Intrinsic value of Eldorado Gold Corporation - ELD

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$4.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$4.99

 
Intrinsic value

$1.62

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of ELD 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 3.6

 

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, %
  -9.58
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  585
  617
  650
  684
  720
  758
  798
  840
  883
  929
  977
  1,027
  1,080
  1,135
  1,193
  1,253
  1,317
  1,384
  1,454
  1,528
  1,605
  1,686
  1,771
  1,860
  1,954
  2,052
  2,155
  2,264
  2,377
  2,497
  2,622
Variable operating expenses, $m
 
  2,976
  3,135
  3,302
  3,477
  3,660
  3,851
  4,052
  4,263
  4,483
  4,714
  4,956
  5,210
  5,477
  5,756
  6,049
  6,357
  6,679
  7,018
  7,373
  7,745
  8,136
  8,547
  8,978
  9,430
  9,904
  10,402
  10,925
  11,474
  12,050
  12,655
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
  494
  2,976
  3,135
  3,302
  3,477
  3,660
  3,851
  4,052
  4,263
  4,483
  4,714
  4,956
  5,210
  5,477
  5,756
  6,049
  6,357
  6,679
  7,018
  7,373
  7,745
  8,136
  8,547
  8,978
  9,430
  9,904
  10,402
  10,925
  11,474
  12,050
  12,655
Operating income, $m
  91
  -2,359
  -2,486
  -2,618
  -2,756
  -2,901
  -3,053
  -3,213
  -3,379
  -3,554
  -3,737
  -3,929
  -4,131
  -4,342
  -4,563
  -4,796
  -5,040
  -5,295
  -5,564
  -5,845
  -6,140
  -6,451
  -6,776
  -7,117
  -7,476
  -7,852
  -8,247
  -8,661
  -9,096
  -9,553
  -10,032
EBITDA, $m
  192
  -2,160
  -2,276
  -2,397
  -2,524
  -2,657
  -2,796
  -2,941
  -3,094
  -3,254
  -3,422
  -3,598
  -3,782
  -3,976
  -4,178
  -4,391
  -4,614
  -4,848
  -5,094
  -5,352
  -5,622
  -5,906
  -6,204
  -6,517
  -6,845
  -7,189
  -7,551
  -7,930
  -8,329
  -8,747
  -9,186
Interest expense (income), $m
  46
  46
  52
  57
  63
  70
  76
  83
  91
  98
  106
  115
  124
  133
  143
  153
  163
  175
  186
  199
  211
  225
  239
  254
  270
  286
  304
  322
  341
  361
  382
Earnings before tax, $m
  66
  -2,405
  -2,537
  -2,675
  -2,820
  -2,971
  -3,130
  -3,296
  -3,470
  -3,652
  -3,844
  -4,044
  -4,254
  -4,475
  -4,706
  -4,948
  -5,203
  -5,470
  -5,750
  -6,044
  -6,352
  -6,676
  -7,015
  -7,372
  -7,746
  -8,138
  -8,550
  -8,983
  -9,437
  -9,914
  -10,414
Tax expense, $m
  76
  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
Net income, $m
  -465
  -2,405
  -2,537
  -2,675
  -2,820
  -2,971
  -3,130
  -3,296
  -3,470
  -3,652
  -3,844
  -4,044
  -4,254
  -4,475
  -4,706
  -4,948
  -5,203
  -5,470
  -5,750
  -6,044
  -6,352
  -6,676
  -7,015
  -7,372
  -7,746
  -8,138
  -8,550
  -8,983
  -9,437
  -9,914
  -10,414

