Discounted Cash Flow (DCF) Analysis Levered

Centerra Gold Inc. (CG.TO)

$8.14

+0.01 (+0.12%)

All numbers are in Millions, Currency in USD

Stock DCF: 6.28 | 8.14 | 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	1,129.34	1,375.33	1,688.68	900.14	850.19	833.87	817.87	802.16	786.77	771.66
Revenue (%)
Operating Cash Flow	217.49	334.15	930.01	414.76	-1.98	240.94	236.32	231.78	227.33	222.97
Operating Cash Flow (%)
Capital Expenditure	-285.87	-299.44	-326.24	-92.50	-80.93	-143.76	-141	-138.29	-135.64	-133.03
Capital Expenditure (%)
Free Cash Flow	-68.38	34.71	603.77	322.26	-82.91	97.18	95.32	93.49	91.69	89.93

Weighted Average Cost Of Capital

Share price	$ 8.14
Beta	0.984
Diluted Shares Outstanding	296.63
Cost of Debt
Tax Rate	-73.76
After-tax Cost of Debt	4.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.345
Total Debt	13.97
Total Equity	2,414.57
Total Capital	2,428.54
Debt Weighting	0.58
Equity Weighting	99.42
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	1,129.34	1,375.33	1,688.68	900.14	850.19	833.87	817.87	802.16	786.77	771.66
Operating Cash Flow	217.49	334.15	930.01	414.76	-1.98	240.94	236.32	231.78	227.33	222.97
Capital Expenditure	-285.87	-299.44	-326.24	-92.50	-80.93	-143.76	-141	-138.29	-135.64	-133.03
Free Cash Flow	-68.38	34.71	603.77	322.26	-82.91	97.18	95.32	93.49	91.69	89.93
WACC
PV LFCF						60.16	54.48	49.33	44.66	40.44
SUM PV LFCF										371.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.32
Free cash flow (t + 1)	91.73
Terminal Value	1,451.45
Present Value of Terminal Value	973.32

Intrinsic Value

Enterprise Value	1,344.75
Net Debt	-517.94
Equity Value	1,862.69
Shares Outstanding	296.63
Equity Value Per Share	6.28