Discounted Cash Flow (DCF) Analysis Levered

China Gold International Resources ... (CGG.TO)

$3.51

-0.05 (-1.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.53 | 3.51 | overvalue

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 411.88570.57657.46864.031,137.361,469.491,898.622,453.063,169.424,094.96
Revenue (%)
Operating Cash Flow 98.55154.94158.31260.46417.28417.32539.19696.64900.081,162.93
Operating Cash Flow (%)
Capital Expenditure -256.43-133.37-130.64-151.39-154.08-401.38-518.60-670.04-865.71-1,118.51
Capital Expenditure (%)
Free Cash Flow -157.8821.5727.67109.07263.2015.9420.5926.6134.3744.41

Weighted Average Cost Of Capital

Share price $ 3.51
Beta 1.917
Diluted Shares Outstanding 396.41
Cost of Debt
Tax Rate 14.21
After-tax Cost of Debt 2.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.874
Total Debt 973.27
Total Equity 1,391.41
Total Capital 2,364.68
Debt Weighting 41.16
Equity Weighting 58.84
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 411.88570.57657.46864.031,137.361,469.491,898.622,453.063,169.424,094.96
Operating Cash Flow 98.55154.94158.31260.46417.28417.32539.19696.64900.081,162.93
Capital Expenditure -256.43-133.37-130.64-151.39-154.08-401.38-518.60-670.04-865.71-1,118.51
Free Cash Flow -157.8821.5727.67109.07263.2015.9420.5926.6134.3744.41
WACC
PV LFCF 14.6617.4320.7224.6329.28
SUM PV LFCF 106.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.69
Free cash flow (t + 1) 45.30
Terminal Value 677.15
Present Value of Terminal Value 446.42

Intrinsic Value

Enterprise Value 553.14
Net Debt 765.14
Equity Value -212
Shares Outstanding 396.41
Equity Value Per Share -0.53