Intrinsic value of Endeavour Mining Corporation Ordinary Sh - EDV

Previous Close

$23.47

  Intrinsic Value

$3.19

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

0%

Previous close

$23.47

 
Intrinsic value

$3.19

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

0%

*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 2.3

 

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
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
Revenue, $m
  910
  1,218
  1,594
  2,046
  2,577
  3,193
  3,896
  4,687
  5,567
  6,536
  7,592
  8,734
  9,960
  11,268
  12,656
  14,122
  15,666
  17,285
  18,980
  20,749
  22,594
  24,515
  26,513
  28,591
  30,750
  32,994
  35,326
  37,749
  40,269
  42,889
  45,616
Variable operating expenses, $m
 
  1,091
  1,428
  1,833
  2,309
  2,861
  3,491
  4,200
  4,988
  5,856
  6,802
  7,825
  8,924
  10,096
  11,340
  12,654
  14,037
  15,488
  17,006
  18,591
  20,244
  21,965
  23,756
  25,617
  27,552
  29,563
  31,652
  33,823
  36,081
  38,429
  40,872
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
  1,091
  1,428
  1,833
  2,309
  2,861
  3,491
  4,200
  4,988
  5,856
  6,802
  7,825
  8,924
  10,096
  11,340
  12,654
  14,037
  15,488
  17,006
  18,591
  20,244
  21,965
  23,756
  25,617
  27,552
  29,563
  31,652
  33,823
  36,081
  38,429
  40,872
Operating income, $m
  44
  127
  166
  213
  268
  332
  405
  487
  579
  680
  790
  908
  1,036
  1,172
  1,316
  1,469
  1,629
  1,798
  1,974
  2,158
  2,350
  2,550
  2,757
  2,973
  3,198
  3,431
  3,674
  3,926
  4,188
  4,460
  4,744
EBITDA, $m
  185
  316
  414
  531
  670
  829
  1,012
  1,218
  1,446
  1,698
  1,972
  2,269
  2,587
  2,927
  3,288
  3,669
  4,069
  4,490
  4,930
  5,390
  5,869
  6,368
  6,887
  7,427
  7,988
  8,571
  9,176
  9,806
  10,460
  11,141
  11,849
Interest expense (income), $m
  15
  11
  23
  37
  54
  74
  97
  124
  153
  186
  223
  262
  305
  351
  401
  453
  508
  566
  627
  690
  757
  826
  898
  974
  1,052
  1,133
  1,217
  1,305
  1,396
  1,490
  1,589
Earnings before tax, $m
  -9
  115
  143
  176
  214
  258
  308
  364
  426
  493
  567
  646
  730
  820
  916
  1,016
  1,121
  1,232
  1,347
  1,468
  1,593
  1,723
  1,859
  2,000
  2,146
  2,299
  2,457
  2,621
  2,792
  2,970
  3,155
Tax expense, $m
  57
  31
  39
  47
  58
  70
  83
  98
  115
  133
  153
  174
  197
  222
  247
  274
  303
  333
  364
  396
  430
  465
  502
  540
  580
  621
  663
  708
  754
  802
  852
Net income, $m
  -90
  84
  104
  128
  156
  188
  225
  266
  311
  360
  414
  472
  533
  599
  668
  742
  819
  899
  983
  1,071
  1,163
  1,258
  1,357
  1,460
  1,567
  1,678
  1,793
  1,913
  2,038
  2,168
  2,303

