Intrinsic value of New Gold Inc. - NGD

Previous Close

$3.89

  Intrinsic Value

$1.22

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

-61%

Previous close

$3.89

 
Intrinsic value

$1.22

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

-61%

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

We calculate the intrinsic value of NGD 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 2.2

 

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, %
  -4.05
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  924
  1,013
  1,105
  1,202
  1,302
  1,406
  1,515
  1,628
  1,745
  1,867
  1,993
  2,125
  2,262
  2,404
  2,553
  2,707
  2,868
  3,036
  3,211
  3,394
  3,585
  3,784
  3,992
  4,210
  4,438
  4,676
  4,925
  5,186
  5,459
  5,745
  6,045
Variable operating expenses, $m
 
  1,280
  1,397
  1,519
  1,646
  1,778
  1,915
  2,058
  2,206
  2,360
  2,520
  2,686
  2,859
  3,039
  3,227
  3,422
  3,626
  3,838
  4,059
  4,290
  4,531
  4,783
  5,046
  5,322
  5,609
  5,910
  6,225
  6,555
  6,901
  7,262
  7,641
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
  903
  1,280
  1,397
  1,519
  1,646
  1,778
  1,915
  2,058
  2,206
  2,360
  2,520
  2,686
  2,859
  3,039
  3,227
  3,422
  3,626
  3,838
  4,059
  4,290
  4,531
  4,783
  5,046
  5,322
  5,609
  5,910
  6,225
  6,555
  6,901
  7,262
  7,641
Operating income, $m
  21
  -267
  -292
  -317
  -344
  -371
  -400
  -430
  -461
  -493
  -526
  -561
  -597
  -635
  -674
  -715
  -757
  -802
  -848
  -896
  -946
  -999
  -1,054
  -1,111
  -1,172
  -1,234
  -1,300
  -1,369
  -1,441
  -1,517
  -1,596
EBITDA, $m
  366
  112
  122
  133
  144
  155
  167
  180
  193
  206
  220
  235
  250
  266
  282
  299
  317
  336
  355
  375
  396
  418
  441
  465
  491
  517
  544
  573
  603
  635
  668
Interest expense (income), $m
  75
  79
  95
  111
  128
  146
  165
  184
  205
  226
  247
  270
  294
  318
  344
  370
  398
  427
  457
  488
  521
  555
  590
  628
  667
  707
  750
  795
  841
  890
  941
Earnings before tax, $m
  3
  -347
  -386
  -428
  -472
  -518
  -565
  -614
  -665
  -718
  -774
  -831
  -891
  -953
  -1,018
  -1,085
  -1,155
  -1,228
  -1,304
  -1,384
  -1,467
  -1,554
  -1,644
  -1,739
  -1,838
  -1,942
  -2,050
  -2,164
  -2,282
  -2,407
  -2,537
Tax expense, $m
  -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
Net income, $m
  4
  -347
  -386
  -428
  -472
  -518
  -565
  -614
  -665
  -718
  -774
  -831
  -891
  -953
  -1,018
  -1,085
  -1,155
  -1,228
  -1,304
  -1,384
  -1,467
  -1,554
  -1,644
  -1,739
  -1,838
  -1,942
  -2,050
  -2,164
  -2,282
  -2,407
  -2,537

