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 459.02617.821,026.69943.47871.461,056.731,281.381,553.801,884.122,284.68
Revenue (%)
Operating Cash Flow 66.32165.83425.61362.37211307.22372.53451.73547.76664.21
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 -245.76-54.12219.2380.28-108.99-94.99-115.18-139.67-169.36-205.37

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 459.02617.821,026.69943.47871.461,056.731,281.381,553.801,884.122,284.68
Operating Cash Flow 66.32165.83425.61362.37211307.22372.53451.73547.76664.21
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 -245.76-54.12219.2380.28-108.99-94.99-115.18-139.67-169.36-205.37
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