Discounted Cash Flow (DCF) Analysis Levered

Golden Star Resources Ltd. (GSC.TO)

$4.96

-0.04 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -32.56 | 4.96 | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 221.29315.50273.02264.74272.48292.24313.42336.15360.52386.65
Revenue (%)
Operating Cash Flow 53.2555.18-7.5622.8460.0940.6043.5446.7050.0953.72
Operating Cash Flow (%)
Capital Expenditure -84.36-68.87-44.93-73.38-45.22-70.56-75.68-81.16-87.05-93.36
Capital Expenditure (%)
Free Cash Flow -31.11-13.70-52.49-50.5414.86-29.96-32.13-34.46-36.96-39.64

Weighted Average Cost Of Capital

Share price $ 4.96
Beta 0.325
Diluted Shares Outstanding 109
Cost of Debt
Tax Rate 160.33
After-tax Cost of Debt -7.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.041
Total Debt 104.58
Total Equity 540.64
Total Capital 645.22
Debt Weighting 16.21
Equity Weighting 83.79
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 221.29315.50273.02264.74272.48292.24313.42336.15360.52386.65
Operating Cash Flow 53.2555.18-7.5622.8460.0940.6043.5446.7050.0953.72
Capital Expenditure -84.36-68.87-44.93-73.38-45.22-70.56-75.68-81.16-87.05-93.36
Free Cash Flow -31.11-13.70-52.49-50.5414.86-29.96-32.13-34.46-36.96-39.64
WACC
PV LFCF -29.08-30.26-31.50-32.79-34.13
SUM PV LFCF -157.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.04
Free cash flow (t + 1) -40.43
Terminal Value -3,887.68
Present Value of Terminal Value -3,347.04

Intrinsic Value

Enterprise Value -3,504.80
Net Debt 43.77
Equity Value -3,548.57
Shares Outstanding 109
Equity Value Per Share -32.56