Discounted Cash Flow (DCF) Analysis Unlevered

Golden Star Resources Ltd. (GSC.TO)

$4.96

-0.04 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: -41.38 | 4.96 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 221.29315.50273.02264.74272.48292.24313.42336.15360.52386.65
Revenue (%)
EBITDA -12.3163.6946.234.6233.0126.5528.4730.5332.7535.12
EBITDA (%)
EBIT -33.4831.8712.26-24.998.77-3.95-4.24-4.55-4.87-5.23
EBIT (%)
Depreciation 21.1731.8233.9729.6124.2430.5032.7135.0837.6240.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 21.7627.7996.5153.3760.8156.3860.4764.8569.5674.60
Total Cash (%)
Account Receivables 7.303.433.216.5023.769.7810.4911.2512.0712.94
Account Receivables (%)
Inventories 44.3850.6535.2038.8630.6043.7846.9650.3654.0157.93
Inventories (%)
Accounts Payable 48.5944.0542.9544.4920.0344.3147.5250.9654.6658.62
Accounts Payable (%)
Capital Expenditure -84.36-68.87-44.93-73.38-45.22-70.56-75.68-81.16-87.05-93.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.96
Beta 0.325
Diluted Shares Outstanding 109
Cost of Debt
Tax Rate 160.33
After-tax Cost of Debt -7.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.226
Total Debt 104.58
Total Equity 540.64
Total Capital 645.22
Debt Weighting 16.21
Equity Weighting 83.79
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 221.29315.50273.02264.74272.48292.24313.42336.15360.52386.65
EBITDA -12.3163.6946.234.6233.0126.5528.4730.5332.7535.12
EBIT -33.4831.8712.26-24.998.77-3.95-4.24-4.55-4.87-5.23
Tax Rate 5.07%-38.39%-54.62%-33.44%160.33%7.79%7.79%7.79%7.79%7.79%
EBIAT -31.7844.1018.95-33.35-5.29-3.64-3.91-4.19-4.50-4.82
Depreciation 21.1731.8233.9729.6124.2430.5032.7135.0837.6240.35
Accounts Receivable -3.870.22-3.29-17.2613.98-0.71-0.76-0.82-0.87
Inventories --6.2715.46-3.668.26-13.18-3.17-3.40-3.65-3.92
Accounts Payable --4.54-1.101.55-24.4724.283.213.453.693.96
Capital Expenditure -84.36-68.87-44.94-73.38-45.22-70.56-75.68-81.16-87.05-93.36
UFCF -94.970.1122.56-82.53-59.74-18.63-47.55-50.99-54.69-58.66
WACC
PV UFCF -18.05-44.64-46.40-48.22-50.11
SUM PV UFCF -207.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.20
Free cash flow (t + 1) -59.83
Terminal Value -4,985.69
Present Value of Terminal Value -4,259.18

Intrinsic Value

Enterprise Value -4,466.60
Net Debt 43.77
Equity Value -4,510.37
Shares Outstanding 109
Equity Value Per Share -41.38