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
  2,230
  2,920
  3,747
  4,720
  5,848
  7,135
  8,584
  10,196
  11,970
  13,904
  15,995
  18,241
  20,637
  23,179
  25,865
  28,692
  31,658
  34,762
  38,002
  41,381
  44,899
  48,559
  52,364
  56,319
  60,428
  64,699
  69,138
  73,753
  78,552
  83,545
Adjusted assets (=assets-cash), $m
  1,666
  2,230
  2,920
  3,747
  4,720
  5,848
  7,135
  8,584
  10,196
  11,970
  13,904
  15,995
  18,241
  20,637
  23,179
  25,865
  28,692
  31,658
  34,762
  38,002
  41,381
  44,899
  48,559
  52,364
  56,319
  60,428
  64,699
  69,138
  73,753
  78,552
  83,545
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
  1,612
  2,111
  2,708
  3,412
  4,228
  5,158
  6,206
  7,371
  8,653
  10,051
  11,563
  13,186
  14,918
  16,756
  18,698
  20,742
  22,886
  25,129
  27,472
  29,914
  32,458
  35,103
  37,854
  40,713
  43,684
  46,771
  49,980
  53,316
  56,786
  60,395
Working capital, $m
  181
  26
  33
  43
  54
  67
  82
  98
  117
  137
  159
  183
  209
  237
  266
  297
  329
  363
  399
  436
  474
  515
  557
  600
  646
  693
  742
  793
  846
  901
  958
Total debt, $m
  204
  401
  649
  947
  1,297
  1,703
  2,167
  2,688
  3,269
  3,907
  4,603
  5,356
  6,165
  7,027
  7,943
  8,910
  9,927
  10,995
  12,112
  13,279
  14,495
  15,762
  17,079
  18,449
  19,873
  21,352
  22,890
  24,488
  26,149
  27,877
  29,674
Total liabilities, $m
  606
  803
  1,051
  1,349
  1,699
  2,105
  2,569
  3,090
  3,671
  4,309
  5,005
  5,758
  6,567
  7,429
  8,345
  9,312
  10,329
  11,397
  12,514
  13,681
  14,897
  16,164
  17,481
  18,851
  20,275
  21,754
  23,292
  24,890
  26,551
  28,279
  30,076
Total equity, $m
  1,228
  1,427
  1,868
  2,398
  3,021
  3,743
  4,567
  5,494
  6,526
  7,661
  8,899
  10,237
  11,674
  13,207
  14,835
  16,554
  18,363
  20,261
  22,247
  24,321
  26,484
  28,735
  31,078
  33,513
  36,044
  38,674
  41,407
  44,248
  47,202
  50,273
  53,469
Total liabilities and equity, $m
  1,834
  2,230
  2,919
  3,747
  4,720
  5,848
  7,136
  8,584
  10,197
  11,970
  13,904
  15,995
  18,241
  20,636
  23,180
  25,866
  28,692
  31,658
  34,761
  38,002
  41,381
  44,899
  48,559
  52,364
  56,319
  60,428
  64,699
  69,138
  73,753
  78,552
  83,545
Debt-to-equity ratio
  0.166
  0.280
  0.350
  0.390
  0.430
  0.460
  0.470
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
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
  84
  104
  128
  156
  188
  225
  266
  311
  360
  414
  472
  533
  599
  668
  742
  819
  899
  983
  1,071
  1,163
  1,258
  1,357
  1,460
  1,567
  1,678
  1,793
  1,913
  2,038
  2,168
  2,303
Depreciation, amort., depletion, $m
  141
  190
  248
  319
  401
  497
  607
  730
  867
  1,018
  1,183
  1,360
  1,551
  1,755
  1,971
  2,200
  2,440
  2,692
  2,956
  3,232
  3,519
  3,819
  4,130
  4,453
  4,790
  5,139
  5,503
  5,880
  6,272
  6,681
  7,105
Funds from operations, $m
  166
  274
  353
  447
  558
  686
  832
  996
  1,178
  1,378
  1,596
  1,832
  2,085
  2,354
  2,640
  2,941
  3,259
  3,592
  3,940
  4,303
  4,682
  5,077
  5,487
  5,913
  6,357
  6,817
  7,296
  7,794
  8,311
  8,849
  9,409
Change in working capital, $m
  -42
  6
  8
  9
  11
  13
  15
  17
  18
  20
  22
  24
  26
  27
  29
  31
  32
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
Cash from operations, $m
  208
  267
  345
  437
  547
  673
  817
  979
  1,159
  1,358
  1,574
  1,808
  2,059
  2,327
  2,611
  2,911
  3,226
  3,558
  3,904
  4,266
  4,643
  5,036
  5,445
  5,870
  6,311
  6,770
  7,247
  7,743
  8,258
  8,794
  9,351
Maintenance CAPEX, $m
  0
  -142
  -190
  -248
