Discounted Cash Flow (DCF) Analysis Unlevered

AngloGold Ashanti Limited (AU)

$15.19

+0.40 (+2.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.20 | 15.19 | 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 4,3563,9433,5254,4274,0293,993.913,959.123,924.643,890.463,856.57
Revenue (%)
EBITDA 9191,0579552,3201,5271,320.411,308.911,297.511,286.201,275
EBITDA (%)
EBIT 964273721,7501,050712.33706.13699.98693.88687.84
EBIT (%)
Depreciation 823630583570477608.07602.78597.53592.32587.16
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 2123354661,3301,154681.11675.17669.29663.46657.68
Total Cash (%)
Account Receivables 160167189229260198.87197.13195.42193.71192.03
Account Receivables (%)
Inventories 683652632733703672.18666.32660.52654.77649.06
Inventories (%)
Accounts Payable 358350363627647460.21456.21452.23448.29444.39
Accounts Payable (%)
Capital Expenditure -830-652-703-718-1,028-776.95-770.18-763.47-756.82-750.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.19
Beta 0.010
Diluted Shares Outstanding 419.48
Cost of Debt
Tax Rate 35.07
After-tax Cost of Debt 3.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.936
Total Debt 2,094
Total Equity 6,371.92
Total Capital 8,465.92
Debt Weighting 24.73
Equity Weighting 75.27
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 4,3563,9433,5254,4274,0293,993.913,959.123,924.643,890.463,856.57
EBITDA 9191,0579552,3201,5271,320.411,308.911,297.511,286.201,275
EBIT 964273721,7501,050712.33706.13699.98693.88687.84
Tax Rate -171.43%52.16%101.13%38.89%35.07%11.17%11.17%11.17%11.17%11.17%
EBIAT 260.57204.28-4.211,069.38681.73632.80627.29621.83616.41611.04
Depreciation 823630583570477608.07602.78597.53592.32587.16
Accounts Receivable --7-22-40-3161.131.731.721.701.69
Inventories -3120-1013030.825.855.805.755.70
Accounts Payable --81326420-186.79-4.01-3.97-3.94-3.90
Capital Expenditure -830-652-703-718-1,028-776.95-770.18-763.47-756.82-750.23
UFCF 253.57198.28-113.211,044.38149.73369.10463.46459.42455.42451.46
WACC
PV UFCF 358436.01419.22403.07387.55
SUM PV UFCF 2,003.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.10
Free cash flow (t + 1) 460.49
Terminal Value 41,862.30
Present Value of Terminal Value 35,936

Intrinsic Value

Enterprise Value 37,939.84
Net Debt 940
Equity Value 36,999.84
Shares Outstanding 419.48
Equity Value Per Share 88.20