Discounted Cash Flow (DCF) Analysis Levered
First Majestic Silver Corp. (AG)
$5.874
+0.09 (+1.63%)
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 | 308.42 | 368.83 | 366.68 | 587.22 | 626.85 | 761.46 | 924.99 | 1,123.63 | 1,364.92 | 1,658.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 33.26 | 140.02 | 79.71 | 68.72 | 18.99 | 129.78 | 157.66 | 191.51 | 232.64 | 282.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -111.31 | -118.61 | -114.49 | -188.97 | -217.68 | -253.38 | -307.79 | -373.89 | -454.18 | -551.72 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -78.05 | 21.42 | -34.78 | -120.24 | -198.69 | -123.60 | -150.14 | -182.38 | -221.54 | -269.12 |
Weighted Average Cost Of Capital
| Share price | $ 5.874 |
|---|---|
| Beta | 1.033 |
| Diluted Shares Outstanding | 263.12 |
| Cost of Debt | |
| Tax Rate | -86.11 |
| After-tax Cost of Debt | 5.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.188 |
| Total Debt | 247.94 |
| Total Equity | 1,545.58 |
| Total Capital | 1,793.53 |
| Debt Weighting | 13.82 |
| Equity Weighting | 86.18 |
| 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 | 308.42 | 368.83 | 366.68 | 587.22 | 626.85 | 761.46 | 924.99 | 1,123.63 | 1,364.92 | 1,658.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 33.26 | 140.02 | 79.71 | 68.72 | 18.99 | 129.78 | 157.66 | 191.51 | 232.64 | 282.60 |
| Capital Expenditure | -111.31 | -118.61 | -114.49 | -188.97 | -217.68 | -253.38 | -307.79 | -373.89 | -454.18 | -551.72 |
| Free Cash Flow | -78.05 | 21.42 | -34.78 | -120.24 | -198.69 | -123.60 | -150.14 | -182.38 | -221.54 | -269.12 |
| WACC | ||||||||||
| PV LFCF | -113.77 | -127.21 | -142.23 | -159.04 | -177.83 | |||||
| SUM PV LFCF | -720.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.64 |
| Free cash flow (t + 1) | -274.50 |
| Terminal Value | -4,134.09 |
| Present Value of Terminal Value | -2,731.69 |
Intrinsic Value
| Enterprise Value | -3,451.76 |
|---|---|
| Net Debt | 96.51 |
| Equity Value | -3,548.27 |
| Shares Outstanding | 263.12 |
| Equity Value Per Share | -13.49 |