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,239
  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
  6,482
  5,505
  5,800
  6,109
  6,432
  6,771
  7,125
  7,497
  7,886
  8,294
  8,722
  9,170
  9,640
  10,133
  10,650
  11,192
  11,761
  12,357
  12,983
  13,640
  14,330
  15,053
  15,813
  16,609
  17,446
  18,324
  19,245
  20,212
  21,228
  22,293
  23,412
Adjusted assets (=assets-cash), $m
  5,243
  5,505
  5,800
  6,109
  6,432
  6,771
  7,125
  7,497
  7,886
  8,294
  8,722
  9,170
  9,640
  10,133
  10,650
  11,192
  11,761
  12,357
  12,983
  13,640
  14,330
  15,053
  15,813
  16,609
  17,446
  18,324
  19,245
  20,212
  21,228
  22,293
  23,412
Revenue / Adjusted assets
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
Average production assets, $m
  5,667
  5,973
  6,293
  6,628
  6,979
  7,346
  7,731
  8,134
  8,556
  8,998
  9,462
  9,949
  10,459
  10,993
  11,554
  12,142
  12,760
  13,407
  14,086
  14,799
  15,547
  16,332
  17,156
  18,020
  18,928
  19,880
  20,880
  21,929
  23,031
  24,187
  25,401
Working capital, $m
  1,353
  120
  127
  133
  140
  148
  156
  164
  172
  181
  190
  200
  211
  221
  233
  244
  257
  270
  284
  298
  313
  329
  345
  363
  381
  400
  420
  441
  464
  487
  511
Total debt, $m
  799
  888
  988
  1,093
  1,203
  1,317
  1,438
  1,563
  1,695
  1,834
  1,979
  2,131
  2,290
  2,457
  2,632
  2,816
  3,009
  3,211
  3,423
  3,646
  3,880
  4,125
  4,382
  4,653
  4,936
  5,234
  5,546
  5,874
  6,218
  6,579
  6,959
Total liabilities, $m
  1,777
  1,866
  1,966
  2,071
  2,181
  2,295
  2,416
  2,541
  2,673
  2,812
  2,957
  3,109
  3,268
  3,435
  3,610
  3,794
  3,987
  4,189
  4,401
  4,624
  4,858
  5,103
  5,360
  5,631
  5,914
  6,212
  6,524
  6,852
  7,196
  7,557
  7,937
Total equity, $m
  4,705
  3,639
  3,834
  4,038
  4,252
  4,476
  4,710
  4,955
  5,213
  5,482
  5,765
  6,061
  6,372
  6,698
  7,039
  7,398
  7,774
  8,168
  8,582
  9,016
  9,472
  9,950
  10,452
  10,979
  11,532
  12,112
  12,721
  13,360
  14,031
  14,736
  15,476
Total liabilities and equity, $m
  6,482
  5,505
  5,800
  6,109
  6,433
  6,771
  7,126
  7,496
  7,886
  8,294
  8,722
  9,170
  9,640
  10,133
  10,649
  11,192
  11,761
  12,357
  12,983
  13,640
  14,330
  15,053
  15,812
  16,610
  17,446
  18,324
  19,245
  20,212
  21,227
  22,293
  23,413
Debt-to-equity ratio
  0.170
  0.240
  0.260
  0.270
  0.280
  0.290
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
Adjusted equity ratio
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -465
  -2,405
  -2,537
  -2,675
  -2,820
  -2,971
  -3,130
  -3,296
  -3,470
  -3,652
  -3,844
  -4,044
  -4,254
  -4,475
  -4,706
  -4,948
  -5,203
  -5,470
  -5,750
  -6,044
  -6,352
  -6,676
  -7,015
  -7,372
  -7,746
  -8,138
  -8,550
  -8,983
  -9,437
  -9,914
  -10,414
Depreciation, amort., depletion, $m
  101
  199
  210
  221
  233
  245
  258
  271
  285
  300
  315
  332
  349
  366
  385
  405
  425
  447
  470
  493
  518
  544
  572
  601
  631
  663
  696
  731
  768
  806
  847
Funds from operations, $m
  194
  -2,206
  -2,327
  -2,454
  -2,587
  -2,726
  -2,872
  -3,025
  -3,185
  -3,352
  -3,528
  -3,712
  -3,906
  -4,108
  -4,321
  -4,544
  -4,778
  -5,023
  -5,280
  -5,550
  -5,834
  -6,131
  -6,443
  -6,771
  -7,115
  -7,476
  -7,854
  -8,252
  -8,669
  -9,107
  -9,567
Change in working capital, $m
  40
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  154
  -2,959
  -2,334
  -2,461
  -2,594
  -2,734
  -2,880
  -3,033
  -3,193
  -3,361
  -3,538
  -3,722
  -3,916
  -4,119
  -4,332
  -4,556
  -4,790
  -5,036
  -5,294
  -5,565
  -5,849
  -6,147
  -6,460
  -6,788
  -7,133
  -7,495
  -7,874
  -8,273
  -8,691
  -9,131
  -9,592
Maintenance CAPEX, $m
  0
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -332
  -349
  -366
  -385
  -405
  -425
  -447
  -470
  -493
  -518
  -544
  -572
  -601
  -631
  -663
  -696
  -731
  -768
  -806
New CAPEX, $m
  -402
  -306
  -320
  -335
  -351
  -367
  -385
  -403
  -422
  -443
  -464
  -486
  -510
  -535
  -561
  -588
  -617
  -647
  -679
  -713
  -748
  -785
  -824
  -865
  -907
  -952
  -1,000
  -1,049
  -1,102
  -1,156
  -1,214
Cash from investing activities, $m
  650
  -495
  -519
  -545
  -572
  -600
  -630
  -661
  -693
  -728
  -764
  -801
  -842
  -884
  -927
  -973
  -1,022
  -1,072
  -1,126
  -1,183
  -1,241
  -1,303
  -1,368
  -1,437
  -1,508
  -1,583
  -1,663
  -1,745
  -1,833
  -1,924
  -2,020
Free cash flow, $m
  804
  -3,454
  -2,853
  -3,006
  -3,166
  -3,334
  -3,509
  -3,694
  -3,887
  -4,089
  -4,301
  -4,524
  -4,758
  -5,002
  -5,259
  -5,529
  -5,812
  -6,109
  -6,420
  -6,747
  -7,090
  -7,450
  -7,828
  -8,225
  -8,641
  -9,078
  -9,537
  -10,018
  -10,524
  -11,055
  -11,612
Issuance/(repayment) of debt, $m
  0
  89
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  202
  212
  223
  234
  245
  257
  270
  284
  298
  312
  328
  344
  361
  379
Issuance/(repurchase) of shares, $m
  0
  2,299
  2,948
  3,105
  3,270
  3,443
  3,623
  3,813
  4,012
  4,220
  4,439
  4,668
  4,909
  5,161
  5,426
  5,704
  5,995
  6,301
  6,622
  6,959
  7,312
  7,683
  8,072
  8,481
  8,910
  9,361
  9,834
  10,330
  10,851
  11,398
  11,972
Cash from financing (excl. dividends), $m  
  0
  2,388
  3,048
  3,210
  3,380
  3,558
  3,743
  3,939
  4,144
  4,358
  4,584
  4,820
  5,068
  5,328
  5,601
  5,888
  6,188
  6,503
  6,834
  7,182
  7,546
  7,928
  8,329
  8,751
  9,194
  9,659
  10,146
  10,658
  11,195
  11,759
  12,351
Total cash flow (excl. dividends), $m
  804
  -3,365
  -2,753
  -2,901
  -3,056
  -3,219
  -3,389
  -3,568
  -3,755
  -3,951
  -4,156
  -4,372
  -4,598
  -4,835
  -5,084
  -5,345
  -5,619
  -5,906
  -6,208
  -6,524
  -6,856
  -7,205
  -7,571
  -7,954
  -8,357
  -8,780
  -9,224
  -9,691
  -10,180
  -10,693
  -11,233
Retained Cash Flow (-), $m
  364
  -173
  -195
  -204
  -214
  -224
  -234
  -246
  -257
  -270
  -283
  -296
  -311
  -326
  -342
  -358
  -376
  -394
  -414
  -434
  -456
  -478
  -502
  -527
  -553
  -580
  -609
  -639
  -671
  -705
  -740
Prev. year cash balance distribution, $m
 
