Intrinsic value of Lundin Mining Corporation - LUN

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$7.51

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$7.51

 
Intrinsic value

$1.43

 
Up/down potential

-81%

 
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 LUN 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 5.4

 

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, %
  -9.18
  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
  2,088
  2,130
  2,179
  2,235
  2,298
  2,367
  2,444
  2,527
  2,617
  2,714
  2,818
  2,930
  3,049
  3,175
  3,310
  3,452
  3,604
  3,764
  3,933
  4,112
  4,301
  4,501
  4,711
  4,932
  5,166
  5,412
  5,671
  5,943
  6,230
  6,532
  6,849
Variable operating expenses, $m
 
  2,396
  2,450
  2,513
  2,583
  2,661
  2,747
  2,840
  2,941
  3,049
  3,166
  3,276
  3,409
  3,551
  3,702
  3,861
  4,030
  4,210
  4,399
  4,599
  4,810
  5,033
  5,269
  5,516
  5,778
  6,053
  6,342
  6,647
  6,968
  7,305
  7,660
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
  1,752
  2,396
  2,450
  2,513
  2,583
  2,661
  2,747
  2,840
  2,941
  3,049
  3,166
  3,276
  3,409
  3,551
  3,702
  3,861
  4,030
  4,210
  4,399
  4,599
  4,810
  5,033
  5,269
  5,516
  5,778
  6,053
  6,342
  6,647
  6,968
  7,305
  7,660
Operating income, $m
  337
  -266
  -272
  -278
  -286
  -294
  -303
  -313
  -324
  -335
  -347
  -347
  -361
  -376
  -392
  -409
  -427
  -446
  -466
  -487
  -509
  -533
  -558
  -584
  -612
  -641
  -671
  -704
  -738
  -773
  -811
EBITDA, $m
  925
  333
  340
  349
  359
  370
  382
  395
  409
  424
  440
  457
  476
  496
  517
  539
  563
  588
  614
  642
  672
  703
  736
  770
  807
  845
  886
  928
  973
  1,020
  1,070
Interest expense (income), $m
  101
  101
  107
  114
  122
  132
  142
  153
  165
  178
  193
  208
  224
  241
  260
  280
  301
  323
  346
  371
  397
  425
  454
  485
  517
  551
  587
  625
  665
  707
  751
Earnings before tax, $m
  173
  -367
  -379
  -393
  -408
  -426
  -445
  -466
  -489
  -513
  -540
  -555
  -585
  -617
  -652
  -688
  -727
  -768
  -812
  -858
  -906
  -958
  -1,012
  -1,069
  -1,129
  -1,192
  -1,259
  -1,329
  -1,403
  -1,481
  -1,562
Tax expense, $m
  6
  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
  -894
  -367
  -379
  -393
  -408
  -426
  -445
  -466
  -489
  -513
  -540
  -555
  -585
  -617
  -652
  -688
  -727
  -768
  -812
  -858
  -906
  -958
  -1,012
  -1,069
  -1,129
  -1,192
  -1,259
  -1,329
  -1,403
  -1,481
  -1,562

