Discounted Cash Flow (DCF) Analysis Unlevered

Yamana Gold Inc. (AUY)

$5.69

-0.02 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.35 | 5.69 | overvalue

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 1,803.801,798.501,612.201,5611,815.401,826.611,837.881,849.221,860.641,872.12
Revenue (%)
EBITDA 211.60367869.30949.50953.50728.47732.97737.49742.05746.63
EBITDA (%)
EBIT -----728.47732.97737.49742.05746.63
EBIT (%)
Depreciation ----------
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 162.10105.90167.30665.50552359.08361.30363.53365.77368.03
Total Cash (%)
Account Receivables 38.6024.303.404.20315.1115.2015.3015.3915.49
Account Receivables (%)
Inventories 163.50181133.40152.10167.20169.35170.40171.45172.51173.57
Inventories (%)
Accounts Payable 256.40221.30153.90154.20173.10202.67203.93205.18206.45207.73
Accounts Payable (%)
Capital Expenditure -643.80-446.90-331.70-273.70-384.60-437.78-440.48-443.20-445.93-448.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.69
Beta 1.277
Diluted Shares Outstanding 964.93
Cost of Debt
Tax Rate 61.64
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.531
Total Debt 772.80
Total Equity 5,490.46
Total Capital 6,263.26
Debt Weighting 12.34
Equity Weighting 87.66
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 1,803.801,798.501,612.201,5611,815.401,826.611,837.881,849.221,860.641,872.12
EBITDA 211.60367869.30949.50953.50728.47732.97737.49742.05746.63
EBIT -----728.47732.97737.49742.05746.63
Tax Rate 38.87%-61.06%27.30%58.46%61.64%25.04%25.04%25.04%25.04%25.04%
EBIAT -----546.07549.44552.83556.24559.68
Depreciation ----------
Accounts Receivable -14.3020.90-0.801.20-12.11-0.09-0.09-0.09-0.10
Inventories --17.5047.60-18.70-15.10-2.15-1.05-1.05-1.06-1.06
Accounts Payable --35.10-67.400.3018.9029.571.251.261.271.27
Capital Expenditure -643.80-446.90-331.70-273.70-384.60-437.78-440.48-443.20-445.93-448.69
UFCF -----123.61109.07109.75110.42111.11
WACC
PV UFCF 113.6792.2485.3578.9873.08
SUM PV UFCF 443.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.74
Free cash flow (t + 1) 113.33
Terminal Value 1,681.42
Present Value of Terminal Value 1,105.94

Intrinsic Value

Enterprise Value 1,549.26
Net Debt 247.80
Equity Value 1,301.46
Shares Outstanding 964.93
Equity Value Per Share 1.35