Discounted Cash Flow (DCF) Analysis Levered

B2Gold Corp. (BTG)

$3.845

+0.01 (+0.13%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.70 | 3.845 | undervalue

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