Discounted Cash Flow (DCF) Analysis Levered

Copper Mountain Mining Corporation (CMMC.TO)

$1.93

+0.09 (+4.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.31 | 1.93 | 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 304.08296.02288.46341.75578.20697.40841.161,014.561,223.711,475.97
Revenue (%)
Operating Cash Flow 57.2751.2751.23121.61315.46200.93242.35292.31352.57425.25
Operating Cash Flow (%)
Capital Expenditure -3.78-21.54-22.58-34.86-117.31-65.32-78.79-95.03-114.62-138.25
Capital Expenditure (%)
Free Cash Flow 53.5029.7328.6586.75198.14135.60163.56197.28237.94286.99

Weighted Average Cost Of Capital

Share price $ 1.93
Beta 2.774
Diluted Shares Outstanding 218.62
Cost of Debt
Tax Rate 58.57
After-tax Cost of Debt 3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.600
Total Debt 358.58
Total Equity 421.94
Total Capital 780.52
Debt Weighting 45.94
Equity Weighting 54.06
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 304.08296.02288.46341.75578.20697.40841.161,014.561,223.711,475.97
Operating Cash Flow 57.2751.2751.23121.61315.46200.93242.35292.31352.57425.25
Capital Expenditure -3.78-21.54-22.58-34.86-117.31-65.32-78.79-95.03-114.62-138.25
Free Cash Flow 53.5029.7328.6586.75198.14135.60163.56197.28237.94286.99
WACC
PV LFCF 122.87134.29146.77160.41175.31
SUM PV LFCF 739.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.36
Free cash flow (t + 1) 292.73
Terminal Value 3,501.61
Present Value of Terminal Value 2,138.99

Intrinsic Value

Enterprise Value 2,878.65
Net Debt 186.68
Equity Value 2,691.97
Shares Outstanding 218.62
Equity Value Per Share 12.31