Discounted Cash Flow (DCF) Analysis Levered

Kirkland Lake Gold Ltd. (KL)

$38.92

-0.09 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 542.84 | 38.92 | 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 406.66747.49915.911,379.992,460.103,907.146,205.329,855.3015,652.2124,858.85
Revenue (%)
Operating Cash Flow 180.93296.82543.08919.391,315.792,059.863,271.465,195.748,251.8913,105.66
Operating Cash Flow (%)
Capital Expenditure -73.69-131.84-275.20-456.42-582.73-957.78-1,521.14-2,415.88-3,836.91-6,093.78
Capital Expenditure (%)
Free Cash Flow 107.23164.98267.87462.97733.061,102.081,750.322,779.864,414.987,011.87

Weighted Average Cost Of Capital

Share price $ 38.92
Beta 0.528
Diluted Shares Outstanding 271.36
Cost of Debt
Tax Rate 31.66
After-tax Cost of Debt 9.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.009
Total Debt 26.17
Total Equity 10,561.14
Total Capital 10,587.31
Debt Weighting 0.25
Equity Weighting 99.75
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 406.66747.49915.911,379.992,460.103,907.146,205.329,855.3015,652.2124,858.85
Operating Cash Flow 180.93296.82543.08919.391,315.792,059.863,271.465,195.748,251.8913,105.66
Capital Expenditure -73.69-131.84-275.20-456.42-582.73-957.78-1,521.14-2,415.88-3,836.91-6,093.78
Free Cash Flow 107.23164.98267.87462.97733.061,102.081,750.322,779.864,414.987,011.87
WACC
PV LFCF 1,039.501,557.192,332.703,494.445,234.74
SUM PV LFCF 13,658.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.02
Free cash flow (t + 1) 7,152.11
Terminal Value 177,913.20
Present Value of Terminal Value 132,821.74

Intrinsic Value

Enterprise Value 146,480.31
Net Debt -821.47
Equity Value 147,301.78
Shares Outstanding 271.36
Equity Value Per Share 542.84