Discounted Cash Flow (DCF) Analysis Levered
AngloGold Ashanti Limited (AU)
$15.19
+0.40 (+2.70%)
All numbers are in Millions, Currency in USD
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 | 4,356 | 3,943 | 3,525 | 4,427 | 4,029 | 3,993.91 | 3,959.12 | 3,924.64 | 3,890.46 | 3,856.57 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 997 | 857 | 1,047 | 1,096.79 | 998.18 | 989.49 | 980.87 | 972.33 | 963.86 | 955.46 |
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 | 167 | 205 | 344 | 378.79 | -29.82 | 212.54 | 210.69 | 208.85 | 207.03 | 205.23 |
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 | 4,356 | 3,943 | 3,525 | 4,427 | 4,029 | 3,993.91 | 3,959.12 | 3,924.64 | 3,890.46 | 3,856.57 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 997 | 857 | 1,047 | 1,096.79 | 998.18 | 989.49 | 980.87 | 972.33 | 963.86 | 955.46 |
Capital Expenditure | -830 | -652 | -703 | -718 | -1,028 | -776.95 | -770.18 | -763.47 | -756.82 | -750.23 |
Free Cash Flow | 167 | 205 | 344 | 378.79 | -29.82 | 212.54 | 210.69 | 208.85 | 207.03 | 205.23 |
WACC | ||||||||||
PV LFCF | 206.15 | 198.21 | 190.57 | 183.23 | 176.18 | |||||
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 |