Discounted Cash Flow (DCF) Analysis Levered

Eldorado Gold Corporation (EGO)

$9.83

+0.04 (+0.41%)

All numbers are in Millions, Currency in USD

Stock DCF: 5.83 | 9.83 | 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	459.02	617.82	1,026.69	943.47	871.46	1,056.73	1,281.38	1,553.80	1,884.12	2,284.68
Revenue (%)
Operating Cash Flow	66.32	165.83	425.61	362.37	211	307.22	372.53	451.73	547.76	664.21
Operating Cash Flow (%)
Capital Expenditure	-312.08	-219.94	-206.38	-282.09	-319.99	-402.21	-487.71	-591.40	-717.13	-869.58
Capital Expenditure (%)
Free Cash Flow	-245.76	-54.12	219.23	80.28	-108.99	-94.99	-115.18	-139.67	-169.36	-205.37

Weighted Average Cost Of Capital

Share price	$ 9.83
Beta	1.375
Diluted Shares Outstanding	181.76
Cost of Debt
Tax Rate	3,084.35
After-tax Cost of Debt	-205.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.868
Total Debt	511.36
Total Equity	1,786.75
Total Capital	2,298.10
Debt Weighting	22.25
Equity Weighting	77.75
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	459.02	617.82	1,026.69	943.47	871.46	1,056.73	1,281.38	1,553.80	1,884.12	2,284.68
Operating Cash Flow	66.32	165.83	425.61	362.37	211	307.22	372.53	451.73	547.76	664.21
Capital Expenditure	-312.08	-219.94	-206.38	-282.09	-319.99	-402.21	-487.71	-591.40	-717.13	-869.58
Free Cash Flow	-245.76	-54.12	219.23	80.28	-108.99	-94.99	-115.18	-139.67	-169.36	-205.37
WACC
PV LFCF						-400.11	-783.55	-1,534.45	-3,004.95	-5,884.67
SUM PV LFCF										-4,450.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-38.08
Free cash flow (t + 1)	-209.48
Terminal Value	522.65
Present Value of Terminal Value	5,741.91

Intrinsic Value

Enterprise Value	1,291.40
Net Debt	231.62
Equity Value	1,059.78
Shares Outstanding	181.76
Equity Value Per Share	5.83