Intrinsic value of Agnico Eagle Mines Limited - AEM

Previous Close

$59.02

  Intrinsic Value

$5.53

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-80%

Previous close

$59.02

 
Intrinsic value

$5.53

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-80%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AEM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 13.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.72
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  2,889
  3,224
  3,577
  3,947
  4,334
  4,739
  5,160
  5,599
  6,056
  6,531
  7,024
  7,537
  8,070
  8,624
  9,200
  9,799
  10,422
  11,070
  11,746
  12,449
  13,183
  13,948
  14,746
  15,579
  16,449
  17,358
  18,308
  19,302
  20,341
  21,428
  22,566
Variable operating expenses, $m
 
  2,952
  3,265
  3,593
  3,936
  4,294
  4,668
  5,057
  5,462
  5,883
  6,321
  6,681
  7,153
  7,645
  8,155
  8,686
  9,238
  9,813
  10,412
  11,035
  11,686
  12,364
  13,071
  13,810
  14,581
  15,387
  16,229
  17,110
  18,031
  18,995
  20,003
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,403
  2,952
  3,265
  3,593
  3,936
  4,294
  4,668
  5,057
  5,462
  5,883
  6,321
  6,681
  7,153
  7,645
  8,155
  8,686
  9,238
  9,813
  10,412
  11,035
  11,686
  12,364
  13,071
  13,810
  14,581
  15,387
  16,229
  17,110
  18,031
  18,995
  20,003
Operating income, $m
  486
  272
  312
  354
  398
  444
  492
  542
  594
  648
  704
  856
  917
  979
  1,045
  1,113
  1,184
  1,257
  1,334
  1,414
  1,497
  1,584
  1,675
  1,769
  1,868
  1,971
  2,079
  2,192
  2,310
  2,434
  2,563
EBITDA, $m
  1,314
  1,175
  1,304
  1,439
  1,580
  1,727
  1,881
  2,041
  2,207
  2,381
  2,560
  2,747
  2,942
  3,144
  3,354
  3,572
  3,799
  4,035
  4,282
  4,538
  4,805
  5,084
  5,375
  5,679
  5,996
  6,327
  6,674
  7,036
  7,415
  7,811
  8,226
Interest expense (income), $m
  96
  87
  110
  134
  160
  187
  215
  244
  275
  306
  339
  374
  409
  446
  485
  525
  566
  609
  655
  701
  750
  801
  854
  910
  968
  1,028
  1,091
  1,157
  1,226
  1,298
  1,374
Earnings before tax, $m
  363
  185
  202
  220
  238
  257
  277
  298
  319
  341
  364
  482
  507
  533
  560
  588
  617
  648
  679
  712
  747
  783
  820
  860
  901
  943
  988
  1,035
  1,084
  1,136
  1,189
Tax expense, $m
  148
  50
  55
  59
  64
  69
  75
  80
  86
  92
  98
  130
  137
  144
  151
  159
  167
  175
  183
  192
  202
  211
  222
  232
  243
  255
  267
  279
  293
  307
  321
Net income, $m
  215
  135
  148
  161
  174
  188
  202
  217
  233
  249
  266
  352
  370
  389
  409
  429
  451
  473
  496
  520
  545
  572
  599
  628
  657
  689
  721
  756
  791
  829
  868

