Discounted Cash Flow (DCF) Analysis Levered
Eldorado Gold Corporation (EGO)
$9.45
-0.03 (-0.32%)
All numbers are in Millions, Currency in USD
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 | 391.41 | 459.02 | 617.82 | 1,026.69 | 943.47 | 1,202.80 | 1,533.40 | 1,954.87 | 2,492.18 | 3,177.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 27.98 | 66.32 | 165.83 | 425.61 | 362.37 | 308.63 | 393.47 | 501.61 | 639.49 | 815.26 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -323.08 | -312.08 | -219.94 | -206.38 | -282.09 | -568.04 | -724.17 | -923.21 | -1,176.97 | -1,500.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -295.10 | -245.76 | -54.12 | 219.23 | 80.28 | -259.40 | -330.70 | -421.60 | -537.48 | -685.21 |
Weighted Average Cost Of Capital
| Share price | $ 9.45 |
|---|---|
| Beta | 1.404 |
| Diluted Shares Outstanding | 181.76 |
| Cost of Debt | |
| Tax Rate | 190.04 |
| After-tax Cost of Debt | -11.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.178 |
| Total Debt | 511.89 |
| Total Equity | 1,717.68 |
| Total Capital | 2,229.57 |
| Debt Weighting | 22.96 |
| Equity Weighting | 77.04 |
| 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 | 391.41 | 459.02 | 617.82 | 1,026.69 | 943.47 | 1,202.80 | 1,533.40 | 1,954.87 | 2,492.18 | 3,177.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 27.98 | 66.32 | 165.83 | 425.61 | 362.37 | 308.63 | 393.47 | 501.61 | 639.49 | 815.26 |
| Capital Expenditure | -323.08 | -312.08 | -219.94 | -206.38 | -282.09 | -568.04 | -724.17 | -923.21 | -1,176.97 | -1,500.47 |
| Free Cash Flow | -295.10 | -245.76 | -54.12 | 219.23 | 80.28 | -259.40 | -330.70 | -421.60 | -537.48 | -685.21 |
| WACC | ||||||||||
| PV LFCF | -246.79 | -299.33 | -363.05 | -440.34 | -534.08 | |||||
| SUM PV LFCF | -1,883.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.11 |
| Free cash flow (t + 1) | -698.92 |
| Terminal Value | -22,473.21 |
| Present Value of Terminal Value | -17,516.40 |
Intrinsic Value
| Enterprise Value | -19,400 |
|---|---|
| Net Debt | 30.56 |
| Equity Value | -19,430.55 |
| Shares Outstanding | 181.76 |
| Equity Value Per Share | -106.90 |