Discounted Cash Flow (DCF) Analysis Levered

Anglo Pacific Group plc (APY.TO)

$2.3

-0.10 (-4.17%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.31 | 2.3 | 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	37.38	46.10	55.73	34.01	85.30	118.57	164.82	229.11	318.49	442.72
Revenue (%)
Operating Cash Flow	34.63	36.91	47.09	17.51	55.78	88.70	123.31	171.41	238.27	331.21
Operating Cash Flow (%)
Capital Expenditure	-1.13	-0	-42.29	-2.98	-207.74	-78.55	-109.19	-151.78	-210.99	-293.30
Capital Expenditure (%)
Free Cash Flow	33.50	36.91	4.79	14.52	-151.96	10.16	14.12	19.62	27.28	37.92

Weighted Average Cost Of Capital

Share price	$ 2.3
Beta	0.797
Diluted Shares Outstanding	207.90
Cost of Debt
Tax Rate	31.41
After-tax Cost of Debt	4.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.201
Total Debt	112
Total Equity	478.17
Total Capital	590.17
Debt Weighting	18.98
Equity Weighting	81.02
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	37.38	46.10	55.73	34.01	85.30	118.57	164.82	229.11	318.49	442.72
Operating Cash Flow	34.63	36.91	47.09	17.51	55.78	88.70	123.31	171.41	238.27	331.21
Capital Expenditure	-1.13	-0	-42.29	-2.98	-207.74	-78.55	-109.19	-151.78	-210.99	-293.30
Free Cash Flow	33.50	36.91	4.79	14.52	-151.96	10.16	14.12	19.62	27.28	37.92
WACC
PV LFCF						9.44	12.21	15.78	20.40	26.38
SUM PV LFCF										84.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.53
Free cash flow (t + 1)	38.68
Terminal Value	699.42
Present Value of Terminal Value	486.51

Intrinsic Value

Enterprise Value	570.72
Net Debt	90.01
Equity Value	480.71
Shares Outstanding	207.90
Equity Value Per Share	2.31