Discounted Cash Flow (DCF) Analysis Levered

Gold Fields Limited (GFI)

$12.2

+0.48 (+4.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.55 | 12.2 | overvalue

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 2,761.802,577.802,967.103,892.104,195.204,692.365,248.435,870.406,566.087,344.20
Revenue (%)
Operating Cash Flow 762.40557.808451,111.401,599.201,355.131,515.721,695.351,896.262,120.97
Operating Cash Flow (%)
Capital Expenditure -833.60-814.20-612.50-590.80-1,060-1,152.99-1,289.62-1,442.45-1,613.39-1,804.59
Capital Expenditure (%)
Free Cash Flow -71.20-256.40232.50520.60539.20202.15226.10252.90282.87316.39

Weighted Average Cost Of Capital

Share price $ 12.2
Beta 0.412
Diluted Shares Outstanding 893.50
Cost of Debt
Tax Rate 37.08
After-tax Cost of Debt 3.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.686
Total Debt 1,493.60
Total Equity 10,900.67
Total Capital 12,394.27
Debt Weighting 12.05
Equity Weighting 87.95
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 2,761.802,577.802,967.103,892.104,195.204,692.365,248.435,870.406,566.087,344.20
Operating Cash Flow 762.40557.808451,111.401,599.201,355.131,515.721,695.351,896.262,120.97
Capital Expenditure -833.60-814.20-612.50-590.80-1,060-1,152.99-1,289.62-1,442.45-1,613.39-1,804.59
Free Cash Flow -71.20-256.40232.50520.60539.20202.15226.10252.90282.87316.39
WACC
PV LFCF 169.25181.09193.75207.30221.80
SUM PV LFCF 1,111.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.54
Free cash flow (t + 1) 322.72
Terminal Value 12,705.38
Present Value of Terminal Value 10,175.95

Intrinsic Value

Enterprise Value 11,287.81
Net Debt 968.90
Equity Value 10,318.91
Shares Outstanding 893.50
Equity Value Per Share 11.55