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Discounted Cash Flow (DCF) Analysis Unlevered


Goldcorp Inc.

Goldcorp Inc. (GG)

Basic Materials

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,687.003,435.924,374.953,510.023,422.973,408.263,393.603,379.013,364.483,350.013,335.61
Revenue (%)
EBITDA -1,668.00-1,834.09-3,089.151,348.901,281.90-409.67-407.91-406.16-404.41-402.67-400.94
EBITDA (%)
EBIT -2,302.16-2,587.24-4,582.32325.03291.98-1,382.05-1,376.10-1,370.19-1,364.30-1,358.43-1,352.59
EBIT (%)
Depreciation 634.16753.151,493.171,023.87989.92972.38968.19964.03959.89955.76951.65
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 5.1667.0056.8743.1747.9250.1049.8949.6749.4649.2549.03
Total Cash (%)
Account Receivables 700.90672.07430.06421.90437.11461.48459.49457.52455.55453.59451.64
Account Receivables (%)
Inventories 727.08772.05468.99369.96440.88482.27480.19478.13476.07474.03471.99
Inventories (%)
Accounts Payable 856.121,039.02679.87512.11574.03657.11654.29651.47648.67645.88643.10
Accounts Payable (%)
Capital Expenditure -1,992.82-1,881.85-1,194.80-696.04-1,341.12-1,202.09-1,196.92-1,191.78-1,186.65-1,181.55-1,176.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.22
Diluted Shares Outstanding 865.00
Cost of Debt
Tax Rate -
After-tax Cost of Debt -
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.53
Total Debt 1,984.00
Total Equity 9,705.30
Total Capital 11,689.30
Debt Weighting 16.97
Equity Weighting 83.03
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,687.003,435.924,374.953,510.023,422.973,408.263,393.603,379.013,364.483,350.013,335.61
EBITDA -1,668.00-1,834.09-3,089.151,348.901,281.90-409.67-407.91-406.16-404.41-402.67-400.94
EBIT -2,302.16-2,587.24-4,582.32325.03291.98-1,382.05-1,376.10-1,370.19-1,364.30-1,358.43-1,352.59
Tax Rate -----------
EBIAT -----------
Depreciation 634.16753.151,493.171,023.87989.92972.38968.19964.03959.89955.76951.65
Accounts Receivable -28.83242.018.15-15.21-24.361.981.981.971.961.95
Inventories --44.97303.0699.04-70.92-41.392.072.062.062.052.04
Accounts Payable -182.90-359.15-167.7661.9283.08-2.83-2.81-2.80-2.79-2.78
Capital Expenditure --110.97-687.05-498.76645.08-139.03-5.17-5.15-5.12-5.10-5.08
UFCF -----------
WACC
PV UFCF ------
SUM PV UFCF -

Terminal Value

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

Intrinsic Value

Enterprise Value -
Net Debt 1,936.08
Equity Value -
Shares Outstanding 865.00
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell