Discounted Cash Flow (DCF) Analysis Unlevered

Coeur Mining, Inc. (CDE)

$2.935

+0.04 (+1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.96 | 2.935 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 625.90711.50785.46832.83785.64833.63884.55938.59995.921,056.76
Revenue (%)
EBITDA 115.0481.69207.17158.12138.71154.85164.31174.34184.99196.30
EBITDA (%)
EBIT -13.44-97.1975.7829.8027.081.441.531.631.731.83
EBIT (%)
Depreciation 128.47178.88131.39128.31111.63153.40162.77172.72183.27194.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 115.0855.6492.7956.6693.5094.58100.35106.48112.99119.89
Total Cash (%)
Account Receivables 29.7418.6723.4832.4236.3331.4833.4135.4537.6139.91
Account Receivables (%)
Inventories 141.40122.08126.08132.41144.79150.27159.45169.19179.52190.49
Inventories (%)
Accounts Payable 47.2169.1890.58103.9096.1289.2194.66100.44106.58113.09
Accounts Payable (%)
Capital Expenditure -140.79-99.77-99.28-309.78-352.35-218.75-232.11-246.29-261.33-277.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.935
Beta 1.578
Diluted Shares Outstanding 275.20
Cost of Debt
Tax Rate -23.10
After-tax Cost of Debt 4.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.760
Total Debt 515.93
Total Equity 807.71
Total Capital 1,323.64
Debt Weighting 38.98
Equity Weighting 61.02
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 625.90711.50785.46832.83785.64833.63884.55938.59995.921,056.76
EBITDA 115.0481.69207.17158.12138.71154.85164.31174.34184.99196.30
EBIT -13.44-97.1975.7829.8027.081.441.531.631.731.83
Tax Rate 26.36%3.11%59.11%961.44%-23.10%205.38%205.38%205.38%205.38%205.38%
EBIAT -9.89-94.1730.99-256.7433.34-1.52-1.62-1.71-1.82-1.93
Depreciation 128.47178.88131.39128.31111.63153.40162.77172.72183.27194.46
Accounts Receivable -11.08-4.82-8.93-3.924.85-1.92-2.04-2.17-2.30
Inventories -19.32-4-6.33-12.38-5.48-9.18-9.74-10.34-10.97
Accounts Payable -21.9721.4013.32-7.78-6.915.455.786.146.51
Capital Expenditure -140.79-99.77-99.28-309.78-352.35-218.75-232.11-246.29-261.33-277.30
UFCF -22.2137.3075.68-440.14-231.47-74.41-76.60-81.28-86.25-91.52
WACC
PV UFCF -68.27-64.50-62.80-61.15-59.53
SUM PV UFCF -316.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.98
Free cash flow (t + 1) -93.35
Terminal Value -1,337.35
Present Value of Terminal Value -869.98

Intrinsic Value

Enterprise Value -1,186.23
Net Debt 454.47
Equity Value -1,640.70
Shares Outstanding 275.20
Equity Value Per Share -5.96