Discounted Cash Flow (DCF) Analysis Levered
Gold Fields Limited (GFI)
$11.79
-0.29 (-2.40%)
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 | $ 11.79 |
|---|---|
| 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 | 2,577.80 | 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 | 371.59 | 396.04 | 422.10 | 449.87 | 479.47 | |||||
| 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 |