Discounted Cash Flow (DCF) Analysis Unlevered

Excellon Resources Inc. (EXN.TO)

$0.51

-0.06 (-10.53%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.72 | 0.51 | 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 21.2124.3126.4726.2037.9644.3551.8160.5470.7382.64
Revenue (%)
EBITDA -6.45-5.73-8.71-10.26-41.41-20.86-24.37-28.47-33.26-38.87
EBITDA (%)
EBIT -6.45-5.73-8.98-10.53-41.80-21.31-24.90-29.09-33.99-39.71
EBIT (%)
Depreciation --0.270.270.390.460.530.620.730.85
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 12.266.486.6910.734.5314.4216.8519.6923.0126.88
Total Cash (%)
Account Receivables 6.855.776.707.503.8910.6712.4614.5617.0119.88
Account Receivables (%)
Inventories 1.312.352.622.392.093.584.184.895.716.67
Inventories (%)
Accounts Payable 5.455.246.708.173.9910.1311.8413.8316.1618.89
Accounts Payable (%)
Capital Expenditure -6.83-3.24-5.80-8.49-7.34-10.57-12.35-14.43-16.86-19.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.51
Beta 1.176
Diluted Shares Outstanding 32.66
Cost of Debt
Tax Rate -9.64
After-tax Cost of Debt 36.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.433
Total Debt 9.68
Total Equity 16.66
Total Capital 26.34
Debt Weighting 36.76
Equity Weighting 63.24
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 21.2124.3126.4726.2037.9644.3551.8160.5470.7382.64
EBITDA -6.45-5.73-8.71-10.26-41.41-20.86-24.37-28.47-33.26-38.87
EBIT -6.45-5.73-8.98-10.53-41.80-21.31-24.90-29.09-33.99-39.71
Tax Rate 15.41%-33.13%-11.29%-30.91%-9.64%-13.91%-13.91%-13.91%-13.91%-13.91%
EBIAT -5.46-7.62-10-13.78-45.83-24.28-28.36-33.14-38.72-45.24
Depreciation --0.270.270.390.460.530.620.730.85
Accounts Receivable -1.09-0.93-0.803.61-6.77-1.80-2.10-2.45-2.86
Inventories --1.04-0.260.230.30-1.49-0.60-0.70-0.82-0.96
Accounts Payable --0.201.461.47-4.186.141.711.992.332.72
Capital Expenditure -6.83-3.24-5.80-8.49-7.34-10.57-12.35-14.43-16.86-19.70
UFCF -12.29-11.02-15.26-21.09-53.05-36.51-40.88-47.76-55.80-65.20
WACC
PV UFCF -30.74-28.98-28.51-28.05-27.60
SUM PV UFCF -143.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.76
Free cash flow (t + 1) -66.50
Terminal Value -396.79
Present Value of Terminal Value -167.96

Intrinsic Value

Enterprise Value -311.85
Net Debt 5.61
Equity Value -317.47
Shares Outstanding 32.66
Equity Value Per Share -9.72