  1,239
  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
  53.7
  26.2
  12.8
  6.2
  3.0
  1.5
  0.7
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, China, Greece, Brazil, and Romania. It also explores for iron, silver, lead, and zinc. The company was formerly known as Eldorado Corporation Ltd. and changed its name to Eldorado Gold Corporation in April 1996. Eldorado Gold Corporation was founded in 1992 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Eldorado Gold Corporation (ELD)

Valuation Ratios
P/E Ratio -7.7
Price to Sales 6.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow -14.4
Growth Rates
Sales Growth Rate -9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -9.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17%
Total Debt to Equity 17%
Interest Coverage 2
Management Effectiveness
Return On Assets -6.8%
Ret/ On Assets - 3 Yr. Avg. -9.6%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -13.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin 36.4%
EBITDA Margin - 3 Yr. Avg. -93.9%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. -114.4%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. -117.5%
Net Profit Margin -79.5%
Net Profit Margin - 3 Yr. Avg. -130.5%
Effective Tax Rate 115.2%
Eff/ Tax Rate - 3 Yr. Avg. 60.1%
Payout Ratio 0%

ELD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELD stock intrinsic value calculation we used $585 million for the last fiscal year's total revenue generated by Eldorado Gold Corporation. The default revenue input number comes from 2016 income statement of Eldorado Gold Corporation. 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 ELD stock valuation model: a) initial revenue growth rate of 5.4% 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 ELD is calculated based on our internal credit rating of Eldorado Gold Corporation, 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 Eldorado Gold Corporation.
    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 ELD stock the variable cost ratio is equal to 482.6%.

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 ELD 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 5.8% for Eldorado Gold Corporation.

Corporate tax rate of 27% is the nominal tax rate for Eldorado Gold Corporation. 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 ELD 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 ELD are equal to 968.7%.

Life of production assets of 56.4 years is the average useful life of capital assets used in Eldorado Gold Corporation 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 ELD is equal to 19.5%. 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 - $4705 million for Eldorado Gold Corporation - 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 726.681 million for Eldorado Gold Corporation 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 Eldorado Gold Corporation at the current share price and the inputted number of shares is $3.6 billion.


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Stock chart of ELD Financial statements of ELD
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