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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 -1,668.00-1,834.09-3,089.151,348.901,281.90-636.32-633.59-630.86-628.15-625.45-622.76
EBITDA (%)
EBIT -2,302.16-2,587.24-4,582.32325.03291.98-1,531.67-1,525.08-1,518.53-1,512.00-1,505.49-1,499.02
EBIT (%)
Depreciation 634.16753.151,493.171,023.87989.92895.35891.50887.67883.85880.05876.26
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 5.1667.0056.8743.1747.9240.9040.7240.5540.3740.2040.03
Total Cash (%)
Account Receivables 700.90672.07430.06421.90437.11498.97496.82494.69492.56490.44488.33
Account Receivables (%)
Inventories 727.08772.05468.99369.96440.88520.44518.20515.97513.76511.55509.35
Inventories (%)
Accounts Payable 856.121,039.02679.87512.11574.03684.04681.10678.17675.25672.35669.46
Accounts Payable (%)
Capital Expenditure -1,992.82-1,881.85-1,194.80-696.04-1,341.12-1,330.24-1,324.52-1,318.83-1,313.16-1,307.51-1,301.89
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 -1,668.00-1,834.09-3,089.151,348.901,281.90-636.32-633.59-630.86-628.15-625.45-622.76
EBIT -2,302.16-2,587.24-4,582.32325.03291.98-1,531.67-1,525.08-1,518.53-1,512.00-1,505.49-1,499.02
Tax Rate -----------
EBIAT -----------
Depreciation 634.16753.151,493.171,023.87989.92895.35891.50887.67883.85880.05876.26
Accounts Receivable -28.83242.018.15-15.21-61.852.152.142.132.122.11
Inventories --44.97303.0699.04-70.92-79.562.242.232.222.212.20
Accounts Payable -182.90-359.15-167.7661.92110.00-2.94-2.93-2.92-2.90-2.89
Capital Expenditure --110.97-687.05-498.76645.08-10.88-5.72-5.70-5.67-5.65-5.62
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 -