Discounted Cash Flow (DCF) Analysis Levered

Coeur Mining, Inc. (CDE)

$3.66

-0.01 (-0.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.89 | 3.66 | undervalue

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	709.60	625.90	711.50	785.46	832.83	870.94	910.80	952.49	996.08	1,041.67
Revenue (%)
Operating Cash Flow	208.46	17.42	91.88	148.71	110.48	134.60	140.76	147.20	153.94	160.98
Operating Cash Flow (%)
Capital Expenditure	-136.73	-140.79	-99.77	-99.28	-309.78	-183.98	-192.40	-201.21	-210.41	-220.04
Capital Expenditure (%)
Free Cash Flow	71.72	-123.37	-7.89	49.43	-199.30	-49.38	-51.64	-54.01	-56.48	-59.06

Weighted Average Cost Of Capital

Share price	$ 3.66
Beta	1.766
Diluted Shares Outstanding	242.50
Cost of Debt
Tax Rate	961.44
After-tax Cost of Debt	-25.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.195
Total Debt	498.80
Total Equity	887.55
Total Capital	1,386.35
Debt Weighting	35.98
Equity Weighting	64.02
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	709.60	625.90	711.50	785.46	832.83	870.94	910.80	952.49	996.08	1,041.67
Operating Cash Flow	208.46	17.42	91.88	148.71	110.48	134.60	140.76	147.20	153.94	160.98
Capital Expenditure	-136.73	-140.79	-99.77	-99.28	-309.78	-183.98	-192.40	-201.21	-210.41	-220.04
Free Cash Flow	71.72	-123.37	-7.89	49.43	-199.30	-49.38	-51.64	-54.01	-56.48	-59.06
WACC
PV LFCF						-50.38	-53.75	-57.34	-61.18	-65.27
SUM PV LFCF										-287.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-1.98
Free cash flow (t + 1)	-60.24
Terminal Value	1,513.64
Present Value of Terminal Value	1,672.82

Intrinsic Value

Enterprise Value	1,384.89
Net Debt	442.14
Equity Value	942.76
Shares Outstanding	242.50
Equity Value Per Share	3.89