Discounted Cash Flow (DCF) Analysis Unlevered

Public Joint Stock Company Mining a... (GMKN.ME)

16720 ₽

+170.00 (+1.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 5,028,825,725.71 | 16720 | undervalue

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 11,67013,56315,54517,8521,184,47720,671,069.88360,744,133.196,295,577,848.39109,868,177,466.491,917,380,216,797.87
Revenue (%)
EBITDA 4,4128,6466,43010,463664,55910,651,076.75185,878,789.713,243,890,290.4956,611,215,475.45987,958,725,670.33
EBITDA (%)
EBIT 4,4127,7355,4879,535596,3089,424,068.92164,465,486.932,870,192,973.6650,089,583,289.67874,145,528,595.49
EBIT (%)
Depreciation -91194392868,2511,227,007.8421,413,302.78373,697,316.836,521,632,185.78113,813,197,074.84
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 -8,3562,7845,1915,547132,3571,015,522.3317,722,533.16309,287,322.825,397,571,960.8094,196,499,250.58
Total Cash (%)
Account Receivables -1,1991,1251,237110,7151,671,960.8829,178,464.54509,212,148.258,886,588,653.02155,085,573,193.50
Account Receivables (%)
Inventories -2,4752,1923,026347,8744,065,434.7170,948,515.471,238,168,167.5921,608,068,909.05377,096,305,816.62
Inventories (%)
Accounts Payable -42526741643,209559,634.499,766,541.36170,442,193.672,974,496,326.3751,909,848,171.04
Accounts Payable (%)
Capital Expenditure -1,480-1,324-1,760-2,764-287,813-3,040,611.44-53,063,665.49-926,048,149.52-16,161,061,761.80-282,037,081,337.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16,720
Beta 0.352
Diluted Shares Outstanding 152.86
Cost of Debt
Tax Rate 25.32
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.289
Total Debt 824,141
Total Equity 2,555,876
Total Capital 3,380,017
Debt Weighting 24.38
Equity Weighting 75.62
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 11,67013,56315,54517,8521,184,47720,671,069.88360,744,133.196,295,577,848.39109,868,177,466.491,917,380,216,797.87
EBITDA 4,4128,6466,43010,463664,55910,651,076.75185,878,789.713,243,890,290.4956,611,215,475.45987,958,725,670.33
EBIT 4,4127,7355,4879,535596,3089,424,068.92164,465,486.932,870,192,973.6650,089,583,289.67874,145,528,595.49
Tax Rate 20.94%23.15%26.08%29.87%25.32%25.07%25.07%25.07%25.07%25.07%
EBIAT 3,488.225,944.154,056.236,687.34445,305.767,061,372.76123,232,556.982,150,610,597.7337,531,688,512.66654,989,631,362.11
Depreciation -91194392868,2511,227,007.8421,413,302.78373,697,316.836,521,632,185.78113,813,197,074.84
Accounts Receivable --74-112-109,478-1,561,245.89-27,506,503.66-480,033,683.70-8,377,376,504.77-146,198,984,540.48
Inventories --283-834-344,848-3,717,560.71-66,883,080.76-1,167,219,652.12-20,369,900,741.46-355,488,236,907.57
Accounts Payable ---15814942,793516,425.499,206,906.87160,675,652.322,804,054,132.6948,935,351,844.67
Capital Expenditure -1,480-1,324-1,760-2,764-287,813-3,040,611.44-53,063,665.49-926,048,149.52-16,161,061,761.80-282,037,081,337.49
UFCF 2,008.225,531.153,438.234,054.34-185,789.24485,388.066,399,516.72111,682,081.531,949,035,823.1134,013,877,496.08
WACC
PV UFCF 459,778.405,742,038.9694,920,919.171,569,125,698.8925,939,018,294.23
SUM PV UFCF 27,609,266,729.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.57
Free cash flow (t + 1) 34,694,155,046.01
Terminal Value 971,825,071,316.71
Present Value of Terminal Value 741,114,808,406.66

Intrinsic Value

Enterprise Value 768,724,075,136.31
Net Debt 691,784
Equity Value 768,723,383,352.31
Shares Outstanding 152.86
Equity Value Per Share 5,028,825,725.71