Discounted Cash Flow (DCF) Analysis Unlevered

McEwen Mining Inc. (MUX)

$7.88

-0.10 (-1.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.89 | 7.88 | overvalue

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 128.82117.02104.79136.54110.42108.09105.80103.57101.3899.24
Revenue (%)
EBITDA -31.22-38.05-123.19-32.28-47.95-52.18-51.08-50-48.94-47.91
EBITDA (%)
EBIT -47.64-63.59-146.28-57.83-67.48-72.28-70.76-69.26-67.80-66.37
EBIT (%)
Depreciation 16.4225.5423.0925.5519.5320.1119.6819.2718.8618.46
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 18.8948.3420.8456.0941.0833.3232.6231.9331.2530.59
Total Cash (%)
Account Receivables 1.062.665.6910.594.494.404.314.224.134.04
Account Receivables (%)
Inventories 22.0438.3826.9615.7931.7325.0624.5324.0223.5123.01
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -81.32-29.71-13.37-34.89-24.19-32.15-31.47-30.81-30.16-29.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.88
Beta 1.228
Diluted Shares Outstanding 47.43
Cost of Debt
Tax Rate -0.98
After-tax Cost of Debt 69.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.178
Total Debt 11.21
Total Equity 373.72
Total Capital 384.94
Debt Weighting 2.91
Equity Weighting 97.09
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 128.82117.02104.79136.54110.42108.09105.80103.57101.3899.24
EBITDA -31.22-38.05-123.19-32.28-47.95-52.18-51.08-50-48.94-47.91
EBIT -47.64-63.59-146.28-57.83-67.48-72.28-70.76-69.26-67.80-66.37
Tax Rate 5.81%6.04%0.90%11.66%-0.98%4.69%4.69%4.69%4.69%4.69%
EBIAT -44.87-59.75-144.96-51.08-68.14-68.89-67.44-66.02-64.62-63.26
Depreciation 16.4225.5423.0925.5519.5320.1119.6819.2718.8618.46
Accounts Receivable --1.60-3.03-4.906.100.090.090.090.090.09
Inventories --16.3411.4111.17-15.946.670.530.520.510.50
Accounts Payable ----------
Capital Expenditure -81.32-29.71-13.37-34.89-24.19-32.15-31.47-30.81-30.16-29.52
UFCF -109.77-81.85-126.86-54.15-82.64-74.17-78.61-76.95-75.32-73.73
WACC
PV UFCF -66.86-63.88-56.37-49.74-43.90
SUM PV UFCF -280.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.93
Free cash flow (t + 1) -75.21
Terminal Value -842.20
Present Value of Terminal Value -501.38

Intrinsic Value

Enterprise Value -782.14
Net Debt -28.57
Equity Value -753.57
Shares Outstanding 47.43
Equity Value Per Share -15.89