Discounted Cash Flow (DCF) Analysis Levered

Cameco Corporation (CCJ)

$30.08

-0.22 (-0.73%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.06 | 30.08 | overvalue

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	2,091.66	1,862.93	1,800.07	1,474.98	1,868	1,841.27	1,814.93	1,788.96	1,763.36	1,738.13
Revenue (%)
Operating Cash Flow	667.52	527.02	56.89	458.29	304.61	407.81	401.97	396.22	390.55	384.96
Operating Cash Flow (%)
Capital Expenditure	-55.36	-75.21	-77.46	-98.78	-143.45	-93.40	-92.07	-90.75	-89.45	-88.17
Capital Expenditure (%)
Free Cash Flow	612.15	451.81	-20.57	359.50	161.16	314.41	309.91	305.47	301.10	296.79

Weighted Average Cost Of Capital

Share price	$ 30.08
Beta	0.949
Diluted Shares Outstanding	407.13
Cost of Debt
Tax Rate	-5.41
After-tax Cost of Debt	6.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.170
Total Debt	997
Total Equity	12,246.62
Total Capital	13,243.62
Debt Weighting	7.53
Equity Weighting	92.47
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	2,091.66	1,862.93	1,800.07	1,474.98	1,868	1,841.27	1,814.93	1,788.96	1,763.36	1,738.13
Operating Cash Flow	667.52	527.02	56.89	458.29	304.61	407.81	401.97	396.22	390.55	384.96
Capital Expenditure	-55.36	-75.21	-77.46	-98.78	-143.45	-93.40	-92.07	-90.75	-89.45	-88.17
Free Cash Flow	612.15	451.81	-20.57	359.50	161.16	314.41	309.91	305.47	301.10	296.79
WACC
PV LFCF						290.90	265.30	241.96	220.66	201.25
SUM PV LFCF										1,220.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.08
Free cash flow (t + 1)	302.73
Terminal Value	4,979.09
Present Value of Terminal Value	3,376.16

Intrinsic Value

Enterprise Value	4,596.23
Net Debt	92.33
Equity Value	4,503.90
Shares Outstanding	407.13
Equity Value Per Share	11.06