Discounted Cash Flow (DCF) Analysis Levered
AngloGold Ashanti Limited (AU)
$19.88
+0.36 (+1.84%)
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 | $ 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 | 3,943 | 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 | 532.96 | 528.90 | 524.87 | 520.87 | 516.90 | |||||
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 |