Discounted Cash Flow (DCF) Analysis Unlevered

GCM Mining Corp. (GCM.TO)

$3.11

-0.08 (-2.51%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.55 | 3.11 | 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 215.37268.53326.48390.92382.61443.71514.57596.75692.05802.56
Revenue (%)
EBITDA 76.7225.94-103.6773.47285.5694.92110.08127.66148.05171.69
EBITDA (%)
EBIT -----94.92110.08127.66148.05171.69
EBIT (%)
Depreciation ----------
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 3.2738.8690122.51323.56141.51164.11190.32220.71255.96
Total Cash (%)
Account Receivables 14.4113.5015.3224.1929.5726.9131.2136.1941.9748.68
Account Receivables (%)
Inventories 12.9315.8424.3130.3722.4129.2633.9439.3645.6452.93
Inventories (%)
Accounts Payable 15.0519.1020.9234.5322.9931.3736.3842.1948.9356.74
Accounts Payable (%)
Capital Expenditure -24.97-35.60-42.67-62.80-63.47-62.63-72.63-84.23-97.68-113.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.11
Beta 1.412
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 22.33
After-tax Cost of Debt 3.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.967
Total Debt 318.07
Total Equity 334.28
Total Capital 652.35
Debt Weighting 48.76
Equity Weighting 51.24
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 215.37268.53326.48390.92382.61443.71514.57596.75692.05802.56
EBITDA 76.7225.94-103.6773.47285.5694.92110.08127.66148.05171.69
EBIT -----94.92110.08127.66148.05171.69
Tax Rate 46.16%119.54%-17.33%172.47%22.33%68.63%68.63%68.63%68.63%68.63%
EBIAT -----29.7734.5340.0446.4453.85
Depreciation ----------
Accounts Receivable -0.91-1.83-8.87-5.372.65-4.30-4.98-5.78-6.70
Inventories --2.91-8.48-6.067.96-6.85-4.67-5.42-6.28-7.29
Accounts Payable -4.041.8313.60-11.548.385.015.816.747.81
Capital Expenditure -24.97-35.60-42.66-62.80-63.47-62.63-72.63-84.23-97.68-113.28
UFCF ------28.67-42.06-48.78-56.57-65.60
WACC
PV UFCF -26.66-36.38-39.23-42.31-45.63
SUM PV UFCF -190.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.53
Free cash flow (t + 1) -66.91
Terminal Value -1,210.03
Present Value of Terminal Value -841.68

Intrinsic Value

Enterprise Value -1,031.89
Net Debt -5.49
Equity Value -1,026.40
Shares Outstanding 107.49
Equity Value Per Share -9.55