Discounted Cash Flow (DCF) Analysis Levered

Ferroglobe PLC (GSM)

$6.42

-0.36 (-5.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.16 | 6.42 | 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 1,732.282,2421,615.221,144.431,778.911,902.372,034.412,175.612,326.602,488.08
Revenue (%)
Operating Cash Flow 150.3773.78-74.23154.27-1.3479.0684.5590.4296.70103.41
Operating Cash Flow (%)
Capital Expenditure -75.43-109.45-32.63-32.91-27.60-59.67-63.81-68.24-72.98-78.04
Capital Expenditure (%)
Free Cash Flow 74.95-35.67-106.86121.36-28.9419.3920.7422.1823.7225.36

Weighted Average Cost Of Capital

Share price $ 6.42
Beta 2.494
Diluted Shares Outstanding 169.26
Cost of Debt
Tax Rate 8.72
After-tax Cost of Debt 4.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.532
Total Debt 557.62
Total Equity 1,086.63
Total Capital 1,644.25
Debt Weighting 33.91
Equity Weighting 66.09
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 1,732.282,2421,615.221,144.431,778.911,902.372,034.412,175.612,326.602,488.08
Operating Cash Flow 150.3773.78-74.23154.27-1.3479.0684.5590.4296.70103.41
Capital Expenditure -75.43-109.45-32.63-32.91-27.60-59.67-63.81-68.24-72.98-78.04
Free Cash Flow 74.95-35.67-106.86121.36-28.9419.3920.7422.1823.7225.36
WACC
PV LFCF 17.4516.7916.1515.5414.95
SUM PV LFCF 80.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.15
Free cash flow (t + 1) 25.87
Terminal Value 282.76
Present Value of Terminal Value 166.67

Intrinsic Value

Enterprise Value 247.55
Net Debt 443.23
Equity Value -195.68
Shares Outstanding 169.26
Equity Value Per Share -1.16