Discounted Cash Flow (DCF) Analysis Levered

Agnico Eagle Mines Limited (AEM)

$51.65

+1.01 (+1.99%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.87 | 51.65 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,242.602,191.222,494.893,138.113,823.884,389.835,039.545,785.416,641.687,624.67
Revenue (%)
Operating Cash Flow 767.56605.65881.691,192.051,315.991,489.091,709.491,962.502,252.952,586.40
Operating Cash Flow (%)
Capital Expenditure -874.15-1,089.10-882.66-759.34-867.68-1,500.88-1,723.02-1,978.03-2,270.79-2,606.87
Capital Expenditure (%)
Free Cash Flow -106.60-483.45-0.97432.71448.31-11.79-13.53-15.53-17.83-20.47

Weighted Average Cost Of Capital

Share price $ 51.65
Beta 0.861
Diluted Shares Outstanding 243.07
Cost of Debt
Tax Rate 39.89
After-tax Cost of Debt 3.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.942
Total Debt 1,696.66
Total Equity 12,554.67
Total Capital 14,251.32
Debt Weighting 11.91
Equity Weighting 88.09
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,242.602,191.222,494.893,138.113,823.884,389.835,039.545,785.416,641.687,624.67
Operating Cash Flow 767.56605.65881.691,192.051,315.991,489.091,709.491,962.502,252.952,586.40
Capital Expenditure -874.15-1,089.10-882.66-759.34-867.68-1,500.88-1,723.02-1,978.03-2,270.79-2,606.87
Free Cash Flow -106.60-483.45-0.97432.71448.31-11.79-13.53-15.53-17.83-20.47
WACC
PV LFCF -8.60-9.27-9.99-10.77-11.61
SUM PV LFCF -64.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.50
Free cash flow (t + 1) -20.88
Terminal Value -463.98
Present Value of Terminal Value -338.65

Intrinsic Value

Enterprise Value -403.31
Net Debt 1,510.87
Equity Value -1,914.18
Shares Outstanding 243.07
Equity Value Per Share -7.87