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  866
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,603
  9,741
  10,806
  11,924
  13,094
  14,316
  15,590
  16,916
  18,296
  19,730
  21,221
  22,771
  24,381
  26,054
  27,794
  29,603
  31,486
  33,445
  35,486
  37,611
  39,827
  42,138
  44,549
  47,066
  49,695
  52,442
  55,312
  58,314
  61,453
  64,738
  68,176
Adjusted assets (=assets-cash), $m
  8,737
  9,741
  10,806
  11,924
  13,094
  14,316
  15,590
  16,916
  18,296
  19,730
  21,221
  22,771
  24,381
  26,054
  27,794
  29,603
  31,486
  33,445
  35,486
  37,611
  39,827
  42,138
  44,549
  47,066
  49,695
  52,442
  55,312
  58,314
  61,453
  64,738
  68,176
Revenue / Adjusted assets
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
Average production assets, $m
  6,888
  7,686
  8,527
  9,409
  10,333
  11,297
  12,302
  13,348
  14,437
  15,569
  16,746
  17,968
  19,239
  20,560
  21,932
  23,360
  24,846
  26,392
  28,002
  29,679
  31,428
  33,251
  35,154
  37,140
  39,215
  41,382
  43,647
  46,015
  48,493
  51,085
  53,798
Working capital, $m
  1,090
  455
  504
  557
  611
  668
  728
  789
  854
  921
  990
  1,063
  1,138
  1,216
  1,297
  1,382
  1,469
  1,561
  1,656
  1,755
  1,859
  1,967
  2,079
  2,197
  2,319
  2,447
  2,581
  2,722
  2,868
  3,021
  3,182
Total debt, $m
  1,632
  1,830
  2,238
  2,666
  3,114
  3,582
  4,070
  4,578
  5,106
  5,656
  6,227
  6,820
  7,437
  8,078
  8,744
  9,437
  10,158
  10,909
  11,690
  12,504
  13,353
  14,238
  15,161
  16,125
  17,132
  18,184
  19,284
  20,433
  21,636
  22,894
  24,210
Total liabilities, $m
  3,534
  3,731
  4,139
  4,567
  5,015
  5,483
  5,971
  6,479
  7,007
  7,557
  8,128
  8,721
  9,338
  9,979
  10,645
  11,338
  12,059
  12,810
  13,591
  14,405
  15,254
  16,139
  17,062
  18,026
  19,033
  20,085
  21,185
  22,334
  23,537
  24,795
  26,111
Total equity, $m
  6,070
  6,010
  6,667
  7,357
  8,079
  8,833
  9,619
  10,437
  11,288
  12,174
  13,093
  14,049
  15,043
  16,075
  17,149
  18,265
  19,427
  20,636
  21,895
  23,206
  24,573
  25,999
  27,487
  29,040
  30,662
  32,356
  34,128
  35,979
  37,917
  39,943
  42,065
Total liabilities and equity, $m
  9,604
  9,741
  10,806
  11,924
  13,094
  14,316
  15,590
  16,916
  18,295
  19,731
  21,221
  22,770
  24,381
  26,054
  27,794
  29,603
  31,486
  33,446
  35,486
  37,611
  39,827
  42,138
  44,549
  47,066
  49,695
  52,441
  55,313
  58,313
  61,454
  64,738
  68,176
Debt-to-equity ratio
  0.269
  0.300
  0.340
  0.360
  0.390
  0.410
  0.420
  0.440
  0.450
  0.460
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.580
Adjusted equity ratio
  0.596
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  215
  135
  148
  161
  174
  188
  202
  217
  233
  249
  266
  352
  370
  389
  409
  429
  451
  473
  496
  520
  545
  572
  599
  628
  657
  689
  721
  756
  791
  829
  868
Depreciation, amort., depletion, $m
  828
  903
  992
  1,085
  1,182
  1,283
  1,389
  1,499
  1,614
  1,733
  1,857
  1,891
  2,025
  2,164
  2,309
  2,459
  2,615
  2,778
  2,948
  3,124
  3,308
  3,500
  3,700
  3,910
  4,128
  4,356
  4,594
  4,844
  5,105
  5,377
  5,663
Funds from operations, $m
  1,139
  1,038
  1,139
  1,245
  1,356
  1,471
  1,591
  1,716
  1,847
  1,982
  2,123
  2,244
  2,395
  2,553
  2,718
  2,888
  3,066
  3,251
  3,444
  3,644
  3,853
  4,072
  4,299
  4,537
  4,785
  5,045
  5,316
  5,599
  5,896
  6,206
  6,531
Change in working capital, $m
  87
  47
  50
  52
  55
  57
  59
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  113
  117
  123
  128
  134
  140
  147
  153
  160
Cash from operations, $m
  1,052
  991
  1,090
  1,193
  1,301
  1,414
  1,532
  1,655
  1,782
  1,915
  2,053
  2,171
  2,320
  2,475
  2,636
  2,804
  2,978
  3,160
  3,348
  3,545
  3,750
  3,964
  4,187
  4,420
  4,663
  4,917
  5,182
  5,459
  5,749
  6,053
  6,371
Maintenance CAPEX, $m
  0
  -725
  -809
  -898
  -990
  -1,088
  -1,189
  -1,295
  -1,405
  -1,520
  -1,639
  -1,763
  -1,891
  -2,025
  -2,164
  -2,309
  -2,459
  -2,615
  -2,778
  -2,948
  -3,124
  -3,308
  -3,500
  -3,700
  -3,910
  -4,128
  -4,356
  -4,594
  -4,844
  -5,105
  -5,377
New CAPEX, $m
  -697
  -799
  -841
  -882
  -923
  -964
  -1,005
  -1,047
  -1,089
  -1,132
  -1,177
  -1,223
  -1,271
  -1,321
  -1,373
  -1,428
  -1,485
  -1,546
  -1,610
  -1,677
  -1,749
  -1,824
  -1,903
  -1,986
  -2,074
  -2,167
  -2,265
  -2,368
  -2,477
  -2,592
  -2,713
Cash from investing activities, $m
  -748
  -1,524
  -1,650
  -1,780
  -1,913
  -2,052
  -2,194
  -2,342
  -2,494
  -2,652
  -2,816
  -2,986
  -3,162
  -3,346
  -3,537
  -3,737
  -3,944
  -4,161
  -4,388
  -4,625
  -4,873
  -5,132
  -5,403
  -5,686
  -5,984
  -6,295
  -6,621
  -6,962
  -7,321
  -7,697
  -8,090
Free cash flow, $m
  304
  -533
  -560
  -587
  -613
  -638
  -662
  -687
  -712
  -737
  -762
  -814
  -842
  -870
  -901
  -933
  -966
  -1,002
  -1,040
  -1,080
  -1,123
  -1,168
  -1,216
  -1,267
  -1,321
  -1,379
  -1,439
  -1,504
  -1,572
  -1,644
  -1,720
Issuance/(repayment) of debt, $m
  76
  381
  408
  428
  448
  468
  488
  508
  528
  549
  571
  593
  617
  641
  666
  693
  721
  750
  781
  814
  849
  885
  923
  964
  1,007
  1,052
  1,099
  1,150
  1,202
  1,258
  1,317
Issuance/(repurchase) of shares, $m
  278
  488
  510
  529
  548
  566
  584
  601
  618
  636
  654
  604
  623
  643
  665
  687
  711
  736
  763
  791
  822
  854
  889
  925
  964
  1,006
  1,050
  1,096
  1,146
  1,198
  1,253
Cash from financing (excl. dividends), $m  
  353
  869
  918
  957
  996
  1,034
  1,072
  1,109
  1,146
  1,185
  1,225
  1,197
  1,240
  1,284
  1,331
  1,380
  1,432
  1,486
  1,544
  1,605
  1,671
  1,739
  1,812
  1,889
  1,971
  2,058
  2,149
  2,246
  2,348
  2,456
  2,570
Total cash flow (excl. dividends), $m
  658
  336
  358
  371
  383
  396
  409
  422
  435
  449
  463
  383
  398
  414
  430
  447
  466
  485
  505
  526
  548
  571
  596
  622
  650
  679
  710
  742
  776
  812
  850
Retained Cash Flow (-), $m
  -475
  -623
  -657
  -690
  -722
  -754
  -786
  -818
  -851
  -885
  -920
  -956
  -993
  -1,033
  -1,073
  -1,116
  -1,161
  -1,209
  -1,259
  -1,312
  -1,367
  -1,426
  -1,488
  -1,553
  -1,622
  -1,695
  -1,771
  -1,852
  -1,937
  -2,027
  -2,121
Prev. year cash balance distribution, $m
 
