Discounted Cash Flow (DCF) Analysis Levered

Aura Minerals Inc. (ORA.TO)

$7.7

+0.37 (+5.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 24.64 | 7.7 | undervalue

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 157.71157.70226.20299.87444.56582.65763.631,000.831,311.711,719.15
Revenue (%)
Operating Cash Flow 6.5411.2836.4190.36131.19101.42132.93174.22228.33299.26
Operating Cash Flow (%)
Capital Expenditure -8.81-31.50-25.79-51.97-79.47-84.10-110.22-144.46-189.33-248.14
Capital Expenditure (%)
Free Cash Flow -2.27-20.2310.6238.3951.7217.3222.7129.763951.12

Weighted Average Cost Of Capital

Share price $ 7.7
Beta 0.267
Diluted Shares Outstanding 67.91
Cost of Debt
Tax Rate 55.94
After-tax Cost of Debt 3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.008
Total Debt 159.14
Total Equity 522.92
Total Capital 682.07
Debt Weighting 23.33
Equity Weighting 76.67
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 157.71157.70226.20299.87444.56582.65763.631,000.831,311.711,719.15
Operating Cash Flow 6.5411.2836.4190.36131.19101.42132.93174.22228.33299.26
Capital Expenditure -8.81-31.50-25.79-51.97-79.47-84.10-110.22-144.46-189.33-248.14
Free Cash Flow -2.27-20.2310.6238.3951.7217.3222.7129.763951.12
WACC
PV LFCF 15.8019.7824.763138.80
SUM PV LFCF 136.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.70
Free cash flow (t + 1) 52.14
Terminal Value 1,931.07
Present Value of Terminal Value 1,534.85

Intrinsic Value

Enterprise Value 1,671.12
Net Debt -2.35
Equity Value 1,673.47
Shares Outstanding 67.91
Equity Value Per Share 24.64