Discounted Cash Flow (DCF) Analysis Levered
Gold Fields Limited (GFI)
$11.135
-0.57 (-4.91%)
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 | 2,577.80 | 2,967.10 | 3,892.10 | 4,195.20 | 4,286.70 | 4,889.47 | 5,577 | 6,361.21 | 7,255.69 | 8,275.95 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 613.10 | 892.70 | 1,111.40 | 1,599.20 | 1,713.90 | 1,569.79 | 1,790.52 | 2,042.30 | 2,329.47 | 2,657.03 |
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 | -201.10 | 280.20 | 520.60 | 539.20 | 670.90 | 425.60 | 485.44 | 553.70 | 631.56 | 720.37 |
Weighted Average Cost Of Capital
Share price | $ 11.135 |
---|---|
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 | 7.653 |
Total Debt | 1,473.50 |
Total Equity | 9,953.76 |
Total Capital | 11,427.26 |
Debt Weighting | 12.89 |
Equity Weighting | 87.11 |
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 | 2,577.80 | 2,967.10 | 3,892.10 | 4,195.20 | 4,286.70 | 4,889.47 | 5,577 | 6,361.21 | 7,255.69 | 8,275.95 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 613.10 | 892.70 | 1,111.40 | 1,599.20 | 1,713.90 | 1,569.79 | 1,790.52 | 2,042.30 | 2,329.47 | 2,657.03 |
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 | -201.10 | 280.20 | 520.60 | 539.20 | 670.90 | 425.60 | 485.44 | 553.70 | 631.56 | 720.37 |
WACC | ||||||||||
PV LFCF | 282.80 | 301.32 | 321.06 | 342.09 | 364.49 | |||||
SUM PV LFCF | 2,265.85 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.05 |
Free cash flow (t + 1) | 734.77 |
Terminal Value | 14,549.97 |
Present Value of Terminal Value | 10,349.73 |
Intrinsic Value
Enterprise Value | 12,615.58 |
---|---|
Net Debt | 704.10 |
Equity Value | 11,911.48 |
Shares Outstanding | 893.92 |
Equity Value Per Share | 13.33 |