Intrinsic value of Klondex Mines Ltd. - KDX

Previous Close

$3.03

  Intrinsic Value

$0.53

stock screener

  Rating & Target

str. sell

-83%

Previous close

$3.03

 
Intrinsic value

$0.53

 
Up/down potential

-83%

 
Rating

str. sell

We calculate the intrinsic value of KDX 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 0.5

 

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, %
  28.85
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  268
  429
  662
  991
  1,438
  2,028
  2,788
  3,743
  4,914
  6,324
  7,987
  9,918
  12,126
  14,616
  17,390
  20,448
  23,786
  27,399
  31,282
  35,429
  39,832
  44,487
  49,389
  54,534
  59,919
  65,543
  71,408
  77,516
  83,871
  90,479
  97,347
Variable operating expenses, $m
 
  370
  571
  854
  1,239
  1,748
  2,403
  3,226
  4,236
  5,451
  6,885
  8,550
  10,453
  12,599
  14,990
  17,626
  20,503
  23,618
  26,965
  30,540
  34,335
  38,348
  42,573
  47,008
  51,650
  56,498
  61,554
  66,819
  72,297
  77,993
  83,913
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
  248
  370
  571
  854
  1,239
  1,748
  2,403
  3,226
  4,236
  5,451
  6,885
  8,550
  10,453
  12,599
  14,990
  17,626
  20,503
  23,618
  26,965
  30,540
  34,335
  38,348
  42,573
  47,008
  51,650
  56,498
  61,554
  66,819
  72,297
  77,993
  83,913
Operating income, $m
  20
  59
  91
  137
  198
  280
  385
  516
  678
  873
  1,102
  1,369
  1,673
  2,017
  2,400
  2,822
  3,282
  3,781
  4,317
  4,889
  5,497
  6,139
  6,816
  7,526
  8,269
  9,045
  9,854
  10,697
  11,574
  12,486
  13,434
EBITDA, $m
  59
  121
  188
  280
  407
  574
  789
  1,059
  1,391
  1,790
  2,261
  2,808
  3,433
  4,137
  4,923
  5,788
  6,733
  7,756
  8,855
  10,029
  11,276
  12,593
  13,981
  15,437
  16,962
  18,554
  20,214
  21,943
  23,742
  25,613
  27,557
Interest expense (income), $m
  0
  1
  4
  8
  13
  20
  30
  43
  58
  78
  101
  128
  160
  196
  237
  283
  333
  388
  448
  512
  580
  653
  730
  810
  895
  984
  1,076
  1,173
  1,274
  1,378
  1,487
Earnings before tax, $m
  3
  58
  88
  129
  185
  260
  355
  474
  620
  795
  1,001
  1,241
  1,513
  1,821
  2,162
  2,539
  2,949
  3,393
  3,869
  4,377
  4,917
  5,486
  6,086
  6,715
  7,374
  8,061
  8,778
  9,524
  10,301
  11,108
  11,947
Tax expense, $m
  5
  16
  24
  35
  50
  70
  96
  128
  167
  215
  270
  335
  409
  492
  584
  685
  796
  916
  1,045
  1,182
  1,327
  1,481
  1,643
  1,813
  1,991
  2,177
  2,370
  2,572
  2,781
  2,999
  3,226
Net income, $m
  -2
  42
  64
  94
  135
  189
  259
  346
  453
  580
  731
  906
  1,105
  1,329
  1,579
  1,853
  2,153
  2,477
  2,824
  3,195
  3,589
  4,005
  4,443
  4,902
  5,383
  5,885
  6,408
  6,953
  7,519
  8,109
  8,721

