Discounted Cash Flow (DCF) Analysis Unlevered

Silvercorp Metals Inc. (SVM.TO)

$3.29

+0.11 (+3.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.12 | 3.29 | 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 170.52158.83192.11217.92208.13220.12232.80246.21260.39275.39
Revenue (%)
EBITDA 84.6673.0297.6598.0485.93102.45108.36114.60121.20128.18
EBITDA (%)
EBIT 70.2149.9274.1770.7436.1170.8974.9779.2983.8688.69
EBIT (%)
Depreciation 14.4523.0923.4827.3049.8231.5633.3835.3037.3439.49
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 115.28142.52199.09212.93203.32200.91212.48224.72237.67251.36
Total Cash (%)
Account Receivables 4.793.987.524.792.485.555.876.216.576.95
Account Receivables (%)
Inventories 10.848.439.779.128.3410.9811.6112.2812.9913.74
Inventories (%)
Accounts Payable 29.8623.1330.3039.6736.7436.8538.9741.2143.5946.10
Accounts Payable (%)
Capital Expenditure -34.31-35.30-52.20-67.20-54.96-55.81-59.02-62.42-66.02-69.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.29
Beta 0.922
Diluted Shares Outstanding 178.99
Cost of Debt
Tax Rate 41.36
After-tax Cost of Debt 28.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.637
Total Debt 0.58
Total Equity 588.88
Total Capital 589.46
Debt Weighting 0.10
Equity Weighting 99.90
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 170.52158.83192.11217.92208.13220.12232.80246.21260.39275.39
EBITDA 84.6673.0297.6598.0485.93102.45108.36114.60121.20128.18
EBIT 70.2149.9274.1770.7436.1170.8974.9779.2983.8688.69
Tax Rate 45.52%36.66%36.91%46.32%41.36%41.35%41.35%41.35%41.35%41.35%
EBIAT 38.2531.6246.8037.9721.1841.5743.9746.5049.1852.01
Depreciation 14.4523.0923.4827.3049.8231.5633.3835.3037.3439.49
Accounts Receivable -0.81-3.552.732.31-3.08-0.32-0.34-0.36-0.38
Inventories -2.41-1.340.640.78-2.64-0.63-0.67-0.71-0.75
Accounts Payable --6.737.179.37-2.930.112.122.242.372.51
Capital Expenditure -34.31-35.30-52.20-67.20-54.96-55.81-59.02-62.42-66.02-69.82
UFCF 18.3915.9020.3610.8116.2111.7319.5020.6221.8123.07
WACC
PV UFCF 10.7916.5216.0815.6515.23
SUM PV UFCF 74.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.66
Free cash flow (t + 1) 23.99
Terminal Value 514.83
Present Value of Terminal Value 339.87

Intrinsic Value

Enterprise Value 414.13
Net Debt -145.11
Equity Value 559.24
Shares Outstanding 178.99
Equity Value Per Share 3.12