Discounted Cash Flow (DCF) Analysis Unlevered

McEwen Mining Inc. (MUX)

$7.69

-0.46 (-5.64%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.85 | 7.69 | 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 18.8948.3420.8456.0940.9233.2932.5931.9031.2230.57
Total Cash (%)
Account Receivables 1.062.665.6910.592.874.083.993.913.833.75
Account Receivables (%)
Inventories 22.0438.3826.9615.7931.7325.0624.5324.0223.5123.01
Inventories (%)
Accounts Payable ----42.5241.6240.7439.8839.0438.22
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 $ 7.69
Beta 1.285
Diluted Shares Outstanding 47.43
Cost of Debt
Tax Rate -0.98
After-tax Cost of Debt 11.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.849
Total Debt 66.39
Total Equity 364.71
Total Capital 431.10
Debt Weighting 15.40
Equity Weighting 84.60
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 --1.60-3.03-4.907.72-1.210.090.080.080.08
Inventories --16.3411.4111.17-15.946.670.530.520.510.50
Accounts Payable ------0.90-0.88-0.86-0.84-0.82
Capital Expenditure -81.32-29.71-13.37-34.89-24.19-32.15-31.47-30.81-30.16-29.52
UFCF -109.77-81.85-126.86-54.15-81.02-76.38-79.49-77.82-76.17-74.56
WACC
PV UFCF -69.35-65.53-58.24-51.76-46.01
SUM PV UFCF -290.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.14
Free cash flow (t + 1) -76.06
Terminal Value -934.35
Present Value of Terminal Value -576.48

Intrinsic Value

Enterprise Value -867.36
Net Debt 26.60
Equity Value -893.97
Shares Outstanding 47.43
Equity Value Per Share -18.85