Discounted Cash Flow (DCF) Analysis Unlevered
Sprott Physical Platinum and Pallad... (SPPP)
$14.31
-0.28 (-1.92%)
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 | 34.81 | 7.06 | 38.83 | 24.29 | -30.85 | -39.03 | -49.39 | -62.49 | -79.06 | -100.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 34.30 | 6.52 | 37.77 | 23.40 | -31.64 | -38.04 | -48.12 | -60.89 | -77.04 | -97.47 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -38.04 | -48.12 | -60.89 | -77.04 | -97.47 |
| 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 | 0.01 | 0.09 | 0.27 | 1.16 | 0.89 | -0.31 | -0.39 | -0.50 | -0.63 | -0.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.22 | 0.22 | 0.35 | 0.24 | 0.27 | -0.37 | -0.47 | -0.59 | -0.75 | -0.95 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.31 |
|---|---|
| Beta | 0.367 |
| Diluted Shares Outstanding | 6.98 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.625 |
| Total Debt | - |
| Total Equity | 99.83 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 34.81 | 7.06 | 38.83 | 24.29 | -30.85 | -39.03 | -49.39 | -62.49 | -79.06 | -100.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 34.30 | 6.52 | 37.77 | 23.40 | -31.64 | -38.04 | -48.12 | -60.89 | -77.04 | -97.47 |
| EBIT | - | - | - | - | - | -38.04 | -48.12 | -60.89 | -77.04 | -97.47 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -38.04 | -48.12 | -60.89 | -77.04 | -97.47 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0 | 0.13 | -0.11 | 0.03 | -0.64 | -0.10 | -0.12 | -0.16 | -0.20 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -38.67 | -48.22 | -61.01 | -77.20 | -97.67 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -99.62 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -0.89 |
| Equity Value | - |
| Shares Outstanding | 6.98 |
| Equity Value Per Share | - |