Discounted Cash Flow (DCF) Analysis Levered

Aura Minerals Inc. (ORA.TO)

$10.78

+0.09 (+0.84%)

All numbers are in Millions, Currency in USD

Stock DCF: 20.61 | 10.78 | 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	157.71	157.70	226.20	299.87	444.56	582.65	763.63	1,000.83	1,311.71	1,719.15
Revenue (%)
Operating Cash Flow	6.54	11.28	36.41	90.36	131.19	101.42	132.93	174.22	228.33	299.26
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	-20.23	10.62	38.39	51.72	17.32	22.71	29.76	39	51.12

Weighted Average Cost Of Capital

Share price	$ 10.78
Beta	0.349
Diluted Shares Outstanding	72.46
Cost of Debt
Tax Rate	55.94
After-tax Cost of Debt	3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.286
Total Debt	159.14
Total Equity	781.17
Total Capital	940.31
Debt Weighting	16.92
Equity Weighting	83.08
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	157.71	157.70	226.20	299.87	444.56	582.65	763.63	1,000.83	1,311.71	1,719.15
Operating Cash Flow	6.54	11.28	36.41	90.36	131.19	101.42	132.93	174.22	228.33	299.26
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	-20.23	10.62	38.39	51.72	17.32	22.71	29.76	39	51.12
WACC
PV LFCF						16.50	20.59	25.70	32.07	40.03
SUM PV LFCF										134.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.01
Free cash flow (t + 1)	52.14
Terminal Value	1,732.19
Present Value of Terminal Value	1,356.57

Intrinsic Value

Enterprise Value	1,491.47
Net Debt	-2.35
Equity Value	1,493.82
Shares Outstanding	72.46
Equity Value Per Share	20.61