Discounted Cash Flow (DCF) Analysis Levered
AngloGold Ashanti Limited (AU)
$17.74
0.00 (0.00%)
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 | $ 17.74 |
---|---|
Beta | -0.033 |
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 | 2.704 |
Total Debt | 2,094 |
Total Equity | 7,441.60 |
Total Capital | 9,535.60 |
Debt Weighting | 21.96 |
Equity Weighting | 78.04 |
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 | 179.04 | 172.48 | 166.16 | 160.07 | 154.20 | |||||
SUM PV LFCF | 959.78 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 2.90 |
Free cash flow (t + 1) | 209.34 |
Terminal Value | 23,259.51 |
Present Value of Terminal Value | 20,161.54 |
Intrinsic Value
Enterprise Value | 21,121.32 |
---|---|
Net Debt | 940 |
Equity Value | 20,181.32 |
Shares Outstanding | 419.48 |
Equity Value Per Share | 48.11 |