Discounted Cash Flow (DCF) Analysis Unlevered
Golden Star Resources Ltd. (GSS)
$3.9
+0.01 (+0.26%)
All numbers are in Millions, Currency in USD
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 | 221.29 | 315.50 | 273.02 | 264.74 | 272.48 | 292.24 | 313.42 | 336.15 | 360.52 | 386.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -12.31 | 63.69 | 46.23 | 4.62 | 33.01 | 26.55 | 28.47 | 30.53 | 32.75 | 35.12 |
| EBITDA (%) | ||||||||||
| EBIT | -33.48 | 31.87 | 12.26 | -24.99 | 8.77 | -3.95 | -4.24 | -4.55 | -4.87 | -5.23 |
| EBIT (%) | ||||||||||
| Depreciation | 21.17 | 31.82 | 33.97 | 29.61 | 24.24 | 30.50 | 32.71 | 35.08 | 37.62 | 40.35 |
| 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 | 21.76 | 27.79 | 96.51 | 53.37 | 60.81 | 56.38 | 60.47 | 64.85 | 69.56 | 74.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.30 | 3.43 | 3.21 | 6.50 | 4.46 | 5.64 | 6.05 | 6.49 | 6.96 | 7.47 |
| Account Receivables (%) | ||||||||||
| Inventories | 44.38 | 50.65 | 35.20 | 38.86 | 30.60 | 43.78 | 46.96 | 50.36 | 54.01 | 57.93 |
| Inventories (%) | ||||||||||
| Accounts Payable | 48.59 | 44.05 | 42.95 | 44.49 | 20.03 | 44.31 | 47.52 | 50.96 | 54.66 | 58.62 |
| 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 | $ 3.9 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 124.80 |
| Cost of Debt | |
| Tax Rate | 160.33 |
| After-tax Cost of Debt | -7.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.810 |
| Total Debt | 105.76 |
| Total Equity | 486.72 |
| Total Capital | 592.48 |
| Debt Weighting | 17.85 |
| Equity Weighting | 82.15 |
| 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 | 221.29 | 315.50 | 273.02 | 264.74 | 272.48 | 292.24 | 313.42 | 336.15 | 360.52 | 386.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -12.31 | 63.69 | 46.23 | 4.62 | 33.01 | 26.55 | 28.47 | 30.53 | 32.75 | 35.12 |
| EBIT | -33.48 | 31.87 | 12.26 | -24.99 | 8.77 | -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 | -31.78 | 44.10 | 18.95 | -33.35 | -5.29 | -3.64 | -3.91 | -4.19 | -4.50 | -4.82 |
| Depreciation | 21.17 | 31.82 | 33.97 | 29.61 | 24.24 | 30.50 | 32.71 | 35.08 | 37.62 | 40.35 |
| Accounts Receivable | - | 3.87 | 0.22 | -3.29 | 2.04 | -1.18 | -0.41 | -0.44 | -0.47 | -0.50 |
| Inventories | - | -6.27 | 15.46 | -3.66 | 8.26 | -13.18 | -3.17 | -3.40 | -3.65 | -3.92 |
| Accounts Payable | - | -4.54 | -1.10 | 1.55 | -24.47 | 24.28 | 3.21 | 3.45 | 3.69 | 3.96 |
| Capital Expenditure | -84.36 | -68.87 | -44.94 | -73.38 | -45.22 | -70.56 | -75.68 | -81.16 | -87.05 | -93.36 |
| UFCF | -94.97 | 0.11 | 22.56 | -82.53 | -40.44 | -33.79 | -47.25 | -50.67 | -54.34 | -58.28 |
| WACC | ||||||||||
| PV UFCF | -33.18 | -45.55 | -47.97 | -50.52 | -53.21 | |||||
| SUM PV UFCF | -230.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.84 |
| Free cash flow (t + 1) | -59.45 |
| Terminal Value | 37,156.64 |
| Present Value of Terminal Value | 33,919.11 |
Intrinsic Value
| Enterprise Value | 33,688.68 |
|---|---|
| Net Debt | 44.95 |
| Equity Value | 33,643.72 |
| Shares Outstanding | 124.80 |
| Equity Value Per Share | 269.58 |