Barrick Mining Corporation
TSX-ABX
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 | 11,013 | 11,397 | 12,922 | 16,034.6 | 20,544.8 | 21,305.5 | 21,305.5 | 21,305.5 |
Revenue % Chg. | -8.1% | 3.5% | 13.4% | |||||
EBIT | 2,589 | 2,868 | 4,758 | 8,088.3 | 12,442.1 | 12,371.5 | 12,371.5 | 12,371.5 |
EBIT Margin | 23.5% | 25.2% | 36.8% | |||||
Tax Rate | 39.5% | 30.6% | 33% | |||||
NOPAT | 1,566.3 | 1,990.5 | 3,188.5 | 5,912.5 | 8,833.9 | 8,783.8 | 8,783.8 | 8,783.8 |
NOPAT Margin | 14.2% | 17.5% | 24.7% | 36.9% | 43% | 41.2% | 41.2% | 41.2% |
D&A | 2,517 | 2,398 | 1,410 | 1,833.5 | 2,035.7 | 2,154.6 | 2,154.6 | 2,154.6 |
D&A / Revenue | 22.9% | 21% | 10.9% | |||||
Capex | -3,049 | -3,086 | -3,174 | -3,687.4 | -4,274.6 | -4,376.1 | -4,376.1 | -4,376.1 |
Capex / Revenue | -27.7% | -27.1% | -24.6% | |||||
Chg. NWC | -322 | -404 | -382 | -503.7 | -645.4 | -669.3 | -669.3 | -669.3 |
Chg. NWC / Revenue | -2.9% | -3.5% | -3% | |||||
Unlevered FCF (UFCF) | 712.3 | 898.5 | 1,042.5 | 3,554.9 | 5,949.6 | 5,893 | 5,893 | 5,893 |
UFCF % Chg. | -71.5% | 26.1% | 16% | 241% | 67.4% | -1% | — | — |
PV of UFCF | — | — | — | 3,276.8 | 5,055 | 4,615.1 | 4,254 | 3,921.2 |
Sum of PV of UFCF | — | — | — | 3,276.8 | 8,331.7 | 12,946.8 | 17,200.9 | 21,122 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 5.3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 5,256 |
| Market Cap | 72,414 |
| Total Capital | 77,670 |
| Debt Weighting | 6.8% |
| Equity Weighting | 93.2% |
| WACC | 8.5% |
| Exit Multiple EV/FCF | |
| Terminal Value | 80,903 |
| PV of Terminal Value | 49,620.6 |
| Cumulative PV of UFCF | 21,122 |
| Net Debt | -323 |
| Equity Value | 71,065.6 |
| Shares Outstanding | 1,687.4 |
| Implied Share Price | 42.1 |
| Current Share Price | 42.9 |
| Implied Upside / (Downside) | -1.9% |