Discounted Cash Flow (DCF) Analysis Unlevered
Kinross Gold Corporation (KIN2.DE)
4.498 €
+0.03 (+0.67%)
All numbers are in Millions, Currency in USD
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 | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,455.10 | 3,545.76 | 3,638.79 | 3,734.27 | 3,832.26 | 3,932.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 187.30 | 1,042.20 | 1,871.80 | 1,384.30 | 323.10 | 897.26 | 920.80 | 944.96 | 969.75 | 995.20 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 897.26 | 920.80 | 944.96 | 969.75 | 995.20 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 349 | 575.10 | 1,210.90 | 531.50 | 418.10 | 584.34 | 599.67 | 615.40 | 631.55 | 648.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 150.60 | 137.70 | 152.20 | 176.20 | 159.20 | 152.96 | 156.98 | 161.09 | 165.32 | 169.66 |
| Account Receivables (%) | ||||||||||
| Inventories | 1,052 | 1,053.80 | 1,072.90 | 1,151.30 | 1,072.20 | 1,065.47 | 1,093.42 | 1,122.11 | 1,151.56 | 1,181.77 |
| Inventories (%) | ||||||||||
| Accounts Payable | 89.10 | 89.30 | 479.20 | 87.80 | 119.10 | 159.57 | 163.76 | 168.05 | 172.46 | 176.99 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -807.90 | -952.91 | -977.91 | -1,003.57 | -1,029.90 | -1,056.93 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.498 |
|---|---|
| Beta | 0.975 |
| Diluted Shares Outstanding | 1,292.81 |
| Cost of Debt | |
| Tax Rate | 667.20 |
| After-tax Cost of Debt | -14.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.386 |
| Total Debt | 2,640.50 |
| Total Equity | 5,815.06 |
| Total Capital | 8,455.56 |
| Debt Weighting | 31.23 |
| Equity Weighting | 68.77 |
| 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 | 3,212.60 | 3,497.30 | 4,213.40 | 3,729.40 | 3,455.10 | 3,545.76 | 3,638.79 | 3,734.27 | 3,832.26 | 3,932.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 187.30 | 1,042.20 | 1,871.80 | 1,384.30 | 323.10 | 897.26 | 920.80 | 944.96 | 969.75 | 995.20 |
| EBIT | - | - | - | - | - | 897.26 | 920.80 | 944.96 | 969.75 | 995.20 |
| Tax Rate | 120.85% | 25.44% | 25.36% | 52.88% | 667.20% | 178.34% | 178.34% | 178.34% | 178.34% | 178.34% |
| EBIAT | - | - | - | - | - | -702.95 | -721.40 | -740.32 | -759.75 | -779.68 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 12.90 | -14.50 | -24 | 17 | 6.24 | -4.01 | -4.12 | -4.23 | -4.34 |
| Inventories | - | -1.80 | -19.10 | -78.40 | 79.10 | 6.73 | -27.96 | -28.69 | -29.44 | -30.22 |
| Accounts Payable | - | 0.20 | 389.90 | -391.40 | 31.30 | 40.47 | 4.19 | 4.30 | 4.41 | 4.53 |
| Capital Expenditure | -1,043.40 | -1,105.20 | -916.10 | -938.60 | -807.90 | -952.91 | -977.91 | -1,003.57 | -1,029.90 | -1,056.93 |
| UFCF | - | - | - | - | - | -1,602.42 | -1,727.09 | -1,772.41 | -1,818.91 | -1,866.64 |
| WACC | ||||||||||
| PV UFCF | -1,583.42 | -1,686.37 | -1,710.10 | -1,734.16 | -1,758.56 | |||||
| SUM PV UFCF | -8,472.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.20 |
| Free cash flow (t + 1) | -1,903.97 |
| Terminal Value | 237,996.34 |
| Present Value of Terminal Value | 224,216.58 |
Intrinsic Value
| Enterprise Value | 215,743.97 |
|---|---|
| Net Debt | 2,222.40 |
| Equity Value | 213,521.57 |
| Shares Outstanding | 1,292.81 |
| Equity Value Per Share | 165.16 |