Discounted Cash Flow (DCF) Analysis Unlevered

GoGold Resources Inc. (GGD.TO)

$1.41

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.28 | 1.41 | 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 17.0521.0226.9739.5553.2370.9194.47125.85167.65223.34
Revenue (%)
EBITDA -0.33-42.0615.9443.5613.79-0.98-1.30-1.74-2.31-3.08
EBITDA (%)
EBIT -6.16-47.1810.2633.06-0.33-19.80-26.38-35.14-46.81-62.36
EBIT (%)
Depreciation 5.835.125.6910.5014.1318.8225.0733.4044.5059.28
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 4.618.287.1652.6366.8449.8666.4288.48117.88157.03
Total Cash (%)
Account Receivables 5.313.895.5311.6111.4717.1622.8730.4640.5854.06
Account Receivables (%)
Inventories 24.526.328.559.209.2234.9246.5261.9882.56109.98
Inventories (%)
Accounts Payable 14.473.826.166.129.5222.5930.0940.0853.4071.13
Accounts Payable (%)
Capital Expenditure -4.37-3.17-1.81-2.24-0.28-7.60-10.12-13.49-17.97-23.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.41
Beta 1.341
Diluted Shares Outstanding 173.57
Cost of Debt
Tax Rate 15.52
After-tax Cost of Debt 4.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.292
Total Debt -
Total Equity 244.73
Total Capital 244.73
Debt Weighting 0.00
Equity Weighting 100.00
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 17.0521.0226.9739.5553.2370.9194.47125.85167.65223.34
EBITDA -0.33-42.0615.9443.5613.79-0.98-1.30-1.74-2.31-3.08
EBIT -6.16-47.1810.2633.06-0.33-19.80-26.38-35.14-46.81-62.36
Tax Rate 93.55%43.62%18.89%0.00%15.52%34.32%34.32%34.32%34.32%34.32%
EBIAT -0.40-26.608.3233.06-0.28-13.01-17.33-23.08-30.75-40.96
Depreciation 5.835.125.6910.5014.1318.8225.0733.4044.5059.28
Accounts Receivable -1.42-1.64-6.080.14-5.70-5.70-7.60-10.12-13.48
Inventories -18.19-2.23-0.65-0.02-25.70-11.60-15.45-20.59-27.42
Accounts Payable --10.652.34-0.043.4013.067.509.9913.3117.74
Capital Expenditure -4.37-3.17-1.81-2.24-0.28-7.60-10.12-13.49-17.97-23.93
UFCF 1.06-15.6910.6734.5617.09-20.12-12.17-16.22-21.61-28.78
WACC
PV UFCF -18.24-10.01-12.09-14.60-17.64
SUM PV UFCF -72.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.29
Free cash flow (t + 1) -29.36
Terminal Value -354.14
Present Value of Terminal Value -217.02

Intrinsic Value

Enterprise Value -289.60
Net Debt -66.84
Equity Value -222.76
Shares Outstanding 173.57
Equity Value Per Share -1.28