Intrinsic value of Hudbay Minerals Inc. - HBM

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$7.92

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$7.92

 
Intrinsic value

$2.46

 
Up/down potential

-69%

 
Rating

str. sell

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

We calculate the intrinsic value of HBM 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, %
  27.40
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,525
  1,556
  1,591
  1,632
  1,678
  1,729
  1,785
  1,846
  1,911
  1,982
  2,058
  2,140
  2,227
  2,319
  2,417
  2,522
  2,632
  2,749
  2,873
  3,003
  3,141
  3,287
  3,441
  3,602
  3,773
  3,953
  4,142
  4,341
  4,550
  4,771
  5,002
Variable operating expenses, $m
 
  2,140
  2,190
  2,246
  2,309
  2,379
  2,456
  2,539
  2,630
  2,728
  2,832
  2,944
  3,064
  3,191
  3,326
  3,470
  3,622
  3,783
  3,953
  4,133
  4,323
  4,523
  4,734
  4,957
  5,192
  5,439
  5,699
  5,973
  6,261
  6,564
  6,883
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
  1,297
  2,140
  2,190
  2,246
  2,309
  2,379
  2,456
  2,539
  2,630
  2,728
  2,832
  2,944
  3,064
  3,191
  3,326
  3,470
  3,622
  3,783
  3,953
  4,133
  4,323
  4,523
  4,734
  4,957
  5,192
  5,439
  5,699
  5,973
  6,261
  6,564
  6,883
Operating income, $m
  228
  -585
  -598
  -614
  -631
  -650
  -671
  -694
  -719
  -745
  -774
  -805
  -837
  -872
  -909
  -948
  -990
  -1,034
  -1,080
  -1,129
  -1,181
  -1,236
  -1,294
  -1,355
  -1,419
  -1,486
  -1,557
  -1,632
  -1,711
  -1,794
  -1,881
EBITDA, $m
  632
  -173
  -177
  -181
  -187
  -192
  -198
  -205
  -212
  -220
  -229
  -238
  -247
  -258
  -269
  -280
  -293
  -306
  -319
  -334
  -349
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -506
  -530
  -556
Interest expense (income), $m
  171
  166
  173
  182
  191
  202
  213
  226
  240
  256
  272
  290
  308
  328
  350
  373
  397
  422
  449
  478
  508
  540
  574
  609
  647
  686
  727
  771
  817
  866
  917
Earnings before tax, $m
  8
  -751
  -772
  -795
  -822
  -852
  -885
  -920
  -959
  -1,001
  -1,046
  -1,094
  -1,146
  -1,200
  -1,259
  -1,321
  -1,386
  -1,456
  -1,529
  -1,607
  -1,689
  -1,776
  -1,867
  -1,964
  -2,065
  -2,172
  -2,285
  -2,403
  -2,528
  -2,659
  -2,797
Tax expense, $m
  56
  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
  -48
  -751
  -772
  -795
  -822
  -852
  -885
  -920
  -959
  -1,001
  -1,046
  -1,094
  -1,146
  -1,200
  -1,259
  -1,321
  -1,386
  -1,456
  -1,529
  -1,607
  -1,689
  -1,776
  -1,867
  -1,964
  -2,065
  -2,172
  -2,285
  -2,403
  -2,528
  -2,659
  -2,797

