Discounted Cash Flow (DCF) Analysis Levered

GCM Mining Corp. (GCM.TO)

$3.11

-0.08 (-2.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 16.71 | 3.11 | undervalue

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 215.37268.53326.48390.92382.61443.71514.57596.75692.05802.56
Revenue (%)
Operating Cash Flow 50.5379.74103.28136.3880.55124.89144.83167.96194.78225.89
Operating Cash Flow (%)
Capital Expenditure -24.97-35.60-42.67-62.80-63.47-62.63-72.63-84.23-97.68-113.28
Capital Expenditure (%)
Free Cash Flow 25.5644.1460.6173.5817.0962.2672.2083.7397.11112.61

Weighted Average Cost Of Capital

Share price $ 3.11
Beta 1.412
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 22.33
After-tax Cost of Debt 3.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.915
Total Debt 318.07
Total Equity 334.28
Total Capital 652.35
Debt Weighting 48.76
Equity Weighting 51.24
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 215.37268.53326.48390.92382.61443.71514.57596.75692.05802.56
Operating Cash Flow 50.5379.74103.28136.3880.55124.89144.83167.96194.78225.89
Capital Expenditure -24.97-35.60-42.67-62.80-63.47-62.63-72.63-84.23-97.68-113.28
Free Cash Flow 25.5644.1460.6173.5817.0962.2672.2083.7397.11112.61
WACC
PV LFCF 57.9162.4767.3872.6978.40
SUM PV LFCF 338.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.51
Free cash flow (t + 1) 114.86
Terminal Value 2,084.66
Present Value of Terminal Value 1,451.41

Intrinsic Value

Enterprise Value 1,790.27
Net Debt -5.49
Equity Value 1,795.76
Shares Outstanding 107.49
Equity Value Per Share 16.71