Very happy to have this picked apart, but a crack at looking at what cash might be generated over the next 10 years, considering the hedging, and taking mid ranges of guidances. This shows that there is unlikely to be much of a dividend for a little while as we need to build the cash to pay off the tropicana debt (unless refi) and pay for McPhillamys. However, in the medium term, there will be significant growth and no reason we can't see a div up to 50cps . I will let you calculate a share price on a yield basis of 5%
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 1 oz Existing 370,000 370,000 370,000 370,000 370,000 370,000 370,000 370,000 370,000 370,000 2 oz Tropicana 130,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 0 3 oz McPhillamies 0 0 0 0 192,000 192,000 192,000 192,000 192,000 192,000 192,000 192,000 192,000 4 oz Other 400,000 400,000 600,000 600,000 750,000 5 oz Total 500,000 514,000 514,000 514,000 706,000 706,000 706,000 706,000 706,000 706,000 736,000 736,000 936,000 744,000 750,000 6 7 oz Hedged Volume 100,000 100,000 120,000 8 $/oz Hedged Price 1,571 1,571 1,571 9 $ Hedged Revenue 157,100,000 157,100,000 188,520,000 10 11 oz Volume sold at market 400,000 414,000 394,000 514,000 706,000 706,000 706,000 706,000 706,000 706,000 736,000 736,000 936,000 744,000 750,000 12 $AUD/oz Market Price 2,544 2,608 2,673 2,740 2,808 2,878 2,950 3,024 3,100 3,177 3,257 3,338 3,421 3,507 3,595 13 $AUD Market Revenue 1,017,600,000 1,079,546,400 1,053,079,260 1,408,159,412 1,982,518,596 2,032,081,560 2,082,883,599 2,134,955,689 2,188,329,582 2,243,037,821 2,396,809,819 2,456,730,065 3,202,427,750 2,609,157,481 2,695,954,050 14 15 Total Revenue 1,174,700,000 1,236,646,400 1,241,599,260 1,408,159,412 1,982,518,596 2,032,081,560 2,082,883,599 2,134,955,689 2,188,329,582 2,243,037,821 2,396,809,819 2,456,730,065 3,202,427,750 2,609,157,481 2,695,954,050 16 17 $/oz AISC Existing poz 1,360 1,394 1,429 1,465 1,501 1,539 1,577 1,617 1,657 1,698 1,741 1,784 1,829 1,875 1,922 18 $/oz AISC Tropicana poz 1,170 1,199 1,229 1,260 1,291 1,324 1,357 1,391 1,426 1,461 1,498 1,535 1,574 1,613 1,653 19 $/oz AISC McPhillamys 1,300 1,333 1,366 1,400 1,435 1,471 1,508 1,545 1,584 1,624 1,664 1,706 1,748 1,792 1,837 20 $/oz AISC Other 1,300 1,333 1,366 1,400 1,435 1,471 1,508 1,545 1,584 1,624 1,664 1,706 1,748 1,792 1,837 21 $AUD Total Costs 655,300,000 688,472,000 705,683,800 723,325,895 1,016,920,740 1,042,343,758 1,068,402,352 1,095,112,411 1,122,490,221 1,150,552,477 1,200,821,709 1,230,842,252 1,611,284,403 1,307,490,156 1,377,649,475 22 23 EBITDA 519,400,000 548,174,400 535,915,460 684,833,517 965,597,856 989,737,802 1,014,481,247 1,039,843,278 1,065,839,360 1,092,485,344 1,195,988,110 1,225,887,813 1,591,143,348 1,301,667,325 1,318,304,575 24 25 $AUD Tax 155,820,000 164,452,320 160,774,638 205,450,055 289,679,357 296,921,341 304,344,374 311,952,984 319,751,808 327,745,603 358,796,433 367,766,344 477,343,004 390,500,198 395,491,372 26 27 $AUD Debt Repayment 330,000,000 28 29 $AUD Additional Development Capex 165,000,000 169,125,000 169,125,000 373,353,125 169,125,000 173,353,125 177,686,953 182,129,127 186,682,355 191,349,414 196,133,149 201,036,478 206,062,390 211,213,950 216,494,299 30 31 $AUD Cashflow for investment and dividend 198,580,000 214,597,080 -123,984,178 -43,969,663 506,793,499 519,463,336 532,449,920 545,761,168 559,405,197 573,390,327 641,058,528 657,084,991 907,737,953 699,953,178 706,318,904 32 33 34 35 $AUD Shares outstanding 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 754,020,911 36 37 $/share FCF per share 0.26 0.28 -0.16 -0.06 0.67 0.69 0.71 0.72 0.74 0.76 0.85 0.87 1.20 0.93 0.94 38 39 % Payout of cash avaible for equity 0% 0% 0% 0% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 40 41 $/share Dividend per share 0.00 0.00 0.00 0.00 0.50 0.52 0.53 0.54 0.56 0.57 0.64 0.65 0.90 0.70 0.70 42 43 $AUD Cash available for reinvestment 198,580,000 413,177,080 289,192,902 245,223,239 371,921,613 501,787,447 634,899,927 771,340,219 911,191,519 1,054,539,100 1,214,803,732 1,379,074,980 1,606,009,468 1,780,997,763 1,957,577,489
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1 | 12387 | 2.610 |
2 | 14387 | 2.600 |
1 | 13271 | 2.590 |
1 | 13271 | 2.580 |
Price($) | Vol. | No. |
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2.650 | 2095 | 1 |
2.660 | 20059 | 2 |
2.670 | 142571 | 7 |
2.680 | 125573 | 8 |
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