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  64
  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
  513
  718
  1,110
  1,660
  2,408
  3,397
  4,670
  6,269
  8,232
  10,592
  13,379
  16,614
  20,312
  24,482
  29,129
  34,251
  39,842
  45,895
  52,399
  59,344
  66,721
  74,518
  82,729
  91,346
  100,366
  109,788
  119,612
  129,843
  140,488
  151,556
  163,060
Adjusted assets (=assets-cash), $m
  449
  718
  1,110
  1,660
  2,408
  3,397
  4,670
  6,269
  8,232
  10,592
  13,379
  16,614
  20,312
  24,482
  29,129
  34,251
  39,842
  45,895
  52,399
  59,344
  66,721
  74,518
  82,729
  91,346
  100,366
  109,788
  119,612
  129,843
  140,488
  151,556
  163,060
Revenue / Adjusted assets
  0.597
  0.597
  0.596
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
Average production assets, $m
  245
  392
  606
  906
  1,314
  1,854
  2,548
  3,421
  4,492
  5,780
  7,300
  9,065
  11,083
  13,359
  15,895
  18,689
  21,740
  25,043
  28,592
  32,382
  36,407
  40,662
  45,142
  49,844
  54,766
  59,906
  65,267
  70,850
  76,658
  82,698
  88,975
Working capital, $m
  45
  -13
  -20
  -30
  -43
  -61
  -84
  -112
  -147
  -190
  -240
  -298
  -364
  -438
  -522
  -613
  -714
  -822
  -938
  -1,063
  -1,195
  -1,335
  -1,482
  -1,636
  -1,798
  -1,966
  -2,142
  -2,325
  -2,516
  -2,714
  -2,920
Total debt, $m
  41
  106
  216
  370
  581
  859
  1,216
  1,666
  2,217
  2,880
  3,663
  4,572
  5,612
  6,784
  8,089
  9,528
  11,100
  12,800
  14,628
  16,580
  18,653
  20,844
  23,151
  25,572
  28,107
  30,754
  33,515
  36,390
  39,381
  42,491
  45,724
Total liabilities, $m
  138
  202
  312
  466
  677
  955
  1,312
  1,762
  2,313
  2,976
  3,759
  4,668
  5,708
  6,880
  8,185
  9,624
  11,196
  12,896
  14,724
  16,676
  18,749
  20,940
  23,247
  25,668
  28,203
  30,850
  33,611
  36,486
  39,477
  42,587
  45,820
Total equity, $m
  376
  516
  798
  1,193
  1,731
  2,443
  3,358
  4,508
  5,919
  7,616
  9,619
  11,945
  14,604
  17,603
  20,944
  24,626
  28,646
  32,998
  37,675
  42,669
  47,972
  53,579
  59,482
  65,678
  72,163
  78,937
  86,001
  93,357
  101,011
  108,969
  117,240
Total liabilities and equity, $m
  514
  718
  1,110
  1,659
  2,408
  3,398
  4,670
  6,270
  8,232
  10,592
  13,378
  16,613
  20,312
  24,483
  29,129
  34,250
  39,842
  45,894
  52,399
  59,345
  66,721
  74,519
  82,729
  91,346
  100,366
  109,787
  119,612
  129,843
  140,488
  151,556
  163,060
Debt-to-equity ratio
  0.109
  0.200
  0.270
  0.310
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.695
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  42
  64
  94
  135
  189
  259
  346
  453
  580
  731
  906
  1,105
  1,329
  1,579
  1,853
  2,153
  2,477
  2,824
  3,195
  3,589
  4,005
  4,443
  4,902
  5,383
  5,885
  6,408
  6,953
  7,519
  8,109
  8,721
Depreciation, amort., depletion, $m
  39
  62
  96
  144
  209
  294
  405
  543
  713
  917
  1,159
  1,439
  1,759
  2,120
  2,523
  2,967
  3,451
  3,975
  4,538
  5,140
  5,779
  6,454
  7,165
  7,912
  8,693
  9,509
  10,360
  11,246
  12,168
  13,127
  14,123
Funds from operations, $m
  76
  105
  160
  238
  344
  484
  663
  889