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  203
  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
  6,021
  5,937
  6,074
  6,230
  6,405
  6,599
  6,812
  7,044
  7,295
  7,566
  7,856
  8,167
  8,498
  8,851
  9,226
  9,624
  10,046
  10,492
  10,965
  11,463
  11,990
  12,546
  13,132
  13,750
  14,401
  15,086
  15,808
  16,568
  17,367
  18,209
  19,093
Adjusted assets (=assets-cash), $m
  5,818
  5,937
  6,074
  6,230
  6,405
  6,599
  6,812
  7,044
  7,295
  7,566
  7,856
  8,167
  8,498
  8,851
  9,226
  9,624
  10,046
  10,492
  10,965
  11,463
  11,990
  12,546
  13,132
  13,750
  14,401
  15,086
  15,808
  16,568
  17,367
  18,209
  19,093
Revenue / Adjusted assets
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
Average production assets, $m
  5,250
  5,356
  5,479
  5,620
  5,778
  5,953
  6,145
  6,354
  6,581
  6,825
  7,087
  7,367
  7,666
  7,984
  8,323
  8,682
  9,062
  9,465
  9,891
  10,341
  10,816
  11,317
  11,846
  12,403
  12,990
  13,609
  14,260
  14,945
  15,667
  16,425
  17,223
Working capital, $m
  164
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
Total debt, $m
  1,739
  1,769
  1,853
  1,950
  2,058
  2,178
  2,310
  2,453
  2,608
  2,776
  2,955
  3,147
  3,352
  3,570
  3,802
  4,048
  4,308
  4,584
  4,876
  5,184
  5,510
  5,853
  6,216
  6,597
  7,000
  7,423
  7,869
  8,339
  8,833
  9,353
  9,900
Total liabilities, $m
  3,639
  3,669
  3,753
  3,850
  3,958
  4,078
  4,210
  4,353
  4,508
  4,676
  4,855
  5,047
  5,252
  5,470
  5,702
  5,948
  6,208
  6,484
  6,776
  7,084
  7,410
  7,753
  8,116
  8,497
  8,900
  9,323
  9,769
  10,239
  10,733
  11,253
  11,800
Total equity, $m
  2,382
  2,268
  2,320
  2,380
  2,447
  2,521
  2,602
  2,691
  2,787
  2,890
  3,001
  3,120
  3,246
  3,381
  3,524
  3,676
  3,838
  4,008
  4,188
  4,379
  4,580
  4,793
  5,016
  5,252
  5,501
  5,763
  6,039
  6,329
  6,634
  6,956
  7,294
Total liabilities and equity, $m
  6,021
  5,937
  6,073
  6,230
  6,405
  6,599
  6,812
  7,044
  7,295
  7,566
  7,856
  8,167
  8,498
  8,851
  9,226
  9,624
  10,046
  10,492
  10,964
  11,463
  11,990
  12,546
  13,132
  13,749
  14,401
  15,086
  15,808
  16,568
  17,367
  18,209
  19,094
Debt-to-equity ratio
  0.730
  0.780
  0.800
  0.820
  0.840
  0.860
  0.890
  0.910
  0.940
  0.960
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
Adjusted equity ratio
  0.375
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -48
  -751
  -772
  -795
  -822
  -852
  -885
  -920
  -959
  -1,001
  -1,046
  -1,094
  -1,146
  -1,200
  -1,259
  -1,321
  -1,386
  -1,456
  -1,529
  -1,607
  -1,689
  -1,776
  -1,867
  -1,964
  -2,065
  -2,172
  -2,285
  -2,403
  -2,528
  -2,659
  -2,797
Depreciation, amort., depletion, $m
  404
  412
  421
  432
  444
  458
  473
  489
  506
  525
  545
  567
  590
  614
  640
  668
  697
  728
  761
  795
  832
  871
  911
  954
  999
  1,047
  1,097
  1,150
  1,205
  1,263
  1,325
Funds from operations, $m
  744
  -339
  -350
  -363
  -378
  -394
  -412
  -432
  -453
  -476
  -501
  -527
  -556
  -586
  -619
  -653
  -689
  -728
  -769
  -812
  -857
  -905
  -956
  -1,010
  -1,066
  -1,125
  -1,188
  -1,254
  -1,323
  -1,396
  -1,473
Change in working capital, $m
  102
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  642
  -357
  -350
  -363
  -378
  -394
  -412
  -432
  -453
  -476
  -501
  -528
  -556
  -587
  -619
  -653
  -690
  -728
  -769
  -812
  -858
  -906
  -957
  -1,010
  -1,067
  -1,126
  -1,189
  -1,254
  -1,324
  -1,397
  -1,474
Maintenance CAPEX, $m
  0
  -404
  -412
  -421
  -432
  -444
  -458
  -473
  -489
  -506
  -525
  -545
  -567
  -590
  -614
  -640
  -668
  -697
  -728
  -761
  -795
  -832
  -871
  -911
  -954
  -999
  -1,047
  -1,097
  -1,150
  -1,205
  -1,263
New CAPEX, $m
  -261
  -106
  -123
  -141
  -158
  -175
  -192
  -209
  -227
  -244
  -262
  -280
  -299
  -318
  -338
  -359
  -380
  -403
  -426
  -450
  -475
  -501
  -529
  -557
  -587
  -618
  -651
  -685
  -721
  -759
  -798
Cash from investing activities, $m
  -199
  -510
  -535
  -562
  -590
  -619
  -650
  -682
  -716
  -750
  -787
  -825
  -866
  -908
  -952
  -999
  -1,048
  -1,100
  -1,154
  -1,211
  -1,270
  -1,333
  -1,400
  -1,468
  -1,541
  -1,617
  -1,698
  -1,782
  -1,871
  -1,964
  -2,061
Free cash flow, $m
  443
  -866
  -886
  -925
  -968
  -1,014
  -1,062
  -1,114
  -1,168
  -1,227
  -1,288
  -1,353
  -1,422
  -1,495
  -1,571
  -1,652
  -1,738
  -1,828
  -1,923
  -2,023
  -2,128
  -2,239
  -2,356
  -2,479
  -2,608
  -2,744
  -2,887
  -3,037
  -3,195
  -3,361
  -3,535
Issuance/(repayment) of debt, $m
  -126
  75
  84
  96
  108
  120
  132
  143
  155
  167
  179
  192
  205
  218
  232
  246
  261
  276
  292
  308
  326
  343
  362
  382
  402
  424
  446
  470
  494
  520
  547
Issuance/(repurchase) of shares, $m
  16
  677
  853
  889
  927
  968
  1,012
  1,059
  1,109
  1,163
  1,219
  1,280
  1,344
  1,411
  1,483
  1,559
  1,638
  1,723
  1,812
  1,905
  2,004
  2,108
  2,218
  2,333
  2,454
  2,582
  2,716
  2,857
  3,006
  3,162
  3,326
Cash from financing (excl. dividends), $m  
  -314
  752
  937
  985
  1,035
  1,088
  1,144
  1,202
  1,264
  1,330
  1,398
  1,472
  1,549
  1,629
  1,715
  1,805
  1,899
  1,999
  2,104
  2,213
  2,330
  2,451
  2,580
  2,715
  2,856
  3,006
  3,162
  3,327
  3,500
  3,682
  3,873
Total cash flow (excl. dividends), $m
  131
  -791
  -801
  -829
  -860
  -894
  -931
  -970
  -1,013
  -1,059
  -1,109
  -1,161
  -1,217
  -1,277
  -1,340
  -1,407
  -1,477
  -1,552
  -1,631
  -1,715
  -1,803
  -1,896
  -1,994
  -2,097
  -2,206
  -2,320
  -2,440
  -2,567
  -2,701
  -2,841
  -2,988
Retained Cash Flow (-), $m
  33
  -44
  -52
  -60
  -67
  -74
  -81
  -89
  -96
  -103
  -111
  -119
  -127
  -135
  -143
  -152
  -161
  -171
  -180
  -191
  -201
  -212
  -224
  -236
  -249
  -262
  -276
  -290
  -305
  -321
  -338
Prev. year cash balance distribution, $m
 
