Discounted Cash Flow (DCF) Analysis Levered

Golden Star Resources Ltd. (GSS)

$3.9

+0.01 (+0.26%)

All numbers are in Millions, Currency in USD

Stock DCF: 183.17 | 3.9 | undervalue

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	221.29	315.50	273.02	264.74	272.48	292.24	313.42	336.15	360.52	386.65
Revenue (%)
Operating Cash Flow	53.25	55.18	-7.56	22.84	60.09	40.60	43.54	46.70	50.09	53.72
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	-50.54	14.86	-29.96	-32.13	-34.46	-36.96	-39.64

Weighted Average Cost Of Capital

Share price	$ 3.9
Beta	0.000
Diluted Shares Outstanding	124.80
Cost of Debt
Tax Rate	160.33
After-tax Cost of Debt	-7.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.810
Total Debt	105.76
Total Equity	486.72
Total Capital	592.48
Debt Weighting	17.85
Equity Weighting	82.15
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	221.29	315.50	273.02	264.74	272.48	292.24	313.42	336.15	360.52	386.65
Operating Cash Flow	53.25	55.18	-7.56	22.84	60.09	40.60	43.54	46.70	50.09	53.72
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	-50.54	14.86	-29.96	-32.13	-34.46	-36.96	-39.64
WACC
PV LFCF						-27.35	-28.80	-30.33	-31.94	-33.64
SUM PV LFCF										-163.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.84
Free cash flow (t + 1)	-40.43
Terminal Value	25,269.94
Present Value of Terminal Value	23,068.12

Intrinsic Value

Enterprise Value	22,904.55
Net Debt	44.95
Equity Value	22,859.59
Shares Outstanding	124.80
Equity Value Per Share	183.17