Discounted Cash Flow (DCF) Analysis Levered

Altius Minerals Corporation (ALS.TO)

$20.37

+1.01 (+5.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.17 | 20.37 | undervalue

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 23.0441.1444.8850.9363.1982.98108.97143.09187.89246.72
Revenue (%)
Operating Cash Flow 6.2415.3727.4037.1247.7745.4759.7078.40102.95135.18
Operating Cash Flow (%)
Capital Expenditure -1.18-8-15.90-2.74-1.14-11.15-14.64-19.22-25.24-33.15
Capital Expenditure (%)
Free Cash Flow 5.057.3811.4934.3846.6434.3245.0659.1777.70102.03

Weighted Average Cost Of Capital

Share price $ 20.37
Beta 1.209
Diluted Shares Outstanding 41.64
Cost of Debt
Tax Rate 11.40
After-tax Cost of Debt 5.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.356
Total Debt 115.17
Total Equity 848.13
Total Capital 963.30
Debt Weighting 11.96
Equity Weighting 88.04
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 23.0441.1444.8850.9363.1982.98108.97143.09187.89246.72
Operating Cash Flow 6.2415.3727.4037.1247.7745.4759.7078.40102.95135.18
Capital Expenditure -1.18-8-15.90-2.74-1.14-11.15-14.64-19.22-25.24-33.15
Free Cash Flow 5.057.3811.4934.3846.6434.3245.0659.1777.70102.03
WACC
PV LFCF 26.6032.0938.7146.6956.32
SUM PV LFCF 237.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.86
Free cash flow (t + 1) 104.08
Terminal Value 1,517.13
Present Value of Terminal Value 992.39

Intrinsic Value

Enterprise Value 1,229.88
Net Debt 15.15
Equity Value 1,214.73
Shares Outstanding 41.64
Equity Value Per Share 29.17