Discounted Cash Flow (DCF) Analysis Levered

New Gold Inc. (NGD)

$0.9327

+0.01 (+1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.24 | 0.9327 | overvalue

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 604.50630.60643.40745.50604.40609.37614.38619.43624.53629.66
Revenue (%)
Operating Cash Flow 245.10263.50294.80323.70190.70247.55249.59251.64253.71255.80
Operating Cash Flow (%)
Capital Expenditure -213.90-253.30-284.20-247.30-292.90-245.40-247.42-249.46-251.51-253.58
Capital Expenditure (%)
Free Cash Flow 31.2010.2010.6076.40-102.202.152.172.192.202.22

Weighted Average Cost Of Capital

Share price $ 0.9,327
Beta 1.677
Diluted Shares Outstanding 682.40
Cost of Debt
Tax Rate -2.14
After-tax Cost of Debt 4.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.414
Total Debt 396.20
Total Equity 636.47
Total Capital 1,032.67
Debt Weighting 38.37
Equity Weighting 61.63
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 604.50630.60643.40745.50604.40609.37614.38619.43624.53629.66
Operating Cash Flow 245.10263.50294.80323.70190.70247.55249.59251.64253.71255.80
Capital Expenditure -213.90-253.30-284.20-247.30-292.90-245.40-247.42-249.46-251.51-253.58
Free Cash Flow 31.2010.2010.6076.40-102.202.152.172.192.202.22
WACC
PV LFCF 1.981.831.701.581.46
SUM PV LFCF 8.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.76
Free cash flow (t + 1) 2.27
Terminal Value 33.54
Present Value of Terminal Value 22.04

Intrinsic Value

Enterprise Value 30.59
Net Debt 195.40
Equity Value -164.81
Shares Outstanding 682.40
Equity Value Per Share -0.24