Discounted Cash Flow (DCF) Analysis Unlevered
Ur-Energy Inc. (URE.TO)
$1.25
-0.01 (-0.79%)
All numbers are in Millions, Currency in USD
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 | 23.50 | 32.26 | 8.32 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 9.14 | -3.34 | -9.81 | -18.37 | -13.66 | -5 | -3.53 | -2.49 | -1.75 | -1.24 |
| EBITDA (%) | ||||||||||
| EBIT | 5.54 | -7.75 | -14.08 | -22.21 | -16.68 | -6.07 | -4.28 | -3.02 | -2.13 | -1.50 |
| EBIT (%) | ||||||||||
| Depreciation | 3.60 | 4.41 | 4.26 | 3.83 | 3.02 | 1.07 | 0.75 | 0.53 | 0.37 | 0.26 |
| 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 | 6.37 | 7.75 | 4.27 | 46.19 | 33 | 12.39 | 8.74 | 6.16 | 4.34 | 3.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.03 | 0.02 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.84 | 2.53 | 0.65 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.62 | 0.52 | 0.40 | 0.85 | 0.66 | 0.24 | 0.17 | 0.12 | 0.08 | 0.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.09 | -0.28 | -0.04 | -1.19 | -0.71 | -0.30 | -0.21 | -0.15 | -0.10 | -0.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.25 |
|---|---|
| Beta | 1.464 |
| Diluted Shares Outstanding | 195.69 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.722 |
| Total Debt | 11.08 |
| Total Equity | 244.61 |
| Total Capital | 255.69 |
| Debt Weighting | 4.33 |
| Equity Weighting | 95.67 |
| 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 | 23.50 | 32.26 | 8.32 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 9.14 | -3.34 | -9.81 | -18.37 | -13.66 | -5 | -3.53 | -2.49 | -1.75 | -1.24 |
| EBIT | 5.54 | -7.75 | -14.08 | -22.21 | -16.68 | -6.07 | -4.28 | -3.02 | -2.13 | -1.50 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 5.54 | -7.75 | -14.08 | -22.21 | -16.68 | -6.07 | -4.28 | -3.02 | -2.13 | -1.50 |
| Depreciation | 3.60 | 4.41 | 4.26 | 3.83 | 3.02 | 1.07 | 0.75 | 0.53 | 0.37 | 0.26 |
| Accounts Receivable | - | 0.01 | 0.01 | 0.01 | -0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | -0.69 | 1.87 | 0.65 | -0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | -0.10 | -0.13 | 0.46 | -0.19 | -0.42 | -0.07 | -0.05 | -0.03 | -0.02 |
| Capital Expenditure | -0.09 | -0.28 | -0.04 | -1.19 | -0.71 | -0.30 | -0.21 | -0.15 | -0.10 | -0.07 |
| UFCF | 9.05 | -4.39 | -8.09 | -18.44 | -14.57 | -5.73 | -3.81 | -2.69 | -1.89 | -1.33 |
| WACC | ||||||||||
| PV UFCF | -5.19 | -3.12 | -1.99 | -1.27 | -0.81 | |||||
| SUM PV UFCF | -12.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.44 |
| Free cash flow (t + 1) | -1.36 |
| Terminal Value | -16.13 |
| Present Value of Terminal Value | -9.82 |
Intrinsic Value
| Enterprise Value | -22.20 |
|---|---|
| Net Debt | -21.93 |
| Equity Value | -0.28 |
| Shares Outstanding | 195.69 |
| Equity Value Per Share | -0.00 |