Discounted Cash Flow (DCF) Analysis Unlevered
Yamana Gold Inc. (RNY.DE)
5.391 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 1,803.80 | 1,798.50 | 1,612.20 | 1,561 | 1,815.40 | 1,826.61 | 1,837.88 | 1,849.22 | 1,860.64 | 1,872.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -215.20 | -71.30 | 397.60 | 554.50 | 953.50 | 353.68 | 355.86 | 358.05 | 360.26 | 362.49 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 353.68 | 355.86 | 358.05 | 360.26 | 362.49 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 162.10 | 105.90 | 167.30 | 665.50 | 552 | 359.08 | 361.30 | 363.53 | 365.77 | 368.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 38.60 | 24.30 | 3.40 | 4.20 | 3 | 15.11 | 15.20 | 15.30 | 15.39 | 15.49 |
| Account Receivables (%) | ||||||||||
| Inventories | 163.50 | 181 | 133.40 | 152.10 | 167.20 | 169.35 | 170.40 | 171.45 | 172.51 | 173.57 |
| Inventories (%) | ||||||||||
| Accounts Payable | 256.40 | 221.30 | 153.90 | 154.20 | 173.10 | 202.67 | 203.93 | 205.18 | 206.45 | 207.73 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -643.80 | -446.90 | -331.70 | -273.70 | -384.60 | -437.78 | -440.48 | -443.20 | -445.93 | -448.69 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.391 |
|---|---|
| Beta | 1.270 |
| Diluted Shares Outstanding | 950.27 |
| Cost of Debt | |
| Tax Rate | 61.64 |
| After-tax Cost of Debt | 3.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.695 |
| Total Debt | 772.80 |
| Total Equity | 5,122.88 |
| Total Capital | 5,895.68 |
| Debt Weighting | 13.11 |
| Equity Weighting | 86.89 |
| 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 | 1,803.80 | 1,798.50 | 1,612.20 | 1,561 | 1,815.40 | 1,826.61 | 1,837.88 | 1,849.22 | 1,860.64 | 1,872.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -215.20 | -71.30 | 397.60 | 554.50 | 953.50 | 353.68 | 355.86 | 358.05 | 360.26 | 362.49 |
| EBIT | - | - | - | - | - | 353.68 | 355.86 | 358.05 | 360.26 | 362.49 |
| Tax Rate | 38.87% | -61.06% | 27.30% | 58.46% | 61.64% | 25.04% | 25.04% | 25.04% | 25.04% | 25.04% |
| EBIAT | - | - | - | - | - | 265.12 | 266.75 | 268.40 | 270.06 | 271.72 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 14.30 | 20.90 | -0.80 | 1.20 | -12.11 | -0.09 | -0.09 | -0.09 | -0.10 |
| Inventories | - | -17.50 | 47.60 | -18.70 | -15.10 | -2.15 | -1.05 | -1.05 | -1.06 | -1.06 |
| Accounts Payable | - | -35.10 | -67.40 | 0.30 | 18.90 | 29.57 | 1.25 | 1.26 | 1.27 | 1.27 |
| Capital Expenditure | -643.80 | -446.90 | -331.70 | -273.70 | -384.60 | -437.78 | -440.48 | -443.20 | -445.93 | -448.69 |
| UFCF | - | - | - | - | - | -157.34 | -173.61 | -174.68 | -175.76 | -176.85 |
| WACC | ||||||||||
| PV UFCF | -144.58 | -146.58 | -135.52 | -125.29 | -115.84 | |||||
| SUM PV UFCF | -667.81 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.83 |
| Free cash flow (t + 1) | -180.38 |
| Terminal Value | -2,641.05 |
| Present Value of Terminal Value | -1,729.95 |
Intrinsic Value
| Enterprise Value | -2,397.76 |
|---|---|
| Net Debt | 247.80 |
| Equity Value | -2,645.56 |
| Shares Outstanding | 950.27 |
| Equity Value Per Share | -2.78 |