Discounted Cash Flow (DCF) Analysis Levered

AngloGold Ashanti Limited (AU)

$15.19

+0.40 (+2.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.98 | 15.19 | 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 4,3563,9433,5254,4274,0293,993.913,959.123,924.643,890.463,856.57
Revenue (%)
Operating Cash Flow 9978571,0471,096.79998.18989.49980.87972.33963.86955.46
Operating Cash Flow (%)
Capital Expenditure -830-652-703-718-1,028-776.95-770.18-763.47-756.82-750.23
Capital Expenditure (%)
Free Cash Flow 167205344378.79-29.82212.54210.69208.85207.03205.23

Weighted Average Cost Of Capital

Share price $ 15.19
Beta 0.010
Diluted Shares Outstanding 419.48
Cost of Debt
Tax Rate 35.07
After-tax Cost of Debt 3.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.936
Total Debt 2,094
Total Equity 6,371.92
Total Capital 8,465.92
Debt Weighting 24.73
Equity Weighting 75.27
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 4,3563,9433,5254,4274,0293,993.913,959.123,924.643,890.463,856.57
Operating Cash Flow 9978571,0471,096.79998.18989.49980.87972.33963.86955.46
Capital Expenditure -830-652-703-718-1,028-776.95-770.18-763.47-756.82-750.23
Free Cash Flow 167205344378.79-29.82212.54210.69208.85207.03205.23
WACC
PV LFCF 206.15198.21190.57183.23176.18
SUM PV LFCF 954.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.10
Free cash flow (t + 1) 209.34
Terminal Value 19,030.51
Present Value of Terminal Value 16,336.43

Intrinsic Value

Enterprise Value 17,290.77
Net Debt 940
Equity Value 16,350.77
Shares Outstanding 419.48
Equity Value Per Share 38.98