Discounted Cash Flow (DCF) Analysis Levered
Turquoise Hill Resources Ltd. (TRQ)
$31.41
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 939.78 | 1,180.02 | 1,166.01 | 1,078.19 | 1,971.04 | 2,462.10 | 3,075.50 | 3,841.72 | 4,798.83 | 5,994.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 118 | 179.97 | -11.65 | 40.94 | 576.09 | 294.63 | 368.03 | 459.73 | 574.26 | 717.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -917.54 | -1,304.35 | -1,308.07 | -1,080.52 | -996.92 | -2,320.02 | -2,898.02 | -3,620.03 | -4,521.91 | -5,648.48 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -799.54 | -1,124.38 | -1,319.73 | -1,039.57 | -420.82 | -2,025.39 | -2,529.99 | -3,160.30 | -3,947.65 | -4,931.15 |
Weighted Average Cost Of Capital
| Share price | $ 31.41 |
|---|---|
| Beta | 1.551 |
| Diluted Shares Outstanding | 201.23 |
| Cost of Debt | |
| Tax Rate | 47.14 |
| After-tax Cost of Debt | 0.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.701 |
| Total Debt | 4,182.78 |
| Total Equity | 6,320.67 |
| Total Capital | 10,503.44 |
| Debt Weighting | 39.82 |
| Equity Weighting | 60.18 |
| 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 | 939.78 | 1,180.02 | 1,166.01 | 1,078.19 | 1,971.04 | 2,462.10 | 3,075.50 | 3,841.72 | 4,798.83 | 5,994.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 118 | 179.97 | -11.65 | 40.94 | 576.09 | 294.63 | 368.03 | 459.73 | 574.26 | 717.33 |
| Capital Expenditure | -917.54 | -1,304.35 | -1,308.07 | -1,080.52 | -996.92 | -2,320.02 | -2,898.02 | -3,620.03 | -4,521.91 | -5,648.48 |
| Free Cash Flow | -799.54 | -1,124.38 | -1,319.73 | -1,039.57 | -420.82 | -2,025.39 | -2,529.99 | -3,160.30 | -3,947.65 | -4,931.15 |
| WACC | ||||||||||
| PV LFCF | -1,902.67 | -2,232.68 | -2,619.94 | -3,074.37 | -3,607.61 | |||||
| SUM PV LFCF | -13,437.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.45 |
| Free cash flow (t + 1) | -5,029.77 |
| Terminal Value | -113,028.61 |
| Present Value of Terminal Value | -82,691.34 |
Intrinsic Value
| Enterprise Value | -96,128.61 |
|---|---|
| Net Debt | 3,488.48 |
| Equity Value | -99,617.10 |
| Shares Outstanding | 201.23 |
| Equity Value Per Share | -495.04 |