Intrinsic value of Endeavour Mining Corporation Ordinary Sh - EDV

Previous Close

$21.01

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$21.01

 
Intrinsic value

$3.36

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of EDV 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 1.9

 

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, %
  28.90
  45.20
  41.18
  37.56
  34.31
  31.38
  28.74
  26.36
  24.23
  22.30
  20.57
  19.02
  17.62
  16.35
  15.22
  14.20
  13.28
  12.45
  11.70
  11.03
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
Revenue, $m
  910
  1,321
  1,865
  2,566
  3,446
  4,528
  5,829
  7,366
  9,150
  11,191
  13,494
  16,060
  18,889
  21,978
  25,322
  28,917
  32,757
  36,835
  41,146
  45,686
  50,451
  55,439
  60,650
  66,083
  71,742
  77,630
  83,751
  90,114
  96,726
  103,598
  110,739
Variable operating expenses, $m
 
  1,184
  1,671
  2,299
  3,088
  4,057
  5,223
  6,600
  8,199
  10,027
  12,090
  14,390
  16,924
  19,692
  22,689
  25,910
  29,350
  33,004
  36,867
  40,934
  45,204
  49,674
  54,342
  59,211
  64,281
  69,556
  75,041
  80,742
  86,667
  92,824
  99,222
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
  866
  1,184
  1,671
  2,299
  3,088
  4,057
  5,223
  6,600
  8,199
  10,027
  12,090
  14,390
  16,924
  19,692
  22,689
  25,910
  29,350
  33,004
  36,867
  40,934
  45,204
  49,674
  54,342
  59,211
  64,281
  69,556
  75,041
  80,742
  86,667
  92,824
  99,222
Operating income, $m
  44
  137
  194
  267
  358
  471
  606
  766
  952
  1,164
  1,403
  1,670
  1,964
  2,286
  2,634
  3,007
  3,407
  3,831
  4,279
  4,751
  5,247
  5,766
  6,308
  6,873
  7,461
  8,073
  8,710
  9,372
  10,060
  10,774
  11,517
EBITDA, $m
  185
  343
  485
  667
  895
  1,176
  1,514
  1,913
  2,377
  2,907
  3,505
  4,172
  4,907
  5,709
  6,578
  7,512
  8,509
  9,568
  10,688
  11,868
  13,105
  14,401
  15,755
  17,166
  18,636
  20,165
  21,756
  23,409
  25,126
  26,911
  28,766
Interest expense (income), $m
  15
  11
  27
  47
  74
  107
  147
  196
  254
  321
  398
  484
  581
  687
  803
  929
  1,064
  1,208
  1,361
  1,523
  1,694
  1,873
  2,061
  2,256
  2,461
  2,673
  2,895
  3,125
  3,364
  3,612
  3,871
Earnings before tax, $m
  -9
  126
  167
  220
  285
  364
  459
  570
  698
  843
  1,006
  1,186
  1,384
  1,599
  1,830
  2,079
  2,343
  2,623
  2,918
  3,228
  3,553
  3,893
  4,247
  4,616
  5,001
  5,400
  5,816
  6,247
  6,696
  7,162
  7,646
Tax expense, $m
  57
  34
  45
  59
  77
  98
  124
  154
  188
  228
  272
  320
  374
  432
  494
  561
  633
  708
  788
  872
  959
  1,051
  1,147
  1,246
  1,350
  1,458
  1,570
  1,687
  1,808
  1,934
  2,065
Net income, $m
  -90
  92
  122
  160
  208
  266
  335
  416
  509
  615
  734
  866
  1,010
  1,167
  1,336
  1,517
  1,710
  1,915
  2,130
  2,356
  2,594
  2,842
  3,100
  3,370
  3,650
  3,942
  4,245
  4,560
  4,888
  5,228
  5,582

