Discounted Cash Flow (DCF) Analysis Levered
New Gold Inc. (NGD)
$0.9433
+0.05 (+5.99%)
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 | 604.50 | 630.60 | 643.40 | 745.50 | 604.40 | 609.37 | 614.38 | 619.43 | 624.53 | 629.66 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 245.10 | 263.50 | 294.80 | 323.70 | 190.70 | 247.55 | 249.59 | 251.64 | 253.71 | 255.80 |
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 | 31.20 | 10.20 | 10.60 | 76.40 | -102.20 | 2.15 | 2.17 | 2.19 | 2.20 | 2.22 |
Weighted Average Cost Of Capital
Share price | $ 0.9,433 |
---|---|
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 | 11.395 |
Total Debt | 396.20 |
Total Equity | 643.71 |
Total Capital | 1,039.91 |
Debt Weighting | 38.10 |
Equity Weighting | 61.90 |
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 | 604.50 | 630.60 | 643.40 | 745.50 | 604.40 | 609.37 | 614.38 | 619.43 | 624.53 | 629.66 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 245.10 | 263.50 | 294.80 | 323.70 | 190.70 | 247.55 | 249.59 | 251.64 | 253.71 | 255.80 |
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 | 31.20 | 10.20 | 10.60 | 76.40 | -102.20 | 2.15 | 2.17 | 2.19 | 2.20 | 2.22 |
WACC | ||||||||||
PV LFCF | 1.98 | 1.83 | 1.70 | 1.58 | 1.46 | |||||
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 |