Discounted Cash Flow (DCF) Analysis Unlevered
Starcore International Mines Ltd. (SAM.TO)
$0.185
-0.01 (-5.13%)
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 | 27.81 | 32.79 | 24.82 | 26.80 | 25.68 | 25.51 | 25.35 | 25.18 | 25.02 | 24.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -12.85 | -5.36 | 1.94 | 6.02 | 6.33 | -0.39 | -0.39 | -0.38 | -0.38 | -0.38 |
| EBITDA (%) | ||||||||||
| EBIT | -17.88 | -9.26 | -1.90 | 1.57 | 2.35 | -4.35 | -4.32 | -4.29 | -4.26 | -4.24 |
| EBIT (%) | ||||||||||
| Depreciation | 5.03 | 3.90 | 3.84 | 4.46 | 3.98 | 3.96 | 3.93 | 3.91 | 3.88 | 3.86 |
| 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 | 2.32 | 2.55 | 2.11 | 5.17 | 9.31 | 4.09 | 4.06 | 4.04 | 4.01 | 3.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.35 | 3.10 | 2.25 | 1.17 | 1.58 | 2.10 | 2.08 | 2.07 | 2.05 | 2.04 |
| Account Receivables (%) | ||||||||||
| Inventories | 3.50 | 1.49 | 1.66 | 1.78 | 1.53 | 1.86 | 1.85 | 1.84 | 1.82 | 1.81 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | 3.40 | 2.44 | 2.21 | 3.13 | 2.59 | 2.57 | 2.56 | 2.54 | 2.53 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.19 | -3.54 | -3.11 | -1.58 | -2.75 | -2.44 | -2.42 | -2.41 | -2.39 | -2.38 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.185 |
|---|---|
| Beta | 0.675 |
| Diluted Shares Outstanding | 49.65 |
| Cost of Debt | |
| Tax Rate | 10.96 |
| After-tax Cost of Debt | 15.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.687 |
| Total Debt | 0.90 |
| Total Equity | 9.18 |
| Total Capital | 10.08 |
| Debt Weighting | 8.91 |
| Equity Weighting | 91.09 |
| 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 | 27.81 | 32.79 | 24.82 | 26.80 | 25.68 | 25.51 | 25.35 | 25.18 | 25.02 | 24.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -12.85 | -5.36 | 1.94 | 6.02 | 6.33 | -0.39 | -0.39 | -0.38 | -0.38 | -0.38 |
| EBIT | -17.88 | -9.26 | -1.90 | 1.57 | 2.35 | -4.35 | -4.32 | -4.29 | -4.26 | -4.24 |
| Tax Rate | 33.13% | -23.28% | -48.06% | -100.42% | 10.96% | -25.53% | -25.53% | -25.53% | -25.53% | -25.53% |
| EBIAT | -11.96 | -11.42 | -2.81 | 3.14 | 2.09 | -5.46 | -5.42 | -5.39 | -5.35 | -5.32 |
| Depreciation | 5.03 | 3.90 | 3.84 | 4.46 | 3.98 | 3.96 | 3.93 | 3.91 | 3.88 | 3.86 |
| Accounts Receivable | - | 0.25 | 0.85 | 1.08 | -0.41 | -0.52 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories | - | 2.01 | -0.18 | -0.12 | 0.25 | -0.32 | 0.01 | 0.01 | 0.01 | 0.01 |
| Accounts Payable | - | - | -0.96 | -0.23 | 0.91 | -0.53 | -0.02 | -0.02 | -0.02 | -0.02 |
| Capital Expenditure | -2.19 | -3.54 | -3.11 | -1.57 | -2.75 | -2.44 | -2.42 | -2.41 | -2.39 | -2.38 |
| UFCF | -9.12 | -8.80 | -2.37 | 6.75 | 4.07 | -5.31 | -3.90 | -3.88 | -3.85 | -3.83 |
| WACC | ||||||||||
| PV UFCF | -4.94 | -3.38 | -3.12 | -2.89 | -2.67 | |||||
| SUM PV UFCF | -17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.50 |
| Free cash flow (t + 1) | -3.91 |
| Terminal Value | -71.02 |
| Present Value of Terminal Value | -49.47 |
Intrinsic Value
| Enterprise Value | -66.47 |
|---|---|
| Net Debt | -7.92 |
| Equity Value | -58.55 |
| Shares Outstanding | 49.65 |
| Equity Value Per Share | -1.18 |