Discounted Cash Flow (DCF) Analysis Unlevered
Gold By Gold SA (ALGLD.PA)
1.82 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10.29 | 9.83 | 10.59 | 3.14 | 6.93 | 7.86 | 8.92 | 10.11 | 11.47 | 13.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.83 | 0.05 | 0.85 | -0.17 | -0.32 | -0.15 | -0.17 | -0.19 | -0.22 | -0.25 |
| EBITDA (%) | ||||||||||
| EBIT | -0.61 | -0.05 | 0.35 | 0.01 | -0.22 | -0.09 | -0.11 | -0.12 | -0.14 | -0.15 |
| EBIT (%) | ||||||||||
| Depreciation | -0.22 | 0.11 | 0.50 | -0.18 | -0.11 | -0.06 | -0.07 | -0.07 | -0.08 | -0.10 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 4.93 | 4.20 | 3.83 | 3.60 | 3.68 | 4.63 | 5.26 | 5.96 | 6.76 | 7.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 1.09 | 1.35 | 1.41 | 1.65 | 1.23 | 1.70 | 1.93 | 2.19 | 2.48 | 2.82 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.04 | 1.08 | 1.15 | 1.19 | 0.16 | 1.13 | 1.29 | 1.46 | 1.65 | 1.88 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.03 | -0.07 | -0.10 | -0.02 | -0.04 | -0.05 | -0.06 | -0.07 | -0.08 | -0.09 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.82 |
|---|---|
| Beta | 0.025 |
| Diluted Shares Outstanding | 2.70 |
| Cost of Debt | |
| Tax Rate | 38.23 |
| After-tax Cost of Debt | 9.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.637 |
| Total Debt | 0.25 |
| Total Equity | 4.92 |
| Total Capital | 5.17 |
| Debt Weighting | 4.86 |
| Equity Weighting | 95.14 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10.29 | 9.83 | 10.59 | 3.14 | 6.93 | 7.86 | 8.92 | 10.11 | 11.47 | 13.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.83 | 0.05 | 0.85 | -0.17 | -0.32 | -0.15 | -0.17 | -0.19 | -0.22 | -0.25 |
| EBIT | -0.61 | -0.05 | 0.35 | 0.01 | -0.22 | -0.09 | -0.11 | -0.12 | -0.14 | -0.15 |
| Tax Rate | 52.40% | 49.46% | 61.98% | 96.43% | 38.23% | 59.70% | 59.70% | 59.70% | 59.70% | 59.70% |
| EBIAT | -0.29 | -0.03 | 0.13 | 0 | -0.13 | -0.04 | -0.04 | -0.05 | -0.05 | -0.06 |
| Depreciation | -0.22 | 0.11 | 0.50 | -0.18 | -0.11 | -0.06 | -0.07 | -0.07 | -0.08 | -0.10 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.25 | -0.07 | -0.24 | 0.42 | -0.47 | -0.23 | -0.26 | -0.29 | -0.33 |
| Accounts Payable | - | 0.04 | 0.07 | 0.04 | -1.02 | 0.97 | 0.15 | 0.17 | 0.20 | 0.22 |
| Capital Expenditure | -0.03 | -0.07 | -0.10 | -0.02 | -0.04 | -0.05 | -0.06 | -0.07 | -0.08 | -0.09 |
| UFCF | -0.54 | -0.20 | 0.55 | -0.41 | -0.88 | 0.35 | -0.24 | -0.28 | -0.31 | -0.36 |
| WACC | ||||||||||
| PV UFCF | 0.34 | -0.23 | -0.25 | -0.27 | -0.29 | |||||
| SUM PV UFCF | -0.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.93 |
| Free cash flow (t + 1) | -0.36 |
| Terminal Value | -18.83 |
| Present Value of Terminal Value | -15.53 |
Intrinsic Value
| Enterprise Value | -16.23 |
|---|---|
| Net Debt | -3.42 |
| Equity Value | -12.80 |
| Shares Outstanding | 2.70 |
| Equity Value Per Share | -4.74 |