Discounted Cash Flow (DCF) Analysis Levered

Yamana Gold Inc. (AUY)

$5.31

-0.03 (-0.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.98 | 5.31 | overvalue

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 1,803.801,798.501,612.201,5611,815.401,826.611,837.881,849.221,860.641,872.12
Revenue (%)
Operating Cash Flow 484404.20521.80617.80742.30592.33595.98599.66603.36607.09
Operating Cash Flow (%)
Capital Expenditure -643.80-446.90-331.70-273.70-384.60-437.78-440.48-443.20-445.93-448.69
Capital Expenditure (%)
Free Cash Flow -159.80-42.70190.10344.10357.70154.55155.50156.46157.43158.40

Weighted Average Cost Of Capital

Share price $ 5.31
Beta 1.277
Diluted Shares Outstanding 964.93
Cost of Debt
Tax Rate 61.64
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.716
Total Debt 772.80
Total Equity 5,123.79
Total Capital 5,896.59
Debt Weighting 13.11
Equity Weighting 86.89
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 1,803.801,798.501,612.201,5611,815.401,826.611,837.881,849.221,860.641,872.12
Operating Cash Flow 484404.20521.80617.80742.30592.33595.98599.66603.36607.09
Capital Expenditure -643.80-446.90-331.70-273.70-384.60-437.78-440.48-443.20-445.93-448.69
Free Cash Flow -159.80-42.70190.10344.10357.70154.55155.50156.46157.43158.40
WACC
PV LFCF 141.98131.25121.32112.14103.66
SUM PV LFCF 610.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.85
Free cash flow (t + 1) 161.57
Terminal Value 2,358.68
Present Value of Terminal Value 1,543.57

Intrinsic Value

Enterprise Value 2,153.92
Net Debt 247.80
Equity Value 1,906.12
Shares Outstanding 964.93
Equity Value Per Share 1.98