Discounted Cash Flow (DCF) Analysis Levered

Barrick Gold Corporation (GOLD)

$14.26

-0.22 (-1.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.45 | 14.26 | 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 8,3747,2439,71712,59511,98513,346.0814,861.7316,549.5018,428.9420,521.83
Revenue (%)
Operating Cash Flow 2,0651,7652,8335,4174,3784,209.924,688.025,220.415,813.276,473.46
Operating Cash Flow (%)
Capital Expenditure -1,396-1,400-1,701-2,054-2,435-2,405.77-2,678.98-2,983.22-3,322.01-3,699.27
Capital Expenditure (%)
Free Cash Flow 6693651,1323,3631,9431,804.152,009.042,237.202,491.262,774.18

Weighted Average Cost Of Capital

Share price $ 14.26
Beta 0.131
Diluted Shares Outstanding 1,779
Cost of Debt
Tax Rate 56.35
After-tax Cost of Debt 2.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.393
Total Debt 5,473
Total Equity 25,368.54
Total Capital 30,841.54
Debt Weighting 17.75
Equity Weighting 82.25
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 8,3747,2439,71712,59511,98513,346.0814,861.7316,549.5018,428.9420,521.83
Operating Cash Flow 2,0651,7652,8335,4174,3784,209.924,688.025,220.415,813.276,473.46
Capital Expenditure -1,396-1,400-1,701-2,054-2,435-2,405.77-2,678.98-2,983.22-3,322.01-3,699.27
Free Cash Flow 6693651,1323,3631,9431,804.152,009.042,237.202,491.262,774.18
WACC
PV LFCF 1,733.091,853.901,983.132,121.372,269.25
SUM PV LFCF 9,960.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.10
Free cash flow (t + 1) 2,829.67
Terminal Value 134,746.07
Present Value of Terminal Value 110,220.52

Intrinsic Value

Enterprise Value 120,181.27
Net Debt 193
Equity Value 119,988.27
Shares Outstanding 1,779
Equity Value Per Share 67.45