Discounted Cash Flow (DCF) Analysis Levered
Kinross Gold Corporation (KGC)
$4.74
+0.07 (+1.50%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,455.10 | 3,545.76 | 3,638.79 | 3,734.27 | 3,832.26 | 3,932.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 788.70 | 1,224.90 | 1,957.60 | 1,135.20 | 1,050.10 | 1,183.34 | 1,214.39 | 1,246.26 | 1,278.96 | 1,312.52 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -807.90 | -952.91 | -977.91 | -1,003.57 | -1,029.90 | -1,056.93 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -254.70 | 119.70 | 1,041.50 | 196.60 | 242.20 | 230.44 | 236.48 | 242.69 | 249.06 | 255.59 |
Weighted Average Cost Of Capital
| Share price | $ 4.74 |
|---|---|
| Beta | 0.975 |
| Diluted Shares Outstanding | 1,292.81 |
| Cost of Debt | |
| Tax Rate | 667.20 |
| After-tax Cost of Debt | -14.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.412 |
| Total Debt | 2,640.50 |
| Total Equity | 6,127.92 |
| Total Capital | 8,768.42 |
| Debt Weighting | 30.11 |
| Equity Weighting | 69.89 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,455.10 | 3,545.76 | 3,638.79 | 3,734.27 | 3,832.26 | 3,932.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 788.70 | 1,224.90 | 1,957.60 | 1,135.20 | 1,050.10 | 1,183.34 | 1,214.39 | 1,246.26 | 1,278.96 | 1,312.52 |
| Capital Expenditure | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -807.90 | -952.91 | -977.91 | -1,003.57 | -1,029.90 | -1,056.93 |
| Free Cash Flow | -254.70 | 119.70 | 1,041.50 | 196.60 | 242.20 | 230.44 | 236.48 | 242.69 | 249.06 | 255.59 |
| WACC | ||||||||||
| PV LFCF | 227.10 | 229.68 | 232.29 | 234.93 | 237.61 | |||||
| SUM PV LFCF | 1,161.62 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.47 |
| Free cash flow (t + 1) | 260.70 |
| Terminal Value | -49,189.34 |
| Present Value of Terminal Value | -45,728.05 |
Intrinsic Value
| Enterprise Value | -44,566.43 |
|---|---|
| Net Debt | 2,222.40 |
| Equity Value | -46,788.83 |
| Shares Outstanding | 1,292.81 |
| Equity Value Per Share | -36.19 |