Discounted Cash Flow (DCF) Analysis Levered
AngloGold Ashanti Limited (AU)
$24.19
-0.26 (-1.06%)
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 | 1,353.34 | 1,413.27 | 1,475.85 | 1,541.20 | 1,609.45 | 1,680.72 |
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 | 325.34 | 466.72 | 487.38 | 508.96 | 531.50 | 555.04 |
Weighted Average Cost Of Capital
Share price | $ 24.19 |
---|---|
Beta | 0.354 |
Diluted Shares Outstanding | 420.06 |
Cost of Debt | |
Tax Rate | 39.26 |
After-tax Cost of Debt | 1.15% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.415 |
Total Debt | 2,171 |
Total Equity | 10,161.17 |
Total Capital | 12,332.17 |
Debt Weighting | 17.60 |
Equity Weighting | 82.40 |
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 | 1,353.34 | 1,413.27 | 1,475.85 | 1,541.20 | 1,609.45 | 1,680.72 |
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 | 325.34 | 466.72 | 487.38 | 508.96 | 531.50 | 555.04 |
WACC | ||||||||||
PV LFCF | 445.94 | 444.95 | 443.96 | 442.98 | 442 | |||||
SUM PV LFCF | 2,219.82 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.66 |
Free cash flow (t + 1) | 566.14 |
Terminal Value | 21,283.38 |
Present Value of Terminal Value | 16,948.72 |
Intrinsic Value
Enterprise Value | 19,168.54 |
---|---|
Net Debt | 1,063 |
Equity Value | 18,105.54 |
Shares Outstanding | 420.06 |
Equity Value Per Share | 43.10 |