Discounted Cash Flow (DCF) Analysis Levered
Sandstorm Gold Ltd. (SAND)
$4.96
-0.01 (-0.20%)
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 | 73.15 | 89.43 | 93.02 | 114.86 | 148.73 | 178.20 | 213.49 | 255.79 | 306.46 | 367.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 46.58 | 57.34 | 65.62 | 81.14 | 106.92 | 121.48 | 145.54 | 174.37 | 208.92 | 250.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -46.03 | -61.29 | -3.48 | -152.70 | -620.79 | -244.31 | -292.71 | -350.70 | -420.17 | -503.40 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 0.55 | -3.95 | 62.14 | -71.56 | -513.87 | -122.84 | -147.17 | -176.32 | -211.25 | -253.10 |
Weighted Average Cost Of Capital
| Share price | $ 4.96 |
|---|---|
| Beta | 0.902 |
| Diluted Shares Outstanding | 234.32 |
| Cost of Debt | |
| Tax Rate | 10.72 |
| After-tax Cost of Debt | 3.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.694 |
| Total Debt | 499.55 |
| Total Equity | 1,162.22 |
| Total Capital | 1,661.77 |
| Debt Weighting | 30.06 |
| Equity Weighting | 69.94 |
| 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 | 73.15 | 89.43 | 93.02 | 114.86 | 148.73 | 178.20 | 213.49 | 255.79 | 306.46 | 367.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 46.58 | 57.34 | 65.62 | 81.14 | 106.92 | 121.48 | 145.54 | 174.37 | 208.92 | 250.30 |
| Capital Expenditure | -46.03 | -61.29 | -3.48 | -152.70 | -620.79 | -244.31 | -292.71 | -350.70 | -420.17 | -503.40 |
| Free Cash Flow | 0.55 | -3.95 | 62.14 | -71.56 | -513.87 | -122.84 | -147.17 | -176.32 | -211.25 | -253.10 |
| WACC | ||||||||||
| PV LFCF | -114.79 | -128.52 | -143.89 | -161.10 | -180.37 | |||||
| SUM PV LFCF | -728.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.01 |
| Free cash flow (t + 1) | -258.16 |
| Terminal Value | -5,152.93 |
| Present Value of Terminal Value | -3,672.25 |
Intrinsic Value
| Enterprise Value | -4,400.92 |
|---|---|
| Net Debt | 492.52 |
| Equity Value | -4,893.44 |
| Shares Outstanding | 234.32 |
| Equity Value Per Share | -20.88 |