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  168
  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
  1,834
  2,420
  3,417
  4,700
  6,312
  8,293
  10,676
  13,490
  16,759
  20,497
  24,714
  29,414
  34,595
  40,252
  46,378
  52,962
  59,994
  67,463
  75,359
  83,674
  92,401
  101,537
  111,080
  121,032
  131,396
  142,179
  153,391
  165,044
  177,155
  189,740
  202,819
Adjusted assets (=assets-cash), $m
  1,666
  2,420
  3,417
  4,700
  6,312
  8,293
  10,676
  13,490
  16,759
  20,497
  24,714
  29,414
  34,595
  40,252
  46,378
  52,962
  59,994
  67,463
  75,359
  83,674
  92,401
  101,537
  111,080
  121,032
  131,396
  142,179
  153,391
  165,044
  177,155
  189,740
  202,819
Revenue / Adjusted assets
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
Average production assets, $m
  1,205
  1,749
  2,470
  3,398
  4,563
  5,995
  7,718
  9,752
  12,115
  14,817
  17,866
  21,263
  25,009
  29,099
  33,527
  38,287
  43,370
  48,769
  54,477
  60,488
  66,797
  73,402
  80,300
  87,494
  94,986
  102,782
  110,887
  119,311
  128,066
  137,163
  146,619
Working capital, $m
  181
  28
  39
  54
  72
  95
  122
  155
  192
  235
  283
  337
  397
  462
  532
  607
  688
  774
  864
  959
  1,059
  1,164
  1,274
  1,388
  1,507
  1,630
  1,759
  1,892
  2,031
  2,176
  2,326
Total debt, $m
  204
  469
  828
  1,290
  1,870
  2,583
  3,441
  4,455
  5,631
  6,977
  8,495
  10,187
  12,052
  14,089
  16,294
  18,664
  21,196
  23,885
  26,727
  29,720
  32,862
  36,151
  39,587
  43,169
  46,900
  50,782
  54,819
  59,014
  63,374
  67,904
  72,613
Total liabilities, $m
  606
  871
  1,230
  1,692
  2,272
  2,985
  3,843
  4,857
  6,033
  7,379
  8,897
  10,589
  12,454
  14,491
  16,696
  19,066
  21,598
  24,287
  27,129
  30,122
  33,264
  36,553
  39,989
  43,571
  47,302
  51,184
  55,221
  59,416
  63,776
  68,306
  73,015
Total equity, $m
  1,228
  1,549
  2,187
  3,008
  4,040
  5,307
  6,833
  8,634
  10,726
  13,118
  15,817
  18,825
  22,141
  25,762
  29,682
  33,896
  38,396
  43,176
  48,230
  53,551
  59,137
  64,984
  71,091
  77,460
  84,093
  90,994
  98,170
  105,628
  113,379
  121,433
  129,804
Total liabilities and equity, $m
  1,834
  2,420
  3,417
  4,700
  6,312
  8,292
  10,676
  13,491
  16,759
  20,497
  24,714
  29,414
  34,595
  40,253
  46,378
  52,962
  59,994
  67,463
  75,359
  83,673
  92,401
  101,537
  111,080
  121,031
  131,395
  142,178
  153,391
  165,044
  177,155
  189,739
  202,819
Debt-to-equity ratio
  0.166
  0.300
  0.380
  0.430
  0.460
  0.490
  0.500
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Adjusted equity ratio
  0.636
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -90
  92
  122
  160
  208
  266
  335
  416
  509
  615
  734
  866
  1,010
  1,167
  1,336
  1,517
  1,710
  1,915
  2,130
  2,356
  2,594
  2,842
  3,100
  3,370
  3,650
  3,942
  4,245
  4,560
  4,888
  5,228
  5,582
Depreciation, amort., depletion, $m
  141
  206
  291
  400
  537
  705
  908
  1,147
  1,425
  1,743
  2,102
  2,502
  2,942
  3,423
  3,944
  4,504
  5,102
  5,738
  6,409
  7,116
  7,858
  8,635
  9,447
  10,293
  11,175
  12,092
  13,046
  14,037
  15,067
  16,137
  17,249
Funds from operations, $m
  166
  298
  413
  560
  745
  971
  1,243
