Discounted Cash Flow (DCF) Analysis Levered

Yamana Gold Inc. (AUY)

$5.85

-0.04 (-0.68%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.94 | 5.85 | 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	1,803.80	1,798.50	1,612.20	1,561	1,815.40	1,826.61	1,837.88	1,849.22	1,860.64	1,872.12
Revenue (%)
Operating Cash Flow	484	404.20	521.80	617.80	742.30	592.33	595.98	599.66	603.36	607.09
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	-42.70	190.10	344.10	357.70	154.55	155.50	156.46	157.43	158.40

Weighted Average Cost Of Capital

Share price	$ 5.85
Beta	1.269
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	9.774
Total Debt	772.80
Total Equity	5,644.85
Total Capital	6,417.65
Debt Weighting	12.04
Equity Weighting	87.96
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	1,803.80	1,798.50	1,612.20	1,561	1,815.40	1,826.61	1,837.88	1,849.22	1,860.64	1,872.12
Operating Cash Flow	484	404.20	521.80	617.80	742.30	592.33	595.98	599.66	603.36	607.09
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	-42.70	190.10	344.10	357.70	154.55	155.50	156.46	157.43	158.40
WACC
PV LFCF						141.83	130.96	120.92	111.65	103.09
SUM PV LFCF										608.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.97
Free cash flow (t + 1)	161.57
Terminal Value	2,318.07
Present Value of Terminal Value	1,508.66

Intrinsic Value

Enterprise Value	2,117.11
Net Debt	247.80
Equity Value	1,869.31
Shares Outstanding	964.93
Equity Value Per Share	1.94