Discounted Cash Flow (DCF) Analysis Levered

Coeur Mining, Inc. (CDE)

$3.12

-0.09 (-2.80%)

All numbers are in Millions, Currency in USD

Stock DCF: -11.54 | 3.12 | 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	625.90	711.50	785.46	832.83	785.64	833.63	884.55	938.59	995.92	1,056.76
Revenue (%)
Operating Cash Flow	17.42	91.88	148.71	110.48	25.62	85.29	90.50	96.03	101.89	108.12
Operating Cash Flow (%)
Capital Expenditure	-140.79	-99.77	-99.28	-309.78	-352.35	-218.75	-232.11	-246.29	-261.33	-277.30
Capital Expenditure (%)
Free Cash Flow	-123.37	-7.89	49.43	-199.30	-326.74	-133.46	-141.61	-150.26	-159.44	-169.18

Weighted Average Cost Of Capital

Share price	$ 3.12
Beta	1.572
Diluted Shares Outstanding	250
Cost of Debt
Tax Rate	-23.10
After-tax Cost of Debt	4.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.167
Total Debt	527.49
Total Equity	780
Total Capital	1,307.49
Debt Weighting	40.34
Equity Weighting	59.66
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	625.90	711.50	785.46	832.83	785.64	833.63	884.55	938.59	995.92	1,056.76
Operating Cash Flow	17.42	91.88	148.71	110.48	25.62	85.29	90.50	96.03	101.89	108.12
Capital Expenditure	-140.79	-99.77	-99.28	-309.78	-352.35	-218.75	-232.11	-246.29	-261.33	-277.30
Free Cash Flow	-123.37	-7.89	49.43	-199.30	-326.74	-133.46	-141.61	-150.26	-159.44	-169.18
WACC
PV LFCF						-104.98	-102.82	-100.72	-98.65	-96.63
SUM PV LFCF										-591.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.33
Free cash flow (t + 1)	-172.56
Terminal Value	-2,726.10
Present Value of Terminal Value	-1,827.25

Intrinsic Value

Enterprise Value	-2,418.48
Net Debt	466.03
Equity Value	-2,884.51
Shares Outstanding	250
Equity Value Per Share	-11.54