Discounted Cash Flow (DCF) Analysis Levered

New Gold Inc. (NGD)

$1.15

-0.03 (-2.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.77 | 1.15 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 604.40604.50630.60643.40745.50786.94830.68876.85925.58977.03
Revenue (%)
Operating Cash Flow 342.20245.10263.50294.80323.70359.14379.10400.17422.42445.90
Operating Cash Flow (%)
Capital Expenditure -567-213.90-253.30-284.20-247.30-388.29-409.87-432.65-456.70-482.08
Capital Expenditure (%)
Free Cash Flow -224.8031.2010.2010.6076.40-29.15-30.77-32.48-34.28-36.19

Weighted Average Cost Of Capital

Share price $ 1.15
Beta 1.622
Diluted Shares Outstanding 682.40
Cost of Debt
Tax Rate 12.29
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.207
Total Debt 501.70
Total Equity 784.76
Total Capital 1,286.46
Debt Weighting 39.00
Equity Weighting 61.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 604.40604.50630.60643.40745.50786.94830.68876.85925.58977.03
Operating Cash Flow 342.20245.10263.50294.80323.70359.14379.10400.17422.42445.90
Capital Expenditure -567-213.90-253.30-284.20-247.30-388.29-409.87-432.65-456.70-482.08
Free Cash Flow -224.8031.2010.2010.6076.40-29.15-30.77-32.48-34.28-36.19
WACC
PV LFCF -26.86-26.14-25.43-24.74-24.07
SUM PV LFCF -127.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.50
Free cash flow (t + 1) -36.91
Terminal Value -567.87
Present Value of Terminal Value -377.66

Intrinsic Value

Enterprise Value -504.89
Net Debt 20.20
Equity Value -525.09
Shares Outstanding 682.40
Equity Value Per Share -0.77