  1,563
  1,935
  2,359
  2,836
  3,367
  3,952
  4,590
  5,281
  6,022
  6,813
  7,652
  8,539
  9,473
  10,452
  11,477
  12,547
  13,663
  14,825
  16,034
  17,291
  18,597
  19,954
  21,365
  22,831
Change in working capital, $m
  -42
  9
  11
  15
  18
  23
  27
  32
  37
  43
  48
  54
  59
  65
  70
  75
  81
  86
  91
  95
  100
  105
  109
  114
  119
  124
  129
  134
  139
  144
  150
Cash from operations, $m
  208
  489
  401
  545
  726
  948
  1,216
  1,531
  1,897
  2,316
  2,788
  3,313
  3,893
  4,526
  5,210
  5,946
  6,732
  7,566
  8,448
  9,377
  10,352
  11,372
  12,438
  13,549
  14,706
  15,910
  17,162
  18,463
  19,816
  21,221
  22,681
Maintenance CAPEX, $m
  0
  -142
  -206
  -291
  -400
  -537
  -705
  -908
  -1,147
  -1,425
  -1,743
  -2,102
  -2,502
  -2,942
  -3,423
  -3,944
  -4,504
  -5,102
  -5,738
  -6,409
  -7,116
  -7,858
  -8,635
  -9,447
  -10,293
  -11,175
  -12,092
  -13,046
  -14,037
  -15,067
  -16,137
New CAPEX, $m
  -313
  -544
  -720
  -928
  -1,166
  -1,432
  -1,723
  -2,035
  -2,363
  -2,702
  -3,049
  -3,398
  -3,746
  -4,090
  -4,428
  -4,760
  -5,083
  -5,399
  -5,708
  -6,011
  -6,309
  -6,604
  -6,899
  -7,194
  -7,492
  -7,795
  -8,105
  -8,424
  -8,755
  -9,098
  -9,455
Cash from investing activities, $m
  -243
  -686
  -926
  -1,219
  -1,566
  -1,969
  -2,428
  -2,943
  -3,510
  -4,127
  -4,792
  -5,500
  -6,248
  -7,032
  -7,851
  -8,704
  -9,587
  -10,501
  -11,446
  -12,420
  -13,425
  -14,462
  -15,534
  -16,641
  -17,785
  -18,970
  -20,197
  -21,470
  -22,792
  -24,165
  -25,592
Free cash flow, $m
  -35
  -197
  -525
  -673
  -839
  -1,020
  -1,212
  -1,412
  -1,613
  -1,812
  -2,004
  -2,186
  -2,354
  -2,506
  -2,641
  -2,758
  -2,856
  -2,935
  -2,997
  -3,043
  -3,073
  -3,091
  -3,096
  -3,092
  -3,079
  -3,060
  -3,035
  -3,007
  -2,976
  -2,943
  -2,911
Issuance/(repayment) of debt, $m
  -148
  271
  359
  462
  580
  713
  858
  1,013
  1,177
  1,346
  1,518
  1,692
  1,865
  2,037
  2,205
  2,370
  2,531
  2,689
  2,843
  2,993
  3,142
  3,289
  3,436
  3,583
  3,731
  3,882
  4,036
  4,195
  4,360
  4,531
  4,709
Issuance/(repurchase) of shares, $m
  250
  247
  804
  1,032
  1,290
  1,575
  1,880
  2,200
  2,528
  2,858
  3,185
  3,502
  3,805
  4,091
  4,357
  4,601
  4,824
  5,026
  5,208
  5,371
  5,517
  5,649
  5,768
  5,878
  5,981
  6,079
  6,174
  6,270
  6,366
  6,467
  6,573
Cash from financing (excl. dividends), $m  
  57
  518
  1,163
  1,494
  1,870
  2,288
  2,738
  3,213
  3,705
  4,204
  4,703
  5,194
  5,670
  6,128
  6,562
  6,971
  7,355
  7,715
  8,051
  8,364
  8,659
  8,938
  9,204
  9,461
  9,712
  9,961
  10,210
  10,465
  10,726
  10,998
  11,282
Total cash flow (excl. dividends), $m
  20
  74
  -166
  -211
  -259
  -307
  -354
  -398
  -436
  -466
  -486
  -494
  -489
  -470
  -436
  -388
  -324
  -246
  -155
  -49
  69
  198
  339
  491
  652
  822
  1,001
  1,189
  1,384
  1,587
  1,798
Retained Cash Flow (-), $m
  -466
  -483
  -638
  -821
  -1,032
  -1,268
  -1,525
  -1,801
  -2,092
  -2,392
  -2,699
  -3,008
  -3,316
  -3,621
  -3,920
  -4,214
  -4,500
  -4,780
  -5,053
  -5,322
  -5,586
  -5,847
  -6,108
  -6,369
  -6,633
  -6,901
  -7,176
  -7,458
  -7,751
  -8,054
  -8,371
Prev. year cash balance distribution, $m
 