  683
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  396
  -300
  -319
  -338
  -358
  -377
  -396
  -416
  -436
  -457
  -573
  -595
  -619
  -643
  -669
  -696
  -724
  -754
  -786
  -819
  -854
  -891
  -931
  -972
  -1,015
  -1,061
  -1,110
  -1,161
  -1,214
  -1,271
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  379
  -275
  -278
  -279
  -277
  -273
  -268
  -260
  -251
  -240
  -272
  -254
  -235
  -216
  -196
  -177
  -158
  -139
  -121
  -104
  -88
  -74
  -61
  -49
  -39
  -31
  -24
  -18
  -13
  -10
Current shareholders' claim on cash, %
  100
  96.1
  92.6
  89.5
  86.6
  84.0
  81.6
  79.4
  77.4
  75.5
  73.7
  72.3
  70.9
  69.5
  68.3
  67.1
  66.0
  64.9
  63.8
  62.8
  61.8
  60.9
  60.0
  59.1
  58.2
  57.4
  56.6
  55.8
  55.0
  54.3
  53.5

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Finland, and Mexico. It operates through three segments: Northern Business, Southern Business, and Exploration. The company primarily produces and sells gold, as well as explores for silver, zinc, and copper. Its flagship property is the LaRonde mine located in the Abitibi region of northwestern Quebec, Canada. As of December, 31, 2015, the LaRonde mine had a proven and probable mineral reserve of approximately 3.1 million ounces. The company has exploration activities in Canada, the European Union, Latin America, and the United States. Agnico Eagle Mines Limited was founded in 1953 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Agnico Eagle Mines Limited (AEM)

Valuation Ratios
P/E Ratio 61.8
Price to Sales 4.6
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 37.4
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.6%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 23.9%
Total Debt to Equity 26.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.7%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 51.7%
Gross Margin - 3 Yr. Avg. 49.6%
EBITDA Margin 44.5%
EBITDA Margin - 3 Yr. Avg. 39.8%
Operating Margin 16.8%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 40.8%
Eff/ Tax Rate - 3 Yr. Avg. 55.9%
Payout Ratio 44.7%

AEM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEM stock intrinsic value calculation we used $2889 million for the last fiscal year's total revenue generated by Agnico Eagle Mines Limited. The default revenue input number comes from 2016 income statement of Agnico Eagle Mines Limited. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AEM stock valuation model: a) initial revenue growth rate of 11.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AEM is calculated based on our internal credit rating of Agnico Eagle Mines Limited, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agnico Eagle Mines Limited.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AEM stock the variable cost ratio is equal to 91.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AEM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6% for Agnico Eagle Mines Limited.

Corporate tax rate of 27% is the nominal tax rate for Agnico Eagle Mines Limited. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AEM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AEM are equal to 238.4%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Agnico Eagle Mines Limited operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AEM is equal to 14.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6070 million for Agnico Eagle Mines Limited - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 231.692 million for Agnico Eagle Mines Limited is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agnico Eagle Mines Limited at the current share price and the inputted number of shares is $13.7 billion.

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Stock chart of AEM Financial statements of AEM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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