ARTG.V
ARTEMIS GOLD INCClosedARTG.V discounted cash flow valuation
ARTG.V Fair Value
Reverse DCF: today's price implies 29.2% a year of FCF growth for years 1–5, against 18.5% in this model.
Model: 18.5% from analyst next-year EPS & revenue growth. Fades linearly to terminal growth by year 10.
Model: 12.80% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | CAD 2.91B |
|---|---|
| PV of terminal value (47% of EV) | CAD 2.60B |
| Enterprise value | CAD 5.51B |
| + Cash & investments | CAD 178.94M |
| − Total debt | −CAD 592.73M |
| Equity value | CAD 5.09B |
| ÷ Shares outstanding | 233.19M |
| Value per share | CAD 21.84 |
| Market cap | CAD 8.93B |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.22% |
|---|---|
| Beta (clamped 0.5–2.5) | 1.62 |
| Equity risk premium | 5.00% |
| Cost of equity (CAPM) | 13.30% |
| Pre-tax cost of debt | 8.09% |
| Tax rate | 34.6% |
| Debt / (equity + debt) | 6.2% |
| WACC | 12.80% |
Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 10.80% | 26.13 | 27.27 | 28.55 | 29.99 | 31.63 |
| 11.80% | 22.98 | 23.85 | 24.82 | 25.90 | 27.11 |
| 12.80% | 20.40 | 21.09 | 21.84 | 22.67 | 23.59 |
| 13.80% | 18.26 | 18.81 | 19.40 | 20.06 | 20.77 |
| 14.80% | 16.45 | 16.90 | 17.38 | 17.90 | 18.47 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (TTM) | — | CAD 244.20M | — | — |
| Year 1 | 18.5% | CAD 289.37M | 0.887 | CAD 256.54M |
| Year 2 | 18.5% | CAD 342.91M | 0.786 | CAD 269.50M |
| Year 3 | 18.5% | CAD 406.35M | 0.697 | CAD 283.12M |
| Year 4 | 18.5% | CAD 481.52M | 0.618 | CAD 297.42M |
| Year 5 | 18.5% | CAD 570.60M | 0.548 | CAD 312.45M |
| Year 6 | 15.3% | CAD 657.90M | 0.485 | CAD 319.38M |
| Year 7 | 12.1% | CAD 737.51M | 0.430 | CAD 317.40M |
| Year 8 | 8.9% | CAD 803.15M | 0.382 | CAD 306.42M |
| Year 9 | 5.7% | CAD 848.93M | 0.338 | CAD 287.14M |
| Year 10 | 2.5% | CAD 870.15M | 0.300 | CAD 260.92M |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else the average of next year's EPS and revenue growth, else revenue CAGR, held between −5% and 25%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.