Discounted Cash Flow (DCF) Analysis Levered

Argonaut Gold Inc. (AR.TO)

$0.495

-0.01 (-2.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.30 | 0.495 | 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 155.09196.06268.89319.69436.91567.03735.89955.051,239.471,608.60
Revenue (%)
Operating Cash Flow 38.8231.7074.78111.44130.69151.72196.90255.54331.64430.41
Operating Cash Flow (%)
Capital Expenditure -111.16-36.03-51.75-63.92-252.07-212.05-275.20-357.16-463.52-601.57
Capital Expenditure (%)
Free Cash Flow -72.34-4.3323.0347.52-121.38-60.33-78.30-101.62-131.88-171.15

Weighted Average Cost Of Capital

Share price $ 0.495
Beta 1.603
Diluted Shares Outstanding 312.36
Cost of Debt
Tax Rate 37.63
After-tax Cost of Debt 0.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.404
Total Debt 179.59
Total Equity 154.62
Total Capital 334.21
Debt Weighting 53.74
Equity Weighting 46.26
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 155.09196.06268.89319.69436.91567.03735.89955.051,239.471,608.60
Operating Cash Flow 38.8231.7074.78111.44130.69151.72196.90255.54331.64430.41
Capital Expenditure -111.16-36.03-51.75-63.92-252.07-212.05-275.20-357.16-463.52-601.57
Free Cash Flow -72.34-4.3323.0347.52-121.38-60.33-78.30-101.62-131.88-171.15
WACC
PV LFCF -57.39-70.84-87.46-107.96-133.28
SUM PV LFCF -456.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.13
Free cash flow (t + 1) -174.58
Terminal Value -5,577.57
Present Value of Terminal Value -4,343.22

Intrinsic Value

Enterprise Value -4,800.15
Net Debt -19.65
Equity Value -4,780.50
Shares Outstanding 312.36
Equity Value Per Share -15.30