  162
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  87.1
  65.4
  50.3
  39.4
  31.6
  25.7
  21.4
  18.0
  15.4
  13.3
  11.7
  10.3
  9.2
  8.3
  7.6
  6.9
  6.4
  6.0
  5.6
  5.2
  4.9
  4.7
  4.4
  4.2
  4.0
  3.9
  3.7
  3.6
  3.4
  3.3

Endeavour Mining Corporation operates as an intermediate gold producer in West Africa. It owns interests in five gold mines located in Côte d'Ivoire, Mali, Ghana, and Burkina Faso. As of December 31, 2015, the company’s mines and projects had proven and probable mineral reserves of approximately 5.9 million ounces, as well as measured and indicated mineral resources of 11.0 million ounces of gold. It also has interest in the Houndé Project, which has a 2.1 million ounce mineral reserve located in Burkina Faso. The company was formerly known as Endeavour Financial Corporation and changed its name to Endeavour Mining Corporation in September 2010. Endeavour Mining Corporation was incorporated in 2002 and is based in Paris, France.

FINANCIAL RATIOS  of  Endeavour Mining Corporation Ordinary Sh (EDV)

Valuation Ratios
P/E Ratio -21.8
Price to Sales 2.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow -18.7
Growth Rates
Sales Growth Rate 28.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio 28
Current Ratio 0.1
LT Debt to Equity 16.1%
Total Debt to Equity 16.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. -6.4%
Return On Total Capital -7.2%
Ret/ On T. Cap. - 3 Yr. Avg. -11.8%
Return On Equity -9%
Return On Equity - 3 Yr. Avg. -17%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 24.9%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 16.2%
EBITDA Margin - 3 Yr. Avg. -1.4%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. -12.9%
Pre-Tax Margin -1%
Pre-Tax Margin - 3 Yr. Avg. -19.5%
Net Profit Margin -9.9%
Net Profit Margin - 3 Yr. Avg. -17.8%
Effective Tax Rate -633.3%
Eff/ Tax Rate - 3 Yr. Avg. -200.8%
Payout Ratio 0%

EDV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDV stock intrinsic value calculation we used $910 million for the last fiscal year's total revenue generated by Endeavour Mining Corporation Ordinary Sh. The default revenue input number comes from 2016 income statement of Endeavour Mining Corporation Ordinary Sh. 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 EDV stock valuation model: a) initial revenue growth rate of 45.2% 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 EDV is calculated based on our internal credit rating of Endeavour Mining Corporation Ordinary Sh, 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 Endeavour Mining Corporation Ordinary Sh.
    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 EDV stock the variable cost ratio is equal to 89.6%.

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 EDV 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 5.7% for Endeavour Mining Corporation Ordinary Sh.

Corporate tax rate of 27% is the nominal tax rate for Endeavour Mining Corporation Ordinary Sh. 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 EDV 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 EDV are equal to 132.4%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Endeavour Mining Corporation Ordinary Sh 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 EDV is equal to 2.1%. 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 - $1228 million for Endeavour Mining Corporation Ordinary Sh - 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 91.451 million for Endeavour Mining Corporation Ordinary Sh 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 Endeavour Mining Corporation Ordinary Sh at the current share price and the inputted number of shares is $1.9 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
IMG IAMGOLD Corpor 5.88 prem.  prem.
SMF Semafo Inc. 2.81 prem.  prem.
BTO B2Gold Corp. 3.30 prem.  prem.
NGD New Gold Inc. 3.88 prem.  prem.
OGC OceanaGold Cor 4.48 prem.  prem.
CG Centerra Gold 7.88 prem.  prem.
Stock chart of EDV Financial statements of EDV
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.