 | 222.23 | 284.24 | 363.57 | 465.04 |
| WACC | ||||||||||
| PV LFCF | 160.97 | 190.77 | 226.08 | 267.93 | 317.53 | |||||
| SUM PV LFCF | 1,163.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.93 |
| Free cash flow (t + 1) | 474.34 |
| Terminal Value | 7,998.98 |
| Present Value of Terminal Value | 5,461.65 |
Intrinsic Value
| Enterprise Value | 6,624.93 |
|---|---|
| Net Debt | 834.79 |
| Equity Value | 5,790.14 |
| Shares Outstanding | 244.73 |
| Equity Value Per Share | 23.66 |