Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers. The company was founded in 1916 and is headquartered in Denver, Colorado.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	11,915	11,812	18,682	21,948.9	24,631	24,899	24,899	24,899
Revenue % Chg.	-2.5%	-0.9%	58.2%
EBIT	1,605	708	5,910	10,793.3	12,972.5	12,948.6	12,948.6	12,948.6
EBIT Margin	13.5%	6%	31.6%
Tax Rate	812.5%	-26.7%	29.7%
NOPAT	-11,435.6	897.2	4,157.1	7,147.9	8,234.3	8,533.2	8,533.2	8,533.2
NOPAT Margin	-96%	7.6%	22.3%	32.6%	33.4%	34.3%	34.3%	34.3%
D&A	2,364	2,353	2,948	2,544.6	2,588.1	2,686.4	2,686.4	2,686.4
D&A / Revenue	19.8%	19.9%	15.8%
Capex	-2,131	-2,666	-3,402	-3,044.1	-3,333.7	-3,299.1	-3,299.1	-3,299.1
Capex / Revenue	-17.9%	-22.6%	-18.2%
Chg. NWC	-841	-513	-1,025	-1,235.6	-1,386.6	-1,401.6	-1,401.6	-1,401.6
Chg. NWC / Revenue	-7.1%	-4.3%	-5.5%
Unlevered FCF (UFCF)	-12,043.6	71.2	2,678.1	5,412.8	6,102.2	6,518.8	6,518.8	6,518.8
UFCF % Chg.	-2,348%	-100.6%	3,659.7%	102.1%	12.7%	6.8%	—	—
PV of UFCF	—	—	—	5,034.9	5,279.8	5,246.5	4,880.2	4,539.5
Sum of PV of UFCF	—	—	—	5,034.9	10,314.7	15,561.2	20,441.4	24,980.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	-7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.8%
Total Debt	9,059
Market Cap	102,847.1
Total Capital	111,906.1
Debt Weighting	8.1%
Equity Weighting	91.9%
WACC	7.5%

Exit Multiple EV/FCF
Terminal Value	102,590.1
PV of Terminal Value	66,452.3
Cumulative PV of UFCF	24,980.8
Net Debt	-442
Equity Value	91,875.1
Shares Outstanding	1,089.5
Implied Share Price	84.3
Current Share Price	85
Implied Upside / (Downside)	-0.8%