  158
  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, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
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
  72.6
  49.5
  33.5
  22.6
  15.2
  10.1
  6.7
  4.5
  2.9
  1.9
  1.3
  0.8
  0.5
  0.3
  0.2
  0.1
  0.1
  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

HudBay Minerals Inc., an integrated mining company, together with its subsidiaries, primarily focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; and zinc metal. The company owns four polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru; and a copper project in Arizona, United States. HudBay Minerals Inc. was founded in 1927 and is based in Toronto, Canada.

FINANCIAL RATIOS  of  Hudbay Minerals Inc. (HBM)

Valuation Ratios
P/E Ratio -39.1
Price to Sales 1.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 4.9
Growth Rates
Sales Growth Rate 27.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60.6%
Cap. Spend. - 3 Yr. Gr. Rate -22.1%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 71.1%
Total Debt to Equity 73%
Interest Coverage 1
Management Effectiveness
Return On Assets -17.8%
Ret/ On Assets - 3 Yr. Avg. -3.8%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -3.1%
Return On Equity -2%
Return On Equity - 3 Yr. Avg. -5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 38.2%
EBITDA Margin - 3 Yr. Avg. 21.9%
Operating Margin 15%
Oper. Margin - 3 Yr. Avg. -9.5%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. -13.9%
Net Profit Margin -3.1%
Net Profit Margin - 3 Yr. Avg. -9.2%
Effective Tax Rate 700%
Eff/ Tax Rate - 3 Yr. Avg. 117.9%
Payout Ratio -10.4%

HBM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HBM stock intrinsic value calculation we used $1525 million for the last fiscal year's total revenue generated by Hudbay Minerals Inc.. The default revenue input number comes from 2016 income statement of Hudbay Minerals Inc.. 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 HBM stock valuation model: a) initial revenue growth rate of 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 6%, whose default value for HBM is calculated based on our internal credit rating of Hudbay Minerals Inc., 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 Hudbay Minerals Inc..
    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 HBM stock the variable cost ratio is equal to 137.6%.

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 HBM 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 9.8% for Hudbay Minerals Inc..

Corporate tax rate of 27% is the nominal tax rate for Hudbay Minerals Inc.. 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 HBM 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 HBM are equal to 344.3%.

Life of production assets of 13 years is the average useful life of capital assets used in Hudbay Minerals Inc. 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 HBM is equal to 0.4%. 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 - $2382 million for Hudbay Minerals Inc. - 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 242.424 million for Hudbay Minerals Inc. 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 Hudbay Minerals Inc. at the current share price and the inputted number of shares is $1.9 billion.


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Stock chart of HBM Financial statements of HBM
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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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