Discounted Cash Flow (DCF) Analysis Levered
B2Gold Corp. (BTG)
$3.845
+0.01 (+0.13%)
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 | 1,225.06 | 1,155.64 | 1,788.93 | 1,762.26 | 1,732.59 | 1,931.66 | 2,153.60 | 2,401.04 | 2,676.92 | 2,984.49 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 450.87 | 491.97 | 950.64 | 724.11 | 595.80 | 803.54 | 895.87 | 998.80 | 1,113.56 | 1,241.51 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -211.46 | -220.01 | -304.39 | -302.32 | -390.33 | -359.28 | -400.56 | -446.59 | -497.90 | -555.10 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 239.41 | 271.96 | 646.25 | 421.79 | 205.47 | 444.26 | 495.31 | 552.22 | 615.67 | 686.40 |
Weighted Average Cost Of Capital
Share price | $ 3.845 |
---|---|
Beta | 0.959 |
Diluted Shares Outstanding | 1,056.30 |
Cost of Debt | |
Tax Rate | 52.34 |
After-tax Cost of Debt | 9.03% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.276 |
Total Debt | 57.23 |
Total Equity | 4,061.48 |
Total Capital | 4,118.71 |
Debt Weighting | 1.39 |
Equity Weighting | 98.61 |
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 | 1,225.06 | 1,155.64 | 1,788.93 | 1,762.26 | 1,732.59 | 1,931.66 | 2,153.60 | 2,401.04 | 2,676.92 | 2,984.49 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 450.87 | 491.97 | 950.64 | 724.11 | 595.80 | 803.54 | 895.87 | 998.80 | 1,113.56 | 1,241.51 |
Capital Expenditure | -211.46 | -220.01 | -304.39 | -302.32 | -390.33 | -359.28 | -400.56 | -446.59 | -497.90 | -555.10 |
Free Cash Flow | 239.41 | 271.96 | 646.25 | 421.79 | 205.47 | 444.26 | 495.31 | 552.22 | 615.67 | 686.40 |
WACC | ||||||||||
PV LFCF | 410.25 | 422.38 | 434.86 | 447.70 | 460.93 | |||||
SUM PV LFCF | 2,176.12 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.29 |
Free cash flow (t + 1) | 700.13 |
Terminal Value | 11,130.86 |
Present Value of Terminal Value | 7,474.58 |
Intrinsic Value
Enterprise Value | 9,650.70 |
---|---|
Net Debt | -594.72 |
Equity Value | 10,245.42 |
Shares Outstanding | 1,056.30 |
Equity Value Per Share | 9.70 |