Discounted Cash Flow (DCF) Analysis Levered
B2Gold Corp. (BTG)
$3.98
+0.17 (+4.46%)
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 | 638.68 | 1,225.06 | 1,155.64 | 1,788.93 | 1,762.26 | 2,376.66 | 3,205.25 | 4,322.71 | 5,829.78 | 7,862.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 155 | 450.87 | 491.97 | 950.64 | 724.11 | 940.56 | 1,268.47 | 1,710.71 | 2,307.13 | 3,111.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -372.40 | -211.46 | -220.01 | -304.39 | -302.32 | -612.12 | -825.53 | -1,113.33 | -1,501.48 | -2,024.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -217.40 | 239.41 | 271.96 | 646.25 | 421.79 | 328.44 | 442.95 | 597.38 | 805.64 | 1,086.52 |
Weighted Average Cost Of Capital
| Share price | $ 3.98 |
|---|---|
| Beta | 0.986 |
| Diluted Shares Outstanding | 1,056.30 |
| Cost of Debt | |
| Tax Rate | 42.16 |
| After-tax Cost of Debt | 9.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.589 |
| Total Debt | 75.13 |
| Total Equity | 4,204.08 |
| Total Capital | 4,279.22 |
| Debt Weighting | 1.76 |
| Equity Weighting | 98.24 |
| 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 | 638.68 | 1,225.06 | 1,155.64 | 1,788.93 | 1,762.26 | 2,376.66 | 3,205.25 | 4,322.71 | 5,829.78 | 7,862.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 155 | 450.87 | 491.97 | 950.64 | 724.11 | 940.56 | 1,268.47 | 1,710.71 | 2,307.13 | 3,111.48 |
| Capital Expenditure | -372.40 | -211.46 | -220.01 | -304.39 | -302.32 | -612.12 | -825.53 | -1,113.33 | -1,501.48 | -2,024.96 |
| Free Cash Flow | -217.40 | 239.41 | 271.96 | 646.25 | 421.79 | 328.44 | 442.95 | 597.38 | 805.64 | 1,086.52 |
| WACC | ||||||||||
| PV LFCF | 263.50 | 330.20 | 413.79 | 518.54 | 649.81 | |||||
| SUM PV LFCF | 2,520.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.62 |
| Free cash flow (t + 1) | 1,108.25 |
| Terminal Value | 19,719.78 |
| Present Value of Terminal Value | 13,659.57 |
Intrinsic Value
| Enterprise Value | 16,179.65 |
|---|---|
| Net Debt | -597.87 |
| Equity Value | 16,777.52 |
| Shares Outstanding | 1,056.30 |
| Equity Value Per Share | 15.88 |