Discounted Cash Flow (DCF) Analysis Unlevered

Sandstorm Gold Ltd. (SSL.TO)

$7.12

-0.20 (-2.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.77 | 7.12 | overvalue

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 68.2873.1589.4393.02114.86131.20149.85171.17195.51223.32
Revenue (%)
EBITDA 47.5240.4664.8059.9983.1687.71100.18114.43130.71149.30
EBITDA (%)
EBIT -----87.71100.18114.43130.71149.30
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 30.7919.8317.77115.6321.1761.6170.3780.3891.81104.87
Total Cash (%)
Account Receivables 7.576.877.618.0112.1412.6414.4416.4918.8421.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.444.983.873.437.358.049.1910.4911.9813.69
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 $ 7.12
Beta 0.934
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 8.009
Total Debt 2.58
Total Equity 1,408.50
Total Capital 1,411.08
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 68.2873.1589.4393.02114.86131.20149.85171.17195.51223.32
EBITDA 47.5240.4664.8059.9983.1687.71100.18114.43130.71149.30
EBIT -----87.71100.18114.43130.71149.30
Tax Rate 27.90%32.54%28.73%43.08%38.42%34.13%34.13%34.13%34.13%34.13%
EBIAT -----57.7765.9975.3786.0998.34
Depreciation ----------
Accounts Receivable -0.70-0.74-0.40-4.13-0.50-1.80-2.05-2.35-2.68
Inventories ----------
Accounts Payable --1.46-1.11-0.433.910.691.141.311.491.70
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 -13.03-14.52-15.34-16.21-17.13
SUM PV UFCF -76.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.09
Free cash flow (t + 1) -25.79
Terminal Value -423.43
Present Value of Terminal Value -286.98

Intrinsic Value

Enterprise Value -363.22
Net Debt -13.59
Equity Value -349.63
Shares Outstanding 197.82
Equity Value Per Share -1.77