Discounted Cash Flow (DCF) Analysis Levered

AngloGold Ashanti Limited (AU)

$19.88

+0.36 (+1.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 42.49 | 19.88 | undervalue

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 3,9433,5254,4274,0294,5014,700.314,908.445,125.795,352.775,589.79
Revenue (%)
Operating Cash Flow 8571,0471,6541,2681,8041,507.391,574.141,643.841,716.641,792.65
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 205344952240776560.84585.67611.61638.69666.97

Weighted Average Cost Of Capital

Share price $ 19.88
Beta 0.360
Diluted Shares Outstanding 420.87
Cost of Debt
Tax Rate 39.26
After-tax Cost of Debt 2.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.918
Total Debt 2,171
Total Equity 8,366.89
Total Capital 10,537.89
Debt Weighting 20.60
Equity Weighting 79.40
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 3,9433,5254,4274,0294,5014,700.314,908.445,125.795,352.775,589.79
Operating Cash Flow 8571,0471,6541,2681,8041,507.391,574.141,643.841,716.641,792.65
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 205344952240776560.84585.67611.61638.69666.97
WACC
PV LFCF 532.96528.90524.87520.87516.90
SUM PV LFCF 2,624.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) 680.31
Terminal Value 21,062.26
Present Value of Terminal Value 16,323.27

Intrinsic Value

Enterprise Value 18,947.79
Net Debt 1,063
Equity Value 17,884.79
Shares Outstanding 420.87
Equity Value Per Share 42.49