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Discounted Cash Flow (DCF) Analysis Unlevered


Harmony Gold Mining Company Limited

Harmony Gold Mining Company Limited (HMY)

Basic Materials

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,515.001,348.051,265.011,417.951,588.951,902.932,004.732,111.992,224.982,344.02
Revenue (%)
EBITDA 93.02-193.98-52.24-58.56-65.62-78.59-82.80-87.23-91.89-96.81
EBITDA (%)
EBIT -118.02-413.99-243.51-272.95-305.87-366.31-385.91-406.56-428.31-451.22
EBIT (%)
Depreciation 211.04220.00191.27214.39240.25287.72303.12319.33336.42354.42
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash --111.95214.9692.9595.91175.01184.38194.24204.63
Total Cash (%)
Account Receivables 94.9959.0443.0171.0477.0675.9393.2298.21103.46109.00
Account Receivables (%)
Inventories 144.99105.9679.0686.07128.07140.06150.96159.03167.54176.50
Inventories (%)
Accounts Payable 46.0643.0024.0439.9943.06203.9981.3985.7590.3395.17
Accounts Payable (%)
Capital Expenditure -256.94-246.96-168.12-286.43-356.08-356.04-367.27-386.92-407.62-429.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.22
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -
After-tax Cost of Debt -
Risk-Free Rate
Market Risk Premium
Cost of Equity -11.12
Total Debt 414.00
Total Equity -
Total Capital 414.00
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,515.001,348.051,265.011,417.951,588.951,902.932,004.732,111.992,224.982,344.02
EBITDA 93.02-193.98-52.24-58.56-65.62-78.59-82.80-87.23-91.89-96.81
EBIT -118.02-413.99-243.51-272.95-305.87-366.31-385.91-406.56-428.31-451.22
Tax Rate ----------
EBIAT ----------
Depreciation 211.04220.00191.27214.39240.25287.72303.12319.33336.42354.42
Accounts Receivable -35.9516.03-28.03-6.021.14-17.29-4.99-5.25-5.54
Inventories -39.0326.89-7.01-42.00-11.99-10.90-8.08-8.51-8.96
Accounts Payable --3.05-18.9715.953.07160.93-122.604.354.594.83
Capital Expenditure --9.98-78.84118.3169.66-0.0511.2319.6520.7021.81
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 318.09
Equity Value -
Shares Outstanding -
Equity Value Per Share -