Discounted Cash Flow (DCF) Analysis Levered
Teck Resources Limited (TECK)
$39.99
-0.14 (-0.35%)
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 | 12,564 | 11,934 | 8,948 | 13,481 | 17,316 | 19,440.31 | 21,825.22 | 24,502.71 | 27,508.68 | 30,883.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,438 | 3,484 | 1,563 | 4,738 | 7,983 | 6,346.57 | 7,125.16 | 7,999.27 | 8,980.61 | 10,082.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,613 | -3,468 | -3,628 | -4,713 | -5,465 | -6,101.28 | -6,849.78 | -7,690.10 | -8,633.51 | -9,692.66 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,825 | 16 | -2,065 | 25 | 2,518 | 245.29 | 275.38 | 309.17 | 347.10 | 389.68 |
Weighted Average Cost Of Capital
| Share price | $ 39.99 |
|---|---|
| Beta | 1.310 |
| Diluted Shares Outstanding | 535.90 |
| Cost of Debt | |
| Tax Rate | 49.47 |
| After-tax Cost of Debt | -0.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.621 |
| Total Debt | 10,017 |
| Total Equity | 21,430.64 |
| Total Capital | 31,447.64 |
| Debt Weighting | 31.85 |
| Equity Weighting | 68.15 |
| 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 | 12,564 | 11,934 | 8,948 | 13,481 | 17,316 | 19,440.31 | 21,825.22 | 24,502.71 | 27,508.68 | 30,883.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,438 | 3,484 | 1,563 | 4,738 | 7,983 | 6,346.57 | 7,125.16 | 7,999.27 | 8,980.61 | 10,082.34 |
| Capital Expenditure | -2,613 | -3,468 | -3,628 | -4,713 | -5,465 | -6,101.28 | -6,849.78 | -7,690.10 | -8,633.51 | -9,692.66 |
| Free Cash Flow | 1,825 | 16 | -2,065 | 25 | 2,518 | 245.29 | 275.38 | 309.17 | 347.10 | 389.68 |
| WACC | ||||||||||
| PV LFCF | 161.54 | 169.16 | 177.14 | 185.49 | 194.25 | |||||
| SUM PV LFCF | 1,257.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.21 |
| Free cash flow (t + 1) | 397.47 |
| Terminal Value | 7,628.98 |
| Present Value of Terminal Value | 5,386.29 |
Intrinsic Value
| Enterprise Value | 6,643.42 |
|---|---|
| Net Debt | 8,134 |
| Equity Value | -1,490.58 |
| Shares Outstanding | 535.90 |
| Equity Value Per Share | -2.78 |