Discounted Cash Flow (DCF) Analysis Levered
Kinross Gold Corporation (KGC)
$4.34
-0.04 (-0.91%)
All numbers are in Millions, Currency in USD
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 | 3,303 | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,870.31 | 4,016.55 | 4,168.31 | 4,325.81 | 4,489.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 951.60 | 788.70 | 1,224.90 | 1,957.60 | 1,135.20 | 1,279.41 | 1,327.75 | 1,377.92 | 1,429.98 | 1,484.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -897.60 | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -1,069.49 | -1,109.90 | -1,151.83 | -1,195.35 | -1,240.52 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 54 | -254.70 | 119.70 | 1,041.50 | 196.60 | 209.92 | 217.86 | 226.09 | 234.63 | 243.49 |
Weighted Average Cost Of Capital
| Share price | $ 4.34 |
|---|---|
| Beta | 0.932 |
| Diluted Shares Outstanding | 1,269.10 |
| Cost of Debt | |
| Tax Rate | 52.88 |
| After-tax Cost of Debt | 2.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.904 |
| Total Debt | 1,684.70 |
| Total Equity | 5,507.89 |
| Total Capital | 7,192.59 |
| Debt Weighting | 23.42 |
| Equity Weighting | 76.58 |
| 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 | 3,303 | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,870.31 | 4,016.55 | 4,168.31 | 4,325.81 | 4,489.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 951.60 | 788.70 | 1,224.90 | 1,957.60 | 1,135.20 | 1,279.41 | 1,327.75 | 1,377.92 | 1,429.98 | 1,484.01 |
| Capital Expenditure | -897.60 | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -1,069.49 | -1,109.90 | -1,151.83 | -1,195.35 | -1,240.52 |
| Free Cash Flow | 54 | -254.70 | 119.70 | 1,041.50 | 196.60 | 209.92 | 217.86 | 226.09 | 234.63 | 243.49 |
| WACC | ||||||||||
| PV LFCF | 197.07 | 192 | 187.06 | 182.25 | 177.56 | |||||
| SUM PV LFCF | 935.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.52 |
| Free cash flow (t + 1) | 248.36 |
| Terminal Value | 5,494.80 |
| Present Value of Terminal Value | 4,006.78 |
Intrinsic Value
| Enterprise Value | 4,942.72 |
|---|---|
| Net Debt | 1,153.20 |
| Equity Value | 3,789.52 |
| Shares Outstanding | 1,269.10 |
| Equity Value Per Share | 2.99 |