Discounted Cash Flow (DCF) Analysis Unlevered

Amerigo Resources Ltd. (ARG.TO)

$1.29

-0.02 (-1.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.44 | 1.29 | undervalue

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 194.31201.68175.22178.38300.58346.40399.21460.08530.22611.06
Revenue (%)
EBITDA 32.8334.8111.5427.9781.9657.9866.8277.0188.75102.28
EBITDA (%)
EBIT 18.5120.05-5.9510.2763.9529.8734.4239.6745.7252.69
EBIT (%)
Depreciation 14.3214.7617.4917.6918.0128.1132.4037.3443.0349.59
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 20.227.941.067.9959.7927.2431.3936.1841.7048.05
Total Cash (%)
Account Receivables 9.3410.469.2321.3914.2922.1725.5529.4533.9439.11
Account Receivables (%)
Inventories 7.798.8410.327.277.7314.5016.7119.2622.1925.58
Inventories (%)
Accounts Payable 13.0519.4619.8414.5817.9828.9933.4138.5044.3751.14
Accounts Payable (%)
Capital Expenditure -14.69-35.96-10.68-2.79-11.96-25.65-29.56-34.07-39.27-45.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.29
Beta 2.908
Diluted Shares Outstanding 183.85
Cost of Debt
Tax Rate 34.18
After-tax Cost of Debt 6.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.237
Total Debt 33.85
Total Equity 237.16
Total Capital 271.01
Debt Weighting 12.49
Equity Weighting 87.51
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 194.31201.68175.22178.38300.58346.40399.21460.08530.22611.06
EBITDA 32.8334.8111.5427.9781.9657.9866.8277.0188.75102.28
EBIT 18.5120.05-5.9510.2763.9529.8734.4239.6745.7252.69
Tax Rate 37.78%32.04%26.15%7.28%34.18%27.49%27.49%27.49%27.49%27.49%
EBIAT 11.5213.63-4.399.5342.0921.6624.9628.7733.1538.21
Depreciation 14.3214.7617.4917.6918.0128.1132.4037.3443.0349.59
Accounts Receivable --1.121.23-12.157.10-7.89-3.38-3.90-4.49-5.17
Inventories --1.05-1.473.05-0.46-6.77-2.21-2.55-2.94-3.38
Accounts Payable -6.410.37-5.263.4011.014.425.095.876.77
Capital Expenditure -14.69-35.96-10.68-2.79-11.96-25.65-29.56-34.07-39.27-45.25
UFCF 11.15-3.332.5510.0658.2020.4726.6330.6935.3640.76
WACC
PV UFCF 17.6619.8219.7019.5919.47
SUM PV UFCF 96.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.92
Free cash flow (t + 1) 41.57
Terminal Value 298.65
Present Value of Terminal Value 142.68

Intrinsic Value

Enterprise Value 238.91
Net Debt -25.95
Equity Value 264.86
Shares Outstanding 183.85
Equity Value Per Share 1.44