Discounted Cash Flow (DCF) Analysis Unlevered

Copper Mountain Mining Corporation (CMMC.TO)

$1.6

-0.04 (-2.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.32 | 1.6 | 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 304.08296.02288.46341.75578.20697.40841.161,014.561,223.711,475.97
Revenue (%)
EBITDA 101.8344.136.73101.98257.26174.44210.40253.77306.09369.18
EBITDA (%)
EBIT 50.34-6.92-20.7979.23233.4498.43118.72143.19172.71208.31
EBIT (%)
Depreciation 51.4951.0527.5322.7523.8276.0191.68110.58133.37160.87
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 45.1346.1232.1385.57171.90134.36162.06195.47235.76284.36
Total Cash (%)
Account Receivables 27.9316.5324.8327.0227.3050.2260.5773.0688.12106.28
Account Receivables (%)
Inventories 68.1355.8035.3038.0432.6398.01118.22142.58171.98207.43
Inventories (%)
Accounts Payable 67.5289.28129.2722.9220.98149.96180.87218.16263.13317.37
Accounts Payable (%)
Capital Expenditure -3.78-21.54-22.58-34.86-117.31-65.32-78.79-95.03-114.62-138.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.6
Beta 2.774
Diluted Shares Outstanding 193.12
Cost of Debt
Tax Rate 58.57
After-tax Cost of Debt 3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.785
Total Debt 358.58
Total Equity 308.99
Total Capital 667.57
Debt Weighting 53.71
Equity Weighting 46.29
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 304.08296.02288.46341.75578.20697.40841.161,014.561,223.711,475.97
EBITDA 101.8344.136.73101.98257.26174.44210.40253.77306.09369.18
EBIT 50.34-6.92-20.7979.23233.4498.43118.72143.19172.71208.31
Tax Rate 17.68%11.86%42.52%56.63%58.57%37.45%37.45%37.45%37.45%37.45%
EBIAT 41.44-6.10-11.9534.3696.7061.5674.2689.56108.03130.29
Depreciation 51.4951.0527.5322.7523.8276.0191.68110.58133.37160.87
Accounts Receivable -11.40-8.30-2.19-0.28-22.92-10.35-12.49-15.06-18.16
Inventories -12.3320.50-2.745.40-65.38-20.20-24.37-29.39-35.45
Accounts Payable -21.7639.99-106.35-1.94128.9830.9137.2944.9754.24
Capital Expenditure -3.78-21.54-22.58-34.86-117.31-65.32-78.79-95.03-114.62-138.25
UFCF 89.1568.9145.20-89.046.40112.9387.50105.54127.29153.54
WACC
PV UFCF 103.2373.1180.6088.8797.98
SUM PV UFCF 443.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.40
Free cash flow (t + 1) 156.61
Terminal Value 2,116.30
Present Value of Terminal Value 1,350.49

Intrinsic Value

Enterprise Value 1,794.27
Net Debt 186.68
Equity Value 1,607.59
Shares Outstanding 193.12
Equity Value Per Share 8.32