Discounted Cash Flow (DCF) Analysis Unlevered
Sandstorm Gold Ltd. (SSL.TO)
$7.34
-0.18 (-2.39%)
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 | 68.28 | 73.15 | 89.43 | 93.02 | 114.86 | 131.20 | 149.85 | 171.17 | 195.51 | 223.32 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 47.52 | 40.46 | 64.80 | 59.99 | 83.16 | 87.71 | 100.18 | 114.43 | 130.71 | 149.30 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 87.71 | 100.18 | 114.43 | 130.71 | 149.30 |
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 | 30.79 | 19.83 | 17.77 | 115.63 | 21.17 | 61.61 | 70.37 | 80.38 | 91.81 | 104.87 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 7.57 | 6.87 | 7.61 | 8.01 | 12.14 | 12.64 | 14.44 | 16.49 | 18.84 | 21.51 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 6.44 | 4.98 | 3.87 | 3.43 | 7.35 | 8.04 | 9.19 | 10.49 | 11.98 | 13.69 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -4.41 | -46.03 | -61.29 | -3.48 | -152.70 | -72.05 | -82.30 | -94 | -107.37 | -122.64 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 7.34 |
---|---|
Beta | 0.907 |
Diluted Shares Outstanding | 197.82 |
Cost of Debt | |
Tax Rate | 38.42 |
After-tax Cost of Debt | 50.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.814 |
Total Debt | 2.58 |
Total Equity | 1,452.02 |
Total Capital | 1,454.60 |
Debt Weighting | 0.18 |
Equity Weighting | 99.82 |
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 | 68.28 | 73.15 | 89.43 | 93.02 | 114.86 | 131.20 | 149.85 | 171.17 | 195.51 | 223.32 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 47.52 | 40.46 | 64.80 | 59.99 | 83.16 | 87.71 | 100.18 | 114.43 | 130.71 | 149.30 |
EBIT | - | - | - | - | - | 87.71 | 100.18 | 114.43 | 130.71 | 149.30 |
Tax Rate | 27.90% | 32.54% | 28.73% | 43.08% | 38.42% | 34.13% | 34.13% | 34.13% | 34.13% | 34.13% |
EBIAT | - | - | - | - | - | 57.77 | 65.99 | 75.37 | 86.09 | 98.34 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | 0.70 | -0.74 | -0.40 | -4.13 | -0.50 | -1.80 | -2.05 | -2.35 | -2.68 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -1.46 | -1.11 | -0.43 | 3.91 | 0.69 | 1.14 | 1.31 | 1.49 | 1.70 |
Capital Expenditure | -4.41 | -46.03 | -61.29 | -3.48 | -152.70 | -72.05 | -82.30 | -94 | -107.37 | -122.64 |
UFCF | - | - | - | - | - | -14.08 | -16.96 | -19.38 | -22.13 | -25.28 |
WACC | ||||||||||
PV UFCF | -13.05 | -14.57 | -15.43 | -16.34 | -17.29 | |||||
SUM PV UFCF | -76.68 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.89 |
Free cash flow (t + 1) | -25.79 |
Terminal Value | -437.81 |
Present Value of Terminal Value | -299.49 |
Intrinsic Value
Enterprise Value | -376.17 |
---|---|
Net Debt | -13.59 |
Equity Value | -362.58 |
Shares Outstanding | 197.82 |
Equity Value Per Share | -1.83 |