Discounted Cash Flow (DCF) Analysis Unlevered

IAMGOLD Corporation (IAG)

$1.88

+0.05 (+2.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.93 | 1.88 | 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 1,094.901,1111,065.301,241.701,151.701,170.901,190.421,210.261,230.431,250.94
Revenue (%)
EBITDA 872.30278.70-97.50363.8030.20298.63303.61308.67313.82319.05
EBITDA (%)
EBIT 606.3012.50-374.1095.80-318.903.303.353.413.473.52
EBIT (%)
Depreciation 266266.20276.60268349.10295.33300.26305.26310.35315.52
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 791.30734.60841.20947.50552.50800.04813.38826.93840.72854.73
Total Cash (%)
Account Receivables 14663.2051.4079.5047.2080.4481.7883.1484.5385.94
Account Receivables (%)
Inventories 200274.70308.50327.30302.10291.65296.51301.45306.48311.59
Inventories (%)
Accounts Payable ---244.70304.40270.11274.61279.19283.84288.58
Accounts Payable (%)
Capital Expenditure -239.50-336-274.40-317.20-669.30-378.28-384.59-391-397.52-404.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.88
Beta 1.027
Diluted Shares Outstanding 476.50
Cost of Debt
Tax Rate 20.40
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.972
Total Debt 530
Total Equity 895.82
Total Capital 1,425.82
Debt Weighting 37.17
Equity Weighting 62.83
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 1,094.901,1111,065.301,241.701,151.701,170.901,190.421,210.261,230.431,250.94
EBITDA 872.30278.70-97.50363.8030.20298.63303.61308.67313.82319.05
EBIT 606.3012.50-374.1095.80-318.903.303.353.413.473.52
Tax Rate 17.51%254.10%-25.68%56.88%20.40%64.64%64.64%64.64%64.64%64.64%
EBIAT 500.12-19.26-470.1641.31-253.841.171.191.211.231.25
Depreciation 266266.20276.60268349.10295.33300.26305.26310.35315.52
Accounts Receivable -82.8011.80-28.1032.30-33.24-1.34-1.36-1.39-1.41
Inventories --74.70-33.80-18.8025.2010.45-4.86-4.94-5.02-5.11
Accounts Payable ----59.70-34.294.504.584.654.73
Capital Expenditure -239.50-336-274.40-317.20-669.30-378.28-384.59-391-397.52-404.14
UFCF 526.62-80.96-489.96-54.79-456.84-138.86-84.84-86.26-87.70-89.16
WACC
PV UFCF -130.39-74.82-71.43-68.19-65.11
SUM PV UFCF -409.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.49
Free cash flow (t + 1) -90.94
Terminal Value -2,025.42
Present Value of Terminal Value -1,479.01

Intrinsic Value

Enterprise Value -1,888.95
Net Debt -14.90
Equity Value -1,874.05
Shares Outstanding 476.50
Equity Value Per Share -3.93