Discounted Cash Flow (DCF) Analysis Levered
AngloGold Ashanti Limited (AU)
$16.635
-1.54 (-8.50%)
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 | 3,943 | 3,525 | 4,427 | 4,029 | 4,501 | 4,700.31 | 4,908.44 | 5,125.79 | 5,352.77 | 5,589.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 857 | 1,047 | 1,654 | 1,268 | 1,804 | 1,507.39 | 1,574.14 | 1,643.84 | 1,716.64 | 1,792.65 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -652 | -703 | -702 | -1,028 | -1,028 | -946.55 | -988.47 | -1,032.24 | -1,077.95 | -1,125.68 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 205 | 344 | 952 | 240 | 776 | 560.84 | 585.67 | 611.61 | 638.69 | 666.97 |
Weighted Average Cost Of Capital
| Share price | $ 16.635 |
|---|---|
| Beta | 0.360 |
| Diluted Shares Outstanding | 420.87 |
| Cost of Debt | |
| Tax Rate | 39.26 |
| After-tax Cost of Debt | 1.15% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.327 |
| Total Debt | 2,171 |
| Total Equity | 7,001.17 |
| Total Capital | 9,172.17 |
| Debt Weighting | 23.67 |
| Equity Weighting | 76.33 |
| 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 | 3,943 | 3,525 | 4,427 | 4,029 | 4,501 | 4,700.31 | 4,908.44 | 5,125.79 | 5,352.77 | 5,589.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 857 | 1,047 | 1,654 | 1,268 | 1,804 | 1,507.39 | 1,574.14 | 1,643.84 | 1,716.64 | 1,792.65 |
| Capital Expenditure | -652 | -703 | -702 | -1,028 | -1,028 | -946.55 | -988.47 | -1,032.24 | -1,077.95 | -1,125.68 |
| Free Cash Flow | 205 | 344 | 952 | 240 | 776 | 560.84 | 585.67 | 611.61 | 638.69 | 666.97 |
| WACC | ||||||||||
| PV LFCF | 533.62 | 530.21 | 526.82 | 523.45 | 520.11 | |||||
| SUM PV LFCF | 2,634.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.10 |
| Free cash flow (t + 1) | 680.31 |
| Terminal Value | 21,945.52 |
| Present Value of Terminal Value | 17,113.24 |
Intrinsic Value
| Enterprise Value | 19,747.46 |
|---|---|
| Net Debt | 1,063 |
| Equity Value | 18,684.46 |
| Shares Outstanding | 420.87 |
| Equity Value Per Share | 44.39 |