  1,165
  1,498
  1,890
  2,345
  2,864
  3,450
  4,102
  4,820
  5,604
  6,452
  7,363
  8,335
  9,368
  10,459
  11,608
  12,814
  14,076
  15,394
  16,768
  18,199
  19,687
  21,235
  22,844
Change in working capital, $m
  15
  -5
  -7
  -10
  -13
  -18
  -23
  -29
  -35
  -42
  -50
  -58
  -66
  -75
  -83
  -92
  -100
  -108
  -116
  -124
  -132
  -140
  -147
  -154
  -162
  -169
  -176
  -183
  -191
  -198
  -206
Cash from operations, $m
  61
  109
  167
  248
  357
  501
  686
  918
  1,201
  1,540
  1,940
  2,402
  2,930
  3,524
  4,185
  4,911
  5,704
  6,560
  7,479
  8,460
  9,500
  10,599
  11,755
  12,968
  14,237
  15,562
  16,944
  18,382
  19,878
  21,434
  23,050
Maintenance CAPEX, $m
  0
  -39
  -62
  -96
  -144
  -209
  -294
  -405
  -543
  -713
  -917
  -1,159
  -1,439
  -1,759
  -2,120
  -2,523
  -2,967
  -3,451
  -3,975
  -4,538
  -5,140
  -5,779
  -6,454
  -7,165
  -7,912
  -8,693
  -9,509
  -10,360
  -11,246
  -12,168
  -13,127
New CAPEX, $m
  -83
  -147
  -214
  -300
  -408
  -540
  -695
  -872
  -1,071
  -1,288
  -1,521
  -1,765
  -2,018
  -2,276
  -2,536
  -2,795
  -3,051
  -3,303
  -3,549
  -3,790
  -4,025
  -4,255
  -4,480
  -4,702
  -4,922
  -5,141
  -5,361
  -5,583
  -5,808
  -6,039
  -6,277
Cash from investing activities, $m
  -216
  -186
  -276
  -396
  -552
  -749
  -989
  -1,277
  -1,614
  -2,001
  -2,438
  -2,924
  -3,457
  -4,035
  -4,656
  -5,318
  -6,018
  -6,754
  -7,524
  -8,328
  -9,165
  -10,034
  -10,934
  -11,867
  -12,834
  -13,834
  -14,870
  -15,943
  -17,054
  -18,207
  -19,404
Free cash flow, $m
  -155
  -76
  -109
  -148
  -195
  -247
  -303
  -359
  -413
  -461
  -498
  -521
  -527
  -511
  -471
  -406
  -314
  -193
  -45
  131
  335
  565
  821
  1,101
  1,404
  1,729
  2,074
  2,439
  2,824
  3,226
  3,646
Issuance/(repayment) of debt, $m
  -18
  76
  110
  155
  210
  278
  358
  449
  552
  663
  783
  909
  1,039
  1,172
  1,306
  1,439
  1,571
  1,701
  1,828
  1,952
  2,073
  2,191
  2,307
  2,421
  2,535
  2,647
  2,761
  2,875
  2,991
  3,110
  3,233
Issuance/(repurchase) of shares, $m
  143
  151
  217
  301
  403
  522
  656
  803
  959
  1,117
  1,273
  1,420
  1,554
  1,670
  1,763
  1,829
  1,867
  1,875
  1,852
  1,799
  1,714
  1,601
  1,460
  1,294
  1,103
  889
  656
  403
  134
  0
  0
Cash from financing (excl. dividends), $m  
  141
  227
  327
  456
  613
  800
  1,014
  1,252
  1,511
  1,780
  2,056
  2,329
  2,593
  2,842
  3,069
  3,268
  3,438
  3,576
  3,680
  3,751
  3,787
  3,792
  3,767
  3,715
  3,638
  3,536
  3,417
  3,278
  3,125
  3,110
  3,233
Total cash flow (excl. dividends), $m
  -15
  150
  219
  307
  418
  553
  712
  893
  1,097
  1,319
  1,557
  1,808
  2,067
  2,331
  2,597
  2,862
  3,125
  3,383
  3,635
  3,882
  4,122
  4,358
  4,589
  4,816
  5,041
  5,265
  5,490
  5,718
  5,949
  6,336
  6,879
Retained Cash Flow (-), $m
  -183
  -193
  -281
  -395
  -538
  -711
  -915
  -1,149
  -1,411
  -1,697
  -2,004
  -2,326
  -2,659
  -2,999
  -3,341
  -3,682
  -4,020
  -4,352
  -4,677
  -4,994
  -5,304
  -5,606
  -5,903
  -6,196
  -6,485
  -6,774
  -7,064
  -7,356
  -7,654
  -7,958
  -8,271
Prev. year cash balance distribution, $m
 
