Discounted Cash Flow (DCF) Analysis Levered

Endeavour Silver Corp. (EDR.TO)

$4.39

+0.10 (+2.33%)

All numbers are in Millions, Currency in USD

Stock DCF: -2.49 | 4.39 | 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	150.51	121.72	138.46	165.32	210.16	231.78	255.62	281.91	310.91	342.90
Revenue (%)
Operating Cash Flow	26.65	-9.58	38.96	23.46	54.99	36.31	40.05	44.17	48.71	53.72
Operating Cash Flow (%)
Capital Expenditure	-40.40	-21.80	-25.54	-54.09	-109.71	-68.66	-75.72	-83.51	-92.10	-101.58
Capital Expenditure (%)
Free Cash Flow	-13.75	-31.38	13.42	-30.63	-54.72	-32.35	-35.68	-39.35	-43.39	-47.86

Weighted Average Cost Of Capital

Share price	$ 4.39
Beta	1.380
Diluted Shares Outstanding	185.35
Cost of Debt
Tax Rate	75.15
After-tax Cost of Debt	1.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.123
Total Debt	15.58
Total Equity	813.68
Total Capital	829.27
Debt Weighting	1.88
Equity Weighting	98.12
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	150.51	121.72	138.46	165.32	210.16	231.78	255.62	281.91	310.91	342.90
Operating Cash Flow	26.65	-9.58	38.96	23.46	54.99	36.31	40.05	44.17	48.71	53.72
Capital Expenditure	-40.40	-21.80	-25.54	-54.09	-109.71	-68.66	-75.72	-83.51	-92.10	-101.58
Free Cash Flow	-13.75	-31.38	13.42	-30.63	-54.72	-32.35	-35.68	-39.35	-43.39	-47.86
WACC
PV LFCF						-29.42	-29.51	-29.59	-29.68	-29.77
SUM PV LFCF										-147.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.96
Free cash flow (t + 1)	-48.81
Terminal Value	-613.24
Present Value of Terminal Value	-381.47

Intrinsic Value

Enterprise Value	-529.43
Net Debt	-67.81
Equity Value	-461.63
Shares Outstanding	185.35
Equity Value Per Share	-2.49