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  966
  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
  8,299
  7,473
  7,645
  7,841
  8,062
  8,306
  8,574
  8,866
  9,182
  9,523
  9,888
  10,279
  10,697
  11,141
  11,613
  12,114
  12,645
  13,207
  13,801
  14,429
  15,092
  15,791
  16,529
  17,307
  18,126
  18,989
  19,898
  20,854
  21,860
  22,919
  24,032
Adjusted assets (=assets-cash), $m
  7,333
  7,473
  7,645
  7,841
  8,062
  8,306
  8,574
  8,866
  9,182
  9,523
  9,888
  10,279
  10,697
  11,141
  11,613
  12,114
  12,645
  13,207
  13,801
  14,429
  15,092
  15,791
  16,529
  17,307
  18,126
  18,989
  19,898
  20,854
  21,860
  22,919
  24,032
Revenue / Adjusted assets
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
Average production assets, $m
  4,415
  4,502
  4,606
  4,724
  4,857
  5,004
  5,166
  5,342
  5,532
  5,738
  5,958
  6,193
  6,445
  6,712
  6,997
  7,298
  7,618
  7,957
  8,315
  8,693
  9,093
  9,514
  9,959
  10,427
  10,921
  11,441
  11,988
  12,564
  13,171
  13,808
  14,479
Working capital, $m
  2,773
  1,065
  1,089
  1,117
  1,149
  1,184
  1,222
  1,263
  1,308
  1,357
  1,409
  1,465
  1,524
  1,588
  1,655
  1,726
  1,802
  1,882
  1,967
  2,056
  2,151
  2,250
  2,355
  2,466
  2,583
  2,706
  2,835
  2,972
  3,115
  3,266
  3,425
Total debt, $m
  1,329
  1,408
  1,502
  1,610
  1,731
  1,865
  2,012
  2,173
  2,346
  2,533
  2,734
  2,948
  3,177
  3,421
  3,680
  3,956
  4,247
  4,555
  4,882
  5,226
  5,590
  5,974
  6,379
  6,806
  7,256
  7,730
  8,229
  8,754
  9,306
  9,887
  10,499
Total liabilities, $m
  4,024
  4,103
  4,197
  4,305
  4,426
  4,560
  4,707
  4,868
  5,041
  5,228
  5,429
  5,643
  5,872
  6,116
  6,375
  6,651
  6,942
  7,250
  7,577
  7,921
  8,285
  8,669
  9,074
  9,501
  9,951
  10,425
  10,924
  11,449
  12,001
  12,582
  13,194
Total equity, $m
  4,275
  3,370
  3,448
  3,536
  3,636
  3,746
  3,867
  3,999
  4,141
  4,295
  4,460
  4,636
  4,824
  5,025
  5,237
  5,463
  5,703
  5,956
  6,224
  6,507
  6,806
  7,122
  7,455
  7,805
  8,175
  8,564
  8,974
  9,405
  9,859
  10,336
  10,839
Total liabilities and equity, $m
  8,299
  7,473
  7,645
  7,841
  8,062
  8,306
  8,574
  8,867
  9,182
  9,523
  9,889
  10,279
  10,696
  11,141
  11,612
  12,114
  12,645
  13,206
  13,801
  14,428
  15,091
  15,791
  16,529
  17,306
  18,126
  18,989
  19,898
  20,854
  21,860
  22,918
  24,033
Debt-to-equity ratio
  0.311
  0.420
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.570
  0.590
  0.610
  0.640
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.960
  0.970
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -894
  -367
  -379
  -393
  -408
  -426
  -445
  -466
  -489
  -513
  -540
  -555
  -585
  -617
  -652
  -688
  -727
  -768
  -812
  -858
  -906
  -958
  -1,012
  -1,069
  -1,129
  -1,192
  -1,259
  -1,329
  -1,403
  -1,481
  -1,562
Depreciation, amort., depletion, $m
  588
  599
  612
  627
  645
  664
  685
  708
  732
  759
  788
  804
  837
  872
  909
  948
  989
  1,033
  1,080
  1,129
  1,181
  1,236
  1,293
  1,354
  1,418
  1,486
  1,557
  1,632
  1,710
  1,793
  1,880
Funds from operations, $m
  320
  232
  233
  235
  236
  238
  240
  242
  244
  246
  248
  250
  252
  254
  257
  259
  262
  265
  268
  271
  274
  278
  282
  285
  289
  294
  298
  303
  308
  313
  318
Change in working capital, $m
  -171
  21
  24
  28
  31
  35
  38
  42
  45
  49
  52
  56
  59
  63
  67
  71
  76
  80
  85
  89
  94
  100
  105
  111
  117
  123
  129
  136
  143
  151
  159
Cash from operations, $m
  491
  92
  209
  207
  205
  203
  202
  200
  198
  197
  195
  194
  193
  191
  190
  188
  186
  185
  183
  182
  180
  178
  176
  175
  173
  171
  169
  166
  164
  162
  159
Maintenance CAPEX, $m
  0
  -573
  -585
  -598
  -614
  -631
  -650
  -671
  -694
  -718
  -745
  -774
  -804
  -837
  -872
  -909
  -948
  -989
  -1,033
  -1,080
  -1,129
  -1,181
  -1,236
  -1,293
  -1,354
  -1,418
  -1,486
  -1,557
  -1,632
  -1,710
  -1,793
New CAPEX, $m
  -253
  -88
  -104
  -118
  -133
  -147
  -162
  -176
  -190
  -205
  -220
  -236
  -251
  -268
  -284
  -302
  -320
  -339
  -358
  -378
  -399
  -421
  -444
  -469
  -494
  -520
  -547
  -576
  -606
  -638
  -671
Cash from investing activities, $m
  -194
  -661
  -689
  -716
  -747
  -778
  -812
  -847
  -884
  -923
  -965
  -1,010
  -1,055
  -1,105
  -1,156
  -1,211
  -1,268
  -1,328
  -1,391
  -1,458
  -1,528
  -1,602
  -1,680
  -1,762
  -1,848
  -1,938
  -2,033
  -2,133
  -2,238
  -2,348
  -2,464
Free cash flow, $m
  297
  -569
  -480
  -510
  -541
  -575
  -610
  -647
  -686
  -727
  -770
  -815
  -863
  -914
  -967
  -1,022
  -1,081
  -1,143
  -1,208
  -1,277
  -1,348
  -1,424
  -1,504
  -1,587
  -1,675
  -1,768
  -1,865
  -1,967
  -2,074
  -2,186
  -2,305
Issuance/(repayment) of debt, $m
  -2
  80
  94
  108
  121
  134
  147
  160
  174
  187
  201
  215
  229
  244
  259
  275
  291
  309
  326
  345
  364
  384
  405
  427
  450
  474
  499
  525
  552
  581
  611
Issuance/(repurchase) of shares, $m
  25
  0
  463
  490
  520
  551
  584
  618
  655
  693
  734
  777
  822
  870
  920
  973
  1,029
  1,088
  1,150
  1,215
  1,283
  1,356
  1,431
  1,511
  1,595
  1,683
  1,776
  1,873
  1,975
  2,083
  2,196
Cash from financing (excl. dividends), $m  
  -82
  80
  557
  598
  641
  685
  731
  778
  829
  880
  935
  992
  1,051
  1,114
  1,179
  1,248
  1,320
  1,397
  1,476
  1,560
  1,647
  1,740
  1,836
  1,938
  2,045
  2,157
  2,275
  2,398
  2,527
  2,664
  2,807
Total cash flow (excl. dividends), $m
  215
  -489
  -385
  -402
  -420
  -441
  -463
  -486
  -512
  -540
  -569
  -601
  -634
  -670
  -707
  -747
  -790
  -835
  -882
  -932
  -984
  -1,040
  -1,099
  -1,160
  -1,225
  -1,294
  -1,366
  -1,442
  -1,521
  -1,605
  -1,693
Retained Cash Flow (-), $m
  878
  -60
  -78
  -89
  -99
  -110
  -121
  -132
  -143
  -154
  -165
  -176
  -188
  -200
  -213
  -226
  -239
  -253
  -268
  -283
  -299
  -315
  -333
  -351
  -370
  -389
  -410
  -431
  -454
  -477
  -502
Prev. year cash balance distribution, $m
 