  -319
  -401
  -497
  -607
  -730
  -867
  -1,018
  -1,183
  -1,360
  -1,551
  -1,755
  -1,971
  -2,200
  -2,440
  -2,692
  -2,956
  -3,232
  -3,519
  -3,819
  -4,130
  -4,453
  -4,790
  -5,139
  -5,503
  -5,880
  -6,272
  -6,681
New CAPEX, $m
  -313
  -407
  -498
  -598
  -704
  -815
  -930
  -1,047
  -1,165
  -1,282
  -1,398
  -1,512
  -1,623
  -1,732
  -1,838
  -1,942
  -2,044
  -2,144
  -2,244
  -2,343
  -2,442
  -2,543
  -2,646
  -2,751
  -2,859
  -2,971
  -3,087
  -3,209
  -3,336
  -3,469
  -3,610
Cash from investing activities, $m
  -243
  -549
  -688
  -846
  -1,023
  -1,216
  -1,427
  -1,654
  -1,895
  -2,149
  -2,416
  -2,695
  -2,983
  -3,283
  -3,593
  -3,913
  -4,244
  -4,584
  -4,936
  -5,299
  -5,674
  -6,062
  -6,465
  -6,881
  -7,312
  -7,761
  -8,226
  -8,712
  -9,216
  -9,741
  -10,291
Free cash flow, $m
  -35
  -281
  -343
  -409
  -476
  -544
  -611
  -675
  -736
  -792
  -842
  -887
  -925
  -957
  -983
  -1,002
  -1,017
  -1,027
  -1,032
  -1,033
  -1,031
  -1,026
  -1,019
  -1,011
  -1,001
  -991
  -980
  -969
  -958
  -948
  -939
Issuance/(repayment) of debt, $m
  -148
  203
  248
  298
  351
  406
  463
  522
  580
  639
  696
  753
  808
  862
  915
  967
  1,018
  1,068
  1,117
  1,167
  1,216
  1,266
  1,318
  1,370
  1,424
  1,480
  1,537
  1,598
  1,661
  1,728
  1,798
Issuance/(repurchase) of shares, $m
  250
  277
  337
  401
  467
  533
  599
  662
  721
  775
  824
  867
  904
  934
  959
  977
  991
  999
  1,003
  1,003
  999
  993
  985
  975
  964
  952
  940
  927
  915
  903
  892
Cash from financing (excl. dividends), $m  
  57
  480
  585
  699
  818
  939
  1,062
  1,184
  1,301
  1,414
  1,520
  1,620
  1,712
  1,796
  1,874
  1,944
  2,009
  2,067
  2,120
  2,170
  2,215
  2,259
  2,303
  2,345
  2,388
  2,432
  2,477
  2,525
  2,576
  2,631
  2,690
Total cash flow (excl. dividends), $m
  20
  198
  242
  290
  342
  396
  451
  508
  565
  622
  678
  733
  787
  840
  892
  942
  991
  1,040
  1,088
  1,136
  1,185
  1,234
  1,283
  1,334
  1,387
  1,441
  1,498
  1,557
  1,618
  1,683
  1,751
Retained Cash Flow (-), $m
  -466
  -361
  -441
  -529
  -623
  -722
  -824
  -927
  -1,031
  -1,135
  -1,238
  -1,339
  -1,437
  -1,533
  -1,627
  -1,719
  -1,809
  -1,898
  -1,986
  -2,074
  -2,162
  -2,251
  -2,342
  -2,435
  -2,531
  -2,630
  -2,733
  -2,841
  -2,953
  -3,072
  -3,196
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
 
  -1
  -199
  -239
  -282
  -326
  -372
  -419
  -466
  -513
  -560
  -605
  -650
  -693
  -736
  -777
  -818
  -858
  -898
  -938
  -977
  -1,018
  -1,059
  -1,101
  -1,144
  -1,189
  -1,236
  -1,284
  -1,335
  -1,389
  -1,445
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
 
  -1
  -183
  -208
  -232
  -253
  -270
  -283
  -291
  -295
  -293
  -287
  -277
  -264
  -247
  -228
  -208
  -187
  -165
  -144
  -124
  -105
  -88
  -72
  -58
  -46
  -36
  -28
  -21
  -15
  -11
Current shareholders' claim on cash, %
  100
  87.6
  77.6
  69.5
  62.9
  57.3
  52.8
  48.9
  45.6
  42.9
  40.5
  38.5
  36.7
  35.2
  33.8
  32.7
  31.6
  30.7
  29.9
  29.2
  28.6
  28.0
  27.5
  27.0
  26.6
  26.2
  25.9
  25.6
  25.3
  25.0
  24.8

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 -24.4
Price to Sales 2.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow -20.9
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 33.8% 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 96.145 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 $2.3 billion.

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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.

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