Discounted Cash Flow (DCF) Analysis Unlevered
Endeavour Silver Corp. (EDR.TO)
$4.3
-0.02 (-0.46%)
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 | 150.51 | 121.72 | 138.46 | 165.32 | 210.16 | 231.78 | 255.62 | 281.91 | 310.91 | 342.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 21.28 | -11.56 | 28.73 | 54.94 | 51.83 | 38.60 | 42.58 | 46.96 | 51.79 | 57.11 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 38.60 | 42.58 | 46.96 | 51.79 | 57.11 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 33.46 | 23.44 | 65.85 | 114.50 | 92.04 | 93.69 | 103.32 | 113.95 | 125.67 | 138.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.69 | 8.72 | 11.15 | 6 | 18.16 | 15.11 | 16.66 | 18.38 | 20.27 | 22.35 |
| Account Receivables (%) | ||||||||||
| Inventories | 14.89 | 13.59 | 16.64 | 27.49 | 19.18 | 27.27 | 30.08 | 33.17 | 36.58 | 40.35 |
| Inventories (%) | ||||||||||
| Accounts Payable | 19.47 | 19.77 | 27.76 | 31.99 | 39.83 | 40.58 | 44.75 | 49.36 | 54.43 | 60.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -40.40 | -21.80 | -25.54 | -54.09 | -109.71 | -68.66 | -75.72 | -83.51 | -92.10 | -101.58 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.3 |
|---|---|
| Beta | 1.380 |
| Diluted Shares Outstanding | 185.35 |
| Cost of Debt | |
| Tax Rate | 75.15 |
| After-tax Cost of Debt | 1.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.208 |
| Total Debt | 15.58 |
| Total Equity | 797 |
| Total Capital | 812.59 |
| Debt Weighting | 1.92 |
| Equity Weighting | 98.08 |
| 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 | 150.51 | 121.72 | 138.46 | 165.32 | 210.16 | 231.78 | 255.62 | 281.91 | 310.91 | 342.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 21.28 | -11.56 | 28.73 | 54.94 | 51.83 | 38.60 | 42.58 | 46.96 | 51.79 | 57.11 |
| EBIT | - | - | - | - | - | 38.60 | 42.58 | 46.96 | 51.79 | 57.11 |
| Tax Rate | 29.77% | -9.23% | 209.96% | 52.99% | 75.15% | 71.73% | 71.73% | 71.73% | 71.73% | 71.73% |
| EBIAT | - | - | - | - | - | 10.91 | 12.04 | 13.28 | 14.64 | 16.15 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.03 | -2.44 | 5.15 | -12.16 | 3.05 | -1.55 | -1.71 | -1.89 | -2.08 |
| Inventories | - | 1.31 | -3.05 | -10.85 | 8.30 | -8.09 | -2.81 | -3.09 | -3.41 | -3.76 |
| Accounts Payable | - | 0.31 | 7.99 | 4.23 | 7.84 | 0.75 | 4.17 | 4.60 | 5.08 | 5.60 |
| Capital Expenditure | -40.40 | -21.80 | -25.54 | -54.09 | -109.72 | -68.66 | -75.72 | -83.51 | -92.10 | -101.58 |
| UFCF | - | - | - | - | - | -62.04 | -63.87 | -70.44 | -77.69 | -85.68 |
| WACC | ||||||||||
| PV UFCF | -56.38 | -52.75 | -52.87 | -52.99 | -53.10 | |||||
| SUM PV UFCF | -268.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.04 |
| Free cash flow (t + 1) | -87.39 |
| Terminal Value | -1,087 |
| Present Value of Terminal Value | -673.71 |
Intrinsic Value
| Enterprise Value | -941.80 |
|---|---|
| Net Debt | -67.81 |
| Equity Value | -873.99 |
| Shares Outstanding | 185.35 |
| Equity Value Per Share | -4.72 |