Discounted Cash Flow (DCF) Analysis Levered
Eldorado Gold Corporation (EGO)
$10.36
-0.10 (-0.96%)
All numbers are in Millions, Currency in USD
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 | $ 10.36 |
|---|---|
| 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 | 9.982 |
| Total Debt | 511.36 |
| Total Equity | 1,883.09 |
| Total Capital | 2,394.44 |
| Debt Weighting | 21.36 |
| Equity Weighting | 78.64 |
| 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 | -148.56 | -281.74 | -534.31 | -1,013.29 | -1,921.65 | |||||
| SUM PV LFCF | -3,899.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -36.06 |
| Free cash flow (t + 1) | -209.48 |
| Terminal Value | 550.39 |
| Present Value of Terminal Value | 5,149.99 |
Intrinsic Value
| Enterprise Value | 1,250.45 |
|---|---|
| Net Debt | 231.62 |
| Equity Value | 1,018.83 |
| Shares Outstanding | 181.76 |
| Equity Value Per Share | 5.61 |