Discounted Cash Flow (DCF) Analysis Unlevered

Starcore International Mines Ltd. (SAM.TO)

$0.205

+0.01 (+2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.45 | 0.205 | 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 27.8132.7924.8226.8025.6825.5125.3525.1825.0224.86
Revenue (%)
EBITDA -12.85-5.361.946.026.33-0.39-0.39-0.38-0.38-0.38
EBITDA (%)
EBIT -17.88-9.26-1.901.572.35-4.35-4.32-4.29-4.26-4.24
EBIT (%)
Depreciation 5.033.903.844.463.983.963.933.913.883.86
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 2.322.552.115.179.314.094.064.044.013.99
Total Cash (%)
Account Receivables 3.353.102.251.171.582.102.082.072.052.04
Account Receivables (%)
Inventories 3.501.491.661.781.531.861.851.841.821.81
Inventories (%)
Accounts Payable -3.402.442.213.132.592.572.562.542.53
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 $ 0.205
Beta 0.470
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 5.735
Total Debt 0.90
Total Equity 10.18
Total Capital 11.08
Debt Weighting 8.11
Equity Weighting 91.89
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 27.8132.7924.8226.8025.6825.5125.3525.1825.0224.86
EBITDA -12.85-5.361.946.026.33-0.39-0.39-0.38-0.38-0.38
EBIT -17.88-9.26-1.901.572.35-4.35-4.32-4.29-4.26-4.24
Tax Rate 33.13%-23.28%-48.06%-100.42%10.96%-25.53%-25.53%-25.53%-25.53%-25.53%
EBIAT -11.96-11.42-2.813.142.09-5.46-5.42-5.39-5.35-5.32
Depreciation 5.033.903.844.463.983.963.933.913.883.86
Accounts Receivable -0.250.851.08-0.41-0.520.010.010.010.01
Inventories -2.01-0.18-0.120.25-0.320.010.010.010.01
Accounts Payable ---0.96-0.230.91-0.53-0.02-0.02-0.02-0.02
Capital Expenditure -2.19-3.54-3.11-1.57-2.75-2.44-2.42-2.41-2.39-2.38
UFCF -9.12-8.80-2.376.754.07-5.31-3.90-3.88-3.85-3.83
WACC
PV UFCF -4.99-3.44-3.21-2.99-2.79
SUM PV UFCF -17.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.56
Free cash flow (t + 1) -3.91
Terminal Value -85.66
Present Value of Terminal Value -62.35

Intrinsic Value

Enterprise Value -79.76
Net Debt -7.92
Equity Value -71.84
Shares Outstanding 49.65
Equity Value Per Share -1.45