Discounted Cash Flow (DCF) Analysis Unlevered
Coeur Mining, Inc. (CDE)
$2.125
-0.07 (-3.41%)
All numbers are in Millions, Currency in USD
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 | 625.90 | 711.50 | 785.46 | 832.83 | 785.64 | 833.63 | 884.55 | 938.59 | 995.92 | 1,056.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 115.04 | 81.69 | 207.17 | 158.12 | 138.71 | 154.85 | 164.31 | 174.34 | 184.99 | 196.30 |
| EBITDA (%) | ||||||||||
| EBIT | -13.44 | -97.19 | 75.78 | 29.80 | 27.08 | 1.44 | 1.53 | 1.63 | 1.73 | 1.83 |
| EBIT (%) | ||||||||||
| Depreciation | 128.47 | 178.88 | 131.39 | 128.31 | 111.63 | 153.40 | 162.77 | 172.72 | 183.27 | 194.46 |
| 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 | 115.08 | 55.64 | 92.79 | 56.66 | 93.50 | 94.58 | 100.35 | 106.48 | 112.99 | 119.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 29.74 | 18.67 | 23.48 | 32.42 | 36.33 | 31.48 | 33.41 | 35.45 | 37.61 | 39.91 |
| Account Receivables (%) | ||||||||||
| Inventories | 141.40 | 122.08 | 126.08 | 132.41 | 144.79 | 150.27 | 159.45 | 169.19 | 179.52 | 190.49 |
| Inventories (%) | ||||||||||
| Accounts Payable | 47.21 | 69.18 | 90.58 | 103.90 | 96.12 | 89.21 | 94.66 | 100.44 | 106.58 | 113.09 |
| 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 | $ 2.125 |
|---|---|
| Beta | 1.607 |
| 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 | 12.059 |
| Total Debt | 515.93 |
| Total Equity | 584.80 |
| Total Capital | 1,100.73 |
| Debt Weighting | 46.87 |
| Equity Weighting | 53.13 |
| 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 | 625.90 | 711.50 | 785.46 | 832.83 | 785.64 | 833.63 | 884.55 | 938.59 | 995.92 | 1,056.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 115.04 | 81.69 | 207.17 | 158.12 | 138.71 | 154.85 | 164.31 | 174.34 | 184.99 | 196.30 |
| EBIT | -13.44 | -97.19 | 75.78 | 29.80 | 27.08 | 1.44 | 1.53 | 1.63 | 1.73 | 1.83 |
| 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 | -94.17 | 30.99 | -256.74 | 33.34 | -1.52 | -1.62 | -1.71 | -1.82 | -1.93 |
| Depreciation | 128.47 | 178.88 | 131.39 | 128.31 | 111.63 | 153.40 | 162.77 | 172.72 | 183.27 | 194.46 |
| Accounts Receivable | - | 11.08 | -4.82 | -8.93 | -3.92 | 4.85 | -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 | - | 21.97 | 21.40 | 13.32 | -7.78 | -6.91 | 5.45 | 5.78 | 6.14 | 6.51 |
| Capital Expenditure | -140.79 | -99.77 | -99.28 | -309.78 | -352.35 | -218.75 | -232.11 | -246.29 | -261.33 | -277.30 |
| UFCF | -22.21 | 37.30 | 75.68 | -440.14 | -231.47 | -74.41 | -76.60 | -81.28 | -86.25 | -91.52 |
| WACC | ||||||||||
| PV UFCF | -68.53 | -64.99 | -63.51 | -62.07 | -60.67 | |||||
| SUM PV UFCF | -319.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.57 |
| Free cash flow (t + 1) | -93.35 |
| Terminal Value | -1,420.81 |
| Present Value of Terminal Value | -941.86 |
Intrinsic Value
| Enterprise Value | -1,261.63 |
|---|---|
| Net Debt | 454.47 |
| Equity Value | -1,716.10 |
| Shares Outstanding | 275.20 |
| Equity Value Per Share | -6.24 |