  53
  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
 
  10
  -63
  -88
  -120
  -158
  -204
  -256
  -314
  -378
  -446
  -518
  -592
  -668
  -744
  -820
  -895
  -969
  -1,042
  -1,112
  -1,181
  -1,249
  -1,315
  -1,380
  -1,444
  -1,509
  -1,573
  -1,638
  -1,705
  -1,622
  -1,392
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
 
  10
  -57
  -77
  -99
  -123
  -148
  -173
  -196
  -217
  -234
  -246
  -253
  -254
  -250
  -241
  -228
  -211
  -192
  -171
  -150
  -129
  -109
  -90
  -74
  -59
  -46
  -35
  -26
  -18
  -10
Current shareholders' claim on cash, %
  100
  75.5
  58.4
  46.3
  37.5
  31.0
  26.1
  22.4
  19.5
  17.3
  15.5
  14.0
  12.9
  11.9
  11.2
  10.5
  10.0
  9.6
  9.2
  8.9
  8.7
  8.5
  8.3
  8.2
  8.1
  8.0
  8.0
  8.0
  7.9
  7.9
  7.9

Klondex Mines Ltd is a Canada-based gold and silver mining company. The Company focuses on exploration, development and production of over two gold and silver projects in north central Nevada, being the Fire Creek mine located in Lander County, Nevada, the Midas mine and ore milling facility located in Nevada. Its segments include Fire Creek, Midas, True North, and Corporate and other. Its over 1,000 tons per day milling facility processes mineralized materials from the Midas Mine and the Fire Creek Mine. The Midas Mine is a gold-silver vein deposit located a mile from the town of Midas, Nevada. It also owns an underground mine project located in Manitoba, Canada, which includes the Rice Lake Mine and Mill complex, and early-stage exploration properties located in the State of Nevada, the United States, and Manitoba and Ontario, Canada. The Company's milling and processing facilities are located at Midas process ore from both Midas and Fire Creek in the State of Nevada.

FINANCIAL RATIOS  of  Klondex Mines Ltd. (KDX)

Valuation Ratios
P/E Ratio -265.5
Price to Sales 2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -24.1
Growth Rates
Sales Growth Rate 28.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.9%
Cap. Spend. - 3 Yr. Gr. Rate 25.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 8%
Total Debt to Equity 10.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 12.1%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.7%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 16.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.1%
Gross Margin - 3 Yr. Avg. 36.2%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 35.2%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. 16.2%
Net Profit Margin -0.7%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate 166.7%
Eff/ Tax Rate - 3 Yr. Avg. 46.8%
Payout Ratio 0%

KDX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KDX stock intrinsic value calculation we used $268 million for the last fiscal year's total revenue generated by Klondex Mines Ltd.. The default revenue input number comes from 2016 income statement of Klondex Mines Ltd.. 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 KDX stock valuation model: a) initial revenue growth rate of 60% 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 KDX is calculated based on our internal credit rating of Klondex Mines Ltd., 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 Klondex Mines Ltd..
    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 KDX stock the variable cost ratio is equal to 86.2%.

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 KDX 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 3.5% for Klondex Mines Ltd..

Corporate tax rate of 27% is the nominal tax rate for Klondex Mines Ltd.. 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 KDX 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 KDX are equal to 91.4%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Klondex Mines Ltd. 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 KDX is equal to -3%. 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 - $376 million for Klondex Mines Ltd. - 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 178.774 million for Klondex Mines Ltd. 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 Klondex Mines Ltd. at the current share price and the inputted number of shares is $0.5 billion.

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Financial statements of KDX
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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