Discounted Cash Flow (DCF) Analysis Levered

Gold Fields Limited (GFI)

$11.79

-0.29 (-2.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.41 | 11.79 | undervalue

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 2,577.802,967.103,892.104,195.204,286.704,889.475,5776,361.217,255.698,275.95
Revenue (%)
Operating Cash Flow 613.10892.701,111.401,599.201,713.901,569.791,790.522,042.302,329.472,657.03
Operating Cash Flow (%)
Capital Expenditure -814.20-612.50-590.80-1,060-1,043-1,144.19-1,305.08-1,488.60-1,697.91-1,936.67
Capital Expenditure (%)
Free Cash Flow -201.10280.20520.60539.20670.90425.60485.44553.70631.56720.37

Weighted Average Cost Of Capital

Share price $ 11.79
Beta 0.643
Diluted Shares Outstanding 893.92
Cost of Debt
Tax Rate 38.91
After-tax Cost of Debt 3.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.577
Total Debt 1,473.50
Total Equity 10,539.27
Total Capital 12,012.77
Debt Weighting 12.27
Equity Weighting 87.73
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 2,577.802,967.103,892.104,195.204,286.704,889.475,5776,361.217,255.698,275.95
Operating Cash Flow 613.10892.701,111.401,599.201,713.901,569.791,790.522,042.302,329.472,657.03
Capital Expenditure -814.20-612.50-590.80-1,060-1,043-1,144.19-1,305.08-1,488.60-1,697.91-1,936.67
Free Cash Flow -201.10280.20520.60539.20670.90425.60485.44553.70631.56720.37
WACC
PV LFCF 371.59396.04422.10449.87479.47
SUM PV LFCF 2,267.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.02
Free cash flow (t + 1) 734.77
Terminal Value 14,636.93
Present Value of Terminal Value 10,426.18

Intrinsic Value

Enterprise Value 12,694.02
Net Debt 704.10
Equity Value 11,989.92
Shares Outstanding 893.92
Equity Value Per Share 13.41