Discounted Cash Flow (DCF) Analysis Levered
McEwen Mining Inc. (MUX)
$7.96
+0.33 (+4.33%)
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 | 128.82 | 117.02 | 104.79 | 136.54 | 110.42 | 108.09 | 105.80 | 103.57 | 101.38 | 99.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 0.49 | -39.53 | -27.87 | -20.22 | -20.65 | -20.21 | -19.79 | -19.37 | -18.96 | -18.56 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -81.32 | -29.71 | -13.37 | -34.89 | -24.19 | -32.15 | -31.47 | -30.81 | -30.16 | -29.52 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -80.83 | -69.23 | -41.25 | -55.11 | -44.84 | -52.37 | -51.26 | -50.18 | -49.12 | -48.08 |
Weighted Average Cost Of Capital
| Share price | $ 7.96 |
|---|---|
| Beta | 1.228 |
| Diluted Shares Outstanding | 47.43 |
| Cost of Debt | |
| Tax Rate | -0.98 |
| After-tax Cost of Debt | 69.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.298 |
| Total Debt | 11.21 |
| Total Equity | 377.52 |
| Total Capital | 388.73 |
| Debt Weighting | 2.89 |
| Equity Weighting | 97.11 |
| 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 | 128.82 | 117.02 | 104.79 | 136.54 | 110.42 | 108.09 | 105.80 | 103.57 | 101.38 | 99.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 0.49 | -39.53 | -27.87 | -20.22 | -20.65 | -20.21 | -19.79 | -19.37 | -18.96 | -18.56 |
| Capital Expenditure | -81.32 | -29.71 | -13.37 | -34.89 | -24.19 | -32.15 | -31.47 | -30.81 | -30.16 | -29.52 |
| Free Cash Flow | -80.83 | -69.23 | -41.25 | -55.11 | -44.84 | -52.37 | -51.26 | -50.18 | -49.12 | -48.08 |
| WACC | ||||||||||
| PV LFCF | -47.16 | -41.58 | -36.66 | -32.32 | -28.50 | |||||
| SUM PV LFCF | -186.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.03 |
| Free cash flow (t + 1) | -49.04 |
| Terminal Value | -543.12 |
| Present Value of Terminal Value | -321.88 |
Intrinsic Value
| Enterprise Value | -508.10 |
|---|---|
| Net Debt | -28.57 |
| Equity Value | -479.53 |
| Shares Outstanding | 47.43 |
| Equity Value Per Share | -10.11 |