  965
  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
 
  415
  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
 
  398
  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
  100.0
  90.3
  81.2
  72.8
  65.0
  57.9
  51.5
  45.6
  40.3
  35.5
  31.2
  27.4
  24.0
  21.0
  18.3
  16.0
  13.9
  12.0
  10.4
  9.0
  7.8
  6.7
  5.8
  5.0
  4.3
  3.7
  3.2
  2.7
  2.3
  2.0

Lundin Mining Corporation, a diversified base metals mining company, engages in the exploration, development, and mining of mineral properties in Chile, the United States, Portugal, Sweden, Spain, and the Democratic Republic of Congo (DRC). It primarily produces copper, nickel, and zinc. The company’s wholly-owned operating assets include the Eagle nickel/copper mine located in the United States; Neves-Corvo copper/zinc mine located in Portugal; the Zinkgruvan zinc/lead mine located in south central Sweden; and the Aguablanca nickel/copper mine located in Spain. It also owns 80% of the Candelaria and Ojos del Salado copper/gold mining complex located in Chile; and 24% equity accounted interests in the Tenke Fungurume copper/cobalt mine located in the DRC and the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. The company was formerly known as South Atlantic Ventures Ltd. and changed its name to Lundin Mining Corporation in August 2004. Lundin Mining Corporation was incorporated in 1994 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Lundin Mining Corporation (LUN)

Valuation Ratios
P/E Ratio -6.1
Price to Sales 2.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 22.9
Growth Rates
Sales Growth Rate -9.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.5%
Cap. Spend. - 3 Yr. Gr. Rate -4.9%
Financial Strength
Quick Ratio 966
Current Ratio 3.3
LT Debt to Equity 31.1%
Total Debt to Equity 31.1%
Interest Coverage 3
Management Effectiveness
Return On Assets -9.1%
Ret/ On Assets - 3 Yr. Avg. -3.4%
Return On Total Capital -14.8%
Ret/ On T. Cap. - 3 Yr. Avg. -6.1%
Return On Equity -19%
Return On Equity - 3 Yr. Avg. -7.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 16.9%
Gross Margin - 3 Yr. Avg. 14.2%
EBITDA Margin 41.3%
EBITDA Margin - 3 Yr. Avg. 29.9%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. -0.8%
Net Profit Margin -42.8%
Net Profit Margin - 3 Yr. Avg. -16.1%
Effective Tax Rate 3.5%
Eff/ Tax Rate - 3 Yr. Avg. -43.8%
Payout Ratio 0%

LUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LUN stock intrinsic value calculation we used $2088 million for the last fiscal year's total revenue generated by Lundin Mining Corporation. The default revenue input number comes from 2016 income statement of Lundin Mining 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 LUN 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 4.3%, whose default value for LUN is calculated based on our internal credit rating of Lundin Mining 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 Lundin Mining 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 LUN stock the variable cost ratio is equal to 112.5%.

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 LUN 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 7.6% for Lundin Mining Corporation.

Corporate tax rate of 27% is the nominal tax rate for Lundin Mining 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 LUN 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 LUN are equal to 211.4%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Lundin Mining 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 LUN is equal to 50%. 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 - $4275 million for Lundin Mining 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 724.092 million for Lundin Mining 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 Lundin Mining Corporation at the current share price and the inputted number of shares is $5.4 billion.


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Stock chart of LUN Financial statements of LUN
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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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