Discounted Cash Flow (DCF) Analysis Unlevered

Coeur Mining, Inc. (CDM1.DE)

3.25 €

-0.01 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.01 | 3.25 | 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 709.60625.90711.50785.46832.83870.94910.80952.49996.081,041.67
Revenue (%)
EBITDA 43.0585.04-150.57213.24146.6875.3478.7982.3986.1690.11
EBITDA (%)
EBIT 43.05-43.43-329.4581.8618.36-94.06-98.37-102.87-107.58-112.50
EBIT (%)
Depreciation -128.47178.88131.39128.32169.40177.15185.26193.74202.61
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 192.03115.0855.6492.7956.66125.22130.95136.94143.21149.76
Total Cash (%)
Account Receivables 19.0729.7418.6723.4832.4229.5230.8732.2833.7635.30
Account Receivables (%)
Inventories 131.98141.40122.08126.08132.41157.29164.49172.02179.89188.12
Inventories (%)
Accounts Payable 48.5947.2169.1890.58103.9083.8287.6691.6795.86100.25
Accounts Payable (%)
Capital Expenditure -136.73-140.79-99.77-99.28-309.78-183.98-192.40-201.21-210.41-220.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.25
Beta 1.486
Diluted Shares Outstanding 250.04
Cost of Debt
Tax Rate 961.44
After-tax Cost of Debt -25.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.543
Total Debt 498.80
Total Equity 812.64
Total Capital 1,311.44
Debt Weighting 38.03
Equity Weighting 61.97
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 709.60625.90711.50785.46832.83870.94910.80952.49996.081,041.67
EBITDA 43.0585.04-150.57213.24146.6875.3478.7982.3986.1690.11
EBIT 43.05-43.43-329.4581.8618.36-94.06-98.37-102.87-107.58-112.50
Tax Rate 103.30%26.36%4.70%59.11%961.44%230.98%230.98%230.98%230.98%230.98%
EBIAT -1.42-31.98-313.9733.47-158.17123.21128.84134.74140.91147.36
Depreciation -128.47178.88131.39128.32169.40177.15185.26193.74202.61
Accounts Receivable --10.6711.08-4.82-8.932.90-1.35-1.41-1.48-1.54
Inventories --9.4219.32-4-6.33-24.88-7.20-7.53-7.87-8.23
Accounts Payable --1.3821.9721.4013.32-20.083.844.014.204.39
Capital Expenditure -136.73-140.79-99.77-99.28-309.78-183.98-192.40-201.21-210.41-220.04
UFCF -138.16-65.77-182.5078.16-341.5866.56108.88113.87119.08124.53
WACC
PV UFCF 68.72116.03125.27135.23145.99
SUM PV UFCF 591.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -3.13
Free cash flow (t + 1) 127.02
Terminal Value -2,476.01
Present Value of Terminal Value -2,902.73

Intrinsic Value

Enterprise Value -2,311.49
Net Debt 442.14
Equity Value -2,753.63
Shares Outstanding 250.04
Equity Value Per Share -11.01