Discounted Cash Flow (DCF) Analysis Levered

Gold Resource Corporation (GORO)

$0.8336

+0.02 (+2.91%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.47 | 0.8336 | overvalue

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	115.31	135.37	90.69	125.20	138.72	150.25	162.74	176.27	190.91	206.78
Revenue (%)
Operating Cash Flow	22.26	21.42	35.40	34.78	14.16	33.70	36.50	39.53	42.82	46.38
Operating Cash Flow (%)
Capital Expenditure	-40.08	-39.47	-12.81	-20.61	-18.23	-32.35	-35.04	-37.95	-41.10	-44.52
Capital Expenditure (%)
Free Cash Flow	-17.82	-18.06	22.59	14.17	-4.08	1.35	1.46	1.58	1.72	1.86

Weighted Average Cost Of Capital

Share price	$ 0.8,336
Beta	1.571
Diluted Shares Outstanding	88.37
Cost of Debt
Tax Rate	382.44
After-tax Cost of Debt	-14.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.123
Total Debt	-
Total Equity	73.66
Total Capital	73.66
Debt Weighting	0.00
Equity Weighting	100.00
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	115.31	135.37	90.69	125.20	138.72	150.25	162.74	176.27	190.91	206.78
Operating Cash Flow	22.26	21.42	35.40	34.78	14.16	33.70	36.50	39.53	42.82	46.38
Capital Expenditure	-40.08	-39.47	-12.81	-20.61	-18.23	-32.35	-35.04	-37.95	-41.10	-44.52
Free Cash Flow	-17.82	-18.06	22.59	14.17	-4.08	1.35	1.46	1.58	1.72	1.86
WACC
PV LFCF						1.21	1.18	1.15	1.12	1.10
SUM PV LFCF										5.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.12
Free cash flow (t + 1)	1.89
Terminal Value	20.78
Present Value of Terminal Value	12.26

Intrinsic Value

Enterprise Value	18.04
Net Debt	-23.68
Equity Value	41.71
Shares Outstanding	88.37
Equity Value Per Share	0.47