Centerra Gold Inc

TSX:CG

캐나다 / 자재 / 금속 및 채광

개요

뉴스

10년 현금흐름할인(DCF) 반영된 매출

주가

9.09 CAD

적정가치

13.79 CAD

Metrics	Range	Conclusion
Discount Rate	11.8% - 10.8%	11.3%
Terminal Revenue Multiple	1.6x - 1.8x	1.7x
Fair Value	C$13.20 - C$14.42	C$13.79
Upside	45.2% - 58.6%	51.7%

0.9%

Revenue 10y CAGR

32.0%

10y Avg EBITDA Margin

-2.4%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

주가

9.09 CAD

적정가치

13.79 CAD

상승 여력 있음

51.7%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	1,215	1,136	1,168	1,323	1,334	1,334	1,334	1,334	1,334	1,334	1,334
% Growth	10.9%	-6.5%	2.9%	13.3%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

EBITDA	393	285	346	337	458	458	458	458	458	458	458
% of Revenue	32.4%	25.1%	29.6%	25.4%	34.3%	34.3%	34.3%	34.3%	34.3%	34.3%	34.3%

지원하는 계산법

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		285	346	337	458	458	458	458	458	458	458
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(110)	(121)	(123)	(124)	(124)	(124)	(124)	(124)	(124)	(124)

EBIT		175	225	214	334	334	334	334	334	334	334
Pro forma Taxes		(56)	(72)	(68)	(107)	(107)	(107)	(107)	(107)	(107)	(107)
NOPAT	49	119	153	146	227	227	227	227	227	227	227

Capital Expenditures	(160)	(269)	(254)	(147)	(223)	(208)	(193)	(193)	(193)	(193)	(193)
NWC Investment	(8)	5	(2)	(10)	(1)	0	0	0	0	0	0
(+) D&A	321	110	121	123	124	124	124	124	124	124	124

Free Cash Flow	203	(35)	18	111	127	143	158	158	158	158	158
% Growth			NM	503%	14%	13%	11%	0%	0%	0%	0%

로딩 에러

Centerra Gold Inc

TSX:CG

캐나다 / 자재 / 금속 및 채광

10년 현금흐름할인(DCF) 반영된 매출