Discounted Cash Flow (DCF) Analysis Levered

Alamos Gold Inc. (AGI.TO)

$16.89

+0.13 (+0.78%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.69 | 16.89 | overvalue

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	651.80	683.10	748.10	823.60	821.20	870.71	923.22	978.88	1,037.90	1,100.49
Revenue (%)
Operating Cash Flow	213.90	260.40	368.40	356.50	298.50	347.97	368.95	391.19	414.78	439.79
Operating Cash Flow (%)
Capital Expenditure	-221.50	-263.60	-300.90	-364.30	-313.70	-339.97	-360.47	-382.21	-405.25	-429.69
Capital Expenditure (%)
Free Cash Flow	-7.60	-3.20	67.50	-7.80	-15.20	7.99	8.48	8.99	9.53	10.10

Weighted Average Cost Of Capital

Share price	$ 16.89
Beta	1.025
Diluted Shares Outstanding	394.51
Cost of Debt
Tax Rate	63.77
After-tax Cost of Debt	516.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.446
Total Debt	0.40
Total Equity	6,663.24
Total Capital	6,663.64
Debt Weighting	0.01
Equity Weighting	99.99
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	651.80	683.10	748.10	823.60	821.20	870.71	923.22	978.88	1,037.90	1,100.49
Operating Cash Flow	213.90	260.40	368.40	356.50	298.50	347.97	368.95	391.19	414.78	439.79
Capital Expenditure	-221.50	-263.60	-300.90	-364.30	-313.70	-339.97	-360.47	-382.21	-405.25	-429.69
Free Cash Flow	-7.60	-3.20	67.50	-7.80	-15.20	7.99	8.48	8.99	9.53	10.10
WACC
PV LFCF						6.79	6.64	6.49	6.34	6.20
SUM PV LFCF										35.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.48
Free cash flow (t + 1)	10.31
Terminal Value	159.03
Present Value of Terminal Value	105.86

Intrinsic Value

Enterprise Value	141.08
Net Debt	-129.40
Equity Value	270.48
Shares Outstanding	394.51
Equity Value Per Share	0.69