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GOLD

Barrick Gold Corp. – Gold Ore Mining
Barrick Gold Corporation is a mining company that produces gold and copper with 16 operating sites in 13 countries. Barrick has mining operations in Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States, and Zambia. The company was founded in 1983, and is headquartered in Toronto.
Analysis Results
Intrinsic Value $100.17
Latest Price $15.50
Relative Value 85% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 15.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 3.84 3.66
2023 4.44 4.03
2024 5.14 4.45
2025 5.95 4.9
2026 6.89 5.41
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 207 billion. This corresponds to a present value of 155 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 22.4 billion. Adding in the terminal value gives a total present value of 177 billion.

There are presently 1.77 billion outstanding shares, so the intrinsic value per share is 100.17.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 8,249,000,000
Current Cash 5,280,000,000
Current Liabilities 2,086,000,000
Current Debt 15,000,000
Non-Cash Working Capital (NCWC) 898,000,000
Change in NCWC 143,000,000
EBIT 4,897,000,000
Tax Provision 1,344,000,000
Depreciation and Amortization 2,102,000,000
Capital Expenditure -2,435,000,000
Unlevered Free Cash Flow 3,286,108,808
Current Assets 8,143,000,000
Current Cash 5,188,000,000
Current Liabilities 2,220,000,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 755,000,000
Change in NCWC -817,000,000
EBIT 4,970,000,000
Tax Provision 1,332,000,000
Depreciation and Amortization 2,208,000,000
Capital Expenditure -2,054,000,000
Unlevered Free Cash Flow 2,968,536,595
Current Assets 6,887,000,000
Current Cash 3,314,000,000
Current Liabilities 2,376,000,000
Current Debt 375,000,000
Non-Cash Working Capital (NCWC) 1,572,000,000
Change in NCWC 790,000,000
EBIT 2,401,000,000
Tax Provision 1,783,000,000
Depreciation and Amortization 2,032,000,000
Capital Expenditure -1,701,000,000
Unlevered Free Cash Flow 2,848,571,810
Current Assets 3,978,000,000
Current Cash 1,571,000,000
Current Liabilities 1,668,000,000
Current Debt 43,000,000
Non-Cash Working Capital (NCWC) 782,000,000
Change in NCWC 20,000,000
EBIT 1,399,000,000
Tax Provision 1,198,000,000
Depreciation and Amortization 1,457,000,000
Capital Expenditure -1,400,000,000
Unlevered Free Cash Flow 1,476,000,000
Current Assets 4,684,000,000
Current Cash 2,234,000,000
Current Liabilities 1,747,000,000
Current Debt 59,000,000
Non-Cash Working Capital (NCWC) 762,000,000
Change in NCWC -47,000,000
EBIT 2,525,000,000
Tax Provision 1,231,000,000
Depreciation and Amortization 1,647,000,000
Capital Expenditure -1,396,000,000
Unlevered Free Cash Flow 1,597,483,800
Current Assets 4,874,000,000
Current Cash 2,389,000,000
Current Liabilities 1,819,000,000
Current Debt 143,000,000
Non-Cash Working Capital (NCWC) 809,000,000
Change in NCWC -560,000,000
EBIT 2,648,000,000
Tax Provision 917,000,000
Depreciation and Amortization 1,574,000,000
Capital Expenditure -1,126,000,000
Unlevered Free Cash Flow 1,170,299,212
Current Assets 5,468,000,000
Current Cash 2,455,000,000
Current Liabilities 1,847,000,000
Current Debt 203,000,000
Non-Cash Working Capital (NCWC) 1,369,000,000
Change in NCWC 145,000,000
EBIT 1,460,000,000
Tax Provision -31,000,000
Depreciation and Amortization 1,771,000,000
Capital Expenditure -1,713,000,000
Unlevered Free Cash Flow 1,663,000,000
Current Assets 6,150,000,000
Current Cash 2,699,000,000
Current Liabilities 2,560,000,000
Current Debt 333,000,000
Non-Cash Working Capital (NCWC) 1,224,000,000
Change in NCWC 121,000,000
EBIT 2,587,000,000
Tax Provision 306,000,000
Depreciation and Amortization 1,648,000,000
Capital Expenditure -2,432,000,000
Unlevered Free Cash Flow 1,924,000,000
Current Assets 6,212,000,000
Current Cash 2,404,000,000
Current Liabilities 2,884,000,000
Current Debt 179,000,000
Non-Cash Working Capital (NCWC) 1,103,000,000
Change in NCWC -100,000,000
EBIT 4,471,000,000
Tax Provision 630,000,000
Depreciation and Amortization 1,732,000,000
Capital Expenditure -5,501,000,000
Unlevered Free Cash Flow 602,000,000
Current Assets 5,863,000,000
Current Cash 2,093,000,000
Current Liabilities 4,415,000,000
Current Debt 1,848,000,000
Non-Cash Working Capital (NCWC) 1,203,000,000
Change in NCWC 118,000,000
EBIT 5,898,000,000
Tax Provision -236,000,000
Depreciation and Amortization 1,722,000,000
Capital Expenditure -6,369,000,000
Unlevered Free Cash Flow 1,369,000,000

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