Discounted Cash Flow (DCF) Analysis Levered

New Gold Inc. (NGD)

$1.13

+0.01 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.46 | 1.13 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 630.60643.40745.50604.40799.80862.39929.881,002.651,081.111,165.71
Revenue (%)
Operating Cash Flow 263.50294.80323.70190.70264.36337.42363.82392.30422.99456.10
Operating Cash Flow (%)
Capital Expenditure -253.30-284.20-247.30-292.90-270.78-344.66-371.63-400.71-432.07-465.88
Capital Expenditure (%)
Free Cash Flow 10.2010.6076.40-102.20-6.42-7.24-7.81-8.42-9.08-9.79

Weighted Average Cost Of Capital

Share price $ 1.13
Beta 1.469
Diluted Shares Outstanding 684
Cost of Debt
Tax Rate -8.95
After-tax Cost of Debt 9.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.256
Total Debt 399.15
Total Equity 772.92
Total Capital 1,172.07
Debt Weighting 34.05
Equity Weighting 65.95
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 630.60643.40745.50604.40799.80862.39929.881,002.651,081.111,165.71
Operating Cash Flow 263.50294.80323.70190.70264.36337.42363.82392.30422.99456.10
Capital Expenditure -253.30-284.20-247.30-292.90-270.78-344.66-371.63-400.71-432.07-465.88
Free Cash Flow 10.2010.6076.40-102.20-6.42-7.24-7.81-8.42-9.08-9.79
WACC
PV LFCF -6.55-6.39-6.23-6.07-5.92
SUM PV LFCF -31.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.57
Free cash flow (t + 1) -9.98
Terminal Value -116.50
Present Value of Terminal Value -70.49

Intrinsic Value

Enterprise Value -101.65
Net Debt 214.60
Equity Value -316.25
Shares Outstanding 684
Equity Value Per Share -0.46