Discounted Cash Flow (DCF) Analysis Unlevered

Globex Mining Enterprises Inc. (GMX.TO)

$0.63

-0.01 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 200.47 | 0.63 | undervalue

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 3.963.052.297.4035.2783.92199.66475.011,130.102,688.64
Revenue (%)
EBITDA 0.82-0.01-1.136.0132.5224.2257.63137.11326.21776.10
EBITDA (%)
EBIT 0.80-0.03-1.165.9832.4823.7156.41134.20319.28759.61
EBIT (%)
Depreciation 0.020.020.030.030.040.511.222.916.9316.48
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 3.033.613.0310.4626.7191.30217.22516.791,229.502,925.12
Total Cash (%)
Account Receivables 0.230.220.280.220.134.7311.2726.8063.76151.70
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.120.160.100.150.112.495.9214.0833.4979.69
Accounts Payable (%)
Capital Expenditure -0-0-0.01-0.02-0.52-0.41-0.98-2.32-5.53-13.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.63
Beta 1.070
Diluted Shares Outstanding 56.79
Cost of Debt
Tax Rate 25.96
After-tax Cost of Debt 3.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.740
Total Debt -
Total Equity 35.78
Total Capital 35.78
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 3.963.052.297.4035.2783.92199.66475.011,130.102,688.64
EBITDA 0.82-0.01-1.136.0132.5224.2257.63137.11326.21776.10
EBIT 0.80-0.03-1.165.9832.4823.7156.41134.20319.28759.61
Tax Rate 5.10%-238.45%10.03%0.18%25.96%-39.44%-39.44%-39.44%-39.44%-39.44%
EBIAT 0.75-0.10-1.055.9724.0533.0678.65187.13445.201,059.19
Depreciation 0.020.020.030.030.040.511.222.916.9316.48
Accounts Receivable -0.01-0.060.060.09-4.60-6.53-15.54-36.96-87.94
Inventories ----------
Accounts Payable -0.04-0.060.05-0.042.383.438.1619.4246.19
Capital Expenditure -0-0-0.01-0.02-0.52-0.41-0.98-2.32-5.53-13.16
UFCF 0.77-0.03-1.156.0823.6230.9475.80180.34429.061,020.78
WACC
PV UFCF 28.4564.11140.26306.87671.41
SUM PV UFCF 1,211.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.74
Free cash flow (t + 1) 1,041.19
Terminal Value 15,447.98
Present Value of Terminal Value 10,160.73

Intrinsic Value

Enterprise Value 11,371.83
Net Debt -12.13
Equity Value 11,383.96
Shares Outstanding 56.79
Equity Value Per Share 200.47