Discounted Cash Flow (DCF) Analysis Levered
Kinross Gold Corporation (KGC)
$4.79
-0.06 (-1.24%)
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 | $ 4.79 |
---|---|
Beta | 0.944 |
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 | 7.973 |
Total Debt | 1,684.70 |
Total Equity | 6,078.99 |
Total Capital | 7,763.69 |
Debt Weighting | 21.70 |
Equity Weighting | 78.30 |
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 | 172.91 | 168.20 | 163.63 | 159.18 | 154.85 | |||||
SUM PV LFCF | 931.81 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.68 |
Free cash flow (t + 1) | 248.36 |
Terminal Value | 5,306.94 |
Present Value of Terminal Value | 3,840.87 |
Intrinsic Value
Enterprise Value | 4,772.68 |
---|---|
Net Debt | 1,153.20 |
Equity Value | 3,619.48 |
Shares Outstanding | 1,269.10 |
Equity Value Per Share | 2.85 |