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  251
  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
  5,314
  5,534
  6,040
  6,567
  7,115
  7,686
  8,279
  8,895
  9,536
  10,201
  10,893
  11,612
  12,361
  13,139
  13,950
  14,794
  15,674
  16,591
  17,548
  18,547
  19,589
  20,678
  21,816
  23,006
  24,250
  25,552
  26,914
  28,339
  29,832
  31,395
  33,033
Adjusted assets (=assets-cash), $m
  5,063
  5,534
  6,040
  6,567
  7,115
  7,686
  8,279
  8,895
  9,536
  10,201
  10,893
  11,612
  12,361
  13,139
  13,950
  14,794
  15,674
  16,591
  17,548
  18,547
  19,589
  20,678
  21,816
  23,006
  24,250
  25,552
  26,914
  28,339
  29,832
  31,395
  33,033
Revenue / Adjusted assets
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
Average production assets, $m
  4,049
  4,438
  4,843
  5,266
  5,706
  6,163
  6,639
  7,133
  7,647
  8,180
  8,735
  9,312
  9,912
  10,537
  11,187
  11,864
  12,569
  13,305
  14,072
  14,873
  15,709
  16,582
  17,495
  18,449
  19,446
  20,490
  21,582
  22,725
  23,922
  25,176
  26,490
Working capital, $m
  317
  72
  78
  85
  92
  100
  108
  116
  124
  133
  142
  151
  161
  171
  181
  192
  204
  216
  228
  241
  255
  269
  283
  299
  315
  332
  350
  368
  388
  408
  429
Total debt, $m
  1,202
  1,434
  1,685
  1,946
  2,218
  2,501
  2,795
  3,101
  3,419
  3,749
  4,092
  4,449
  4,820
  5,206
  5,608
  6,027
  6,463
  6,918
  7,393
  7,888
  8,405
  8,945
  9,510
  10,100
  10,717
  11,363
  12,038
  12,745
  13,486
  14,261
  15,073
Total liabilities, $m
  2,513
  2,745
  2,996
  3,257
  3,529
  3,812
  4,106
  4,412
  4,730
  5,060
  5,403
  5,760
  6,131
  6,517
  6,919
  7,338
  7,774
  8,229
  8,704
  9,199
  9,716
  10,256
  10,821
  11,411
  12,028
  12,674
  13,349
  14,056
  14,797
  15,572
  16,384
Total equity, $m
  2,801
  2,789
  3,044
  3,310
  3,586
  3,874
  4,173
  4,483
  4,806
  5,141
  5,490
  5,853
  6,230
  6,622
  7,031
  7,456
  7,900
  8,362
  8,844
  9,348
  9,873
  10,422
  10,995
  11,595
  12,222
  12,878
  13,564
  14,283
  15,035
  15,823
  16,649
Total liabilities and equity, $m
  5,314
  5,534
  6,040
  6,567
  7,115
  7,686
  8,279
  8,895
  9,536
  10,201
  10,893
  11,613
  12,361
  13,139
  13,950
  14,794
  15,674
  16,591
  17,548
  18,547
  19,589
  20,678
  21,816
  23,006
  24,250
  25,552
  26,913
  28,339
  29,832
  31,395
  33,033
Debt-to-equity ratio
  0.429
  0.510
  0.550
  0.590
  0.620
  0.650
  0.670
  0.690
  0.710
  0.730
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  -347
  -386
  -428
  -472
  -518
  -565
  -614
  -665
  -718
  -774
  -831
  -891
  -953
  -1,018
  -1,085
  -1,155
  -1,228
  -1,304
  -1,384
  -1,467
  -1,554
  -1,644
  -1,739
  -1,838
  -1,942
  -2,050
  -2,164
  -2,282
  -2,407
  -2,537
Depreciation, amort., depletion, $m
  345
  379
  414
  450
  488
  527
  567
  610
  654
  699
  747
  796
  847
  901
  956
  1,014
  1,074
  1,137
  1,203
  1,271
  1,343
  1,417
  1,495
  1,577
  1,662
  1,751
  1,845
  1,942
  2,045
  2,152
  2,264
Funds from operations, $m
  346
  33
  28
  22
  15
  9
  2
  -5
  -12
  -19
  -27
  -35
  -44
  -52
  -61
  -71
  -81
  -91
  -102
  -113
  -124
  -136
  -149
  -162
  -176
  -190
  -206
  -221
  -238
  -255
  -273
Change in working capital, $m
  -35
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
Cash from operations, $m
  381
  26
  21
  15
  8
  2
  -5
  -13
  -20
  -28
  -36
  -45
  -53
  -62
  -72
  -82
  -92
  -103
  -114
  -126
  -138
  -151
  -164
  -178
  -192
  -207
  -223
  -240
  -257
  -275
  -294
Maintenance CAPEX, $m
  0
  -346
  -379
  -414
  -450
  -488
  -527
  -567
  -610
  -654
  -699
  -747
  -796
  -847
  -901
  -956
  -1,014
  -1,074
  -1,137
  -1,203
  -1,271
  -1,343
  -1,417
  -1,495
  -1,577
  -1,662
  -1,751
  -1,845
  -1,942
  -2,045
  -2,152
New CAPEX, $m
  -766
  -389
  -406
  -423
  -440
  -457
  -476
  -494
  -514
  -534
  -555
  -577
  -600
  -624
  -650
  -677
  -706
  -736
  -767
  -801
  -836
  -873
  -913
  -954
  -998
  -1,044
  -1,092
  -1,143
  -1,197
  -1,254
  -1,313
Cash from investing activities, $m
  -768
  -735
  -785
  -837
  -890
  -945
  -1,003
  -1,061
  -1,124
  -1,188
  -1,254
  -1,324
  -1,396
  -1,471
  -1,551
  -1,633
  -1,720
  -1,810
  -1,904
  -2,004
  -2,107
  -2,216
  -2,330
  -2,449
  -2,575
  -2,706
  -2,843
  -2,988
  -3,139
  -3,299
  -3,465
Free cash flow, $m
  -387
  -708
  -764
  -822
  -882
  -944
  -1,008
  -1,074
  -1,143
  -1,215
  -1,290
  -1,368
  -1,449
  -1,534
  -1,623
  -1,715
  -1,812
  -1,913
  -2,019
  -2,129
  -2,245
  -2,367
  -2,494
  -2,627
  -2,767
  -2,913
  -3,067
  -3,228
  -3,397
  -3,574
  -3,760
Issuance/(repayment) of debt, $m
  135
  232
  251
  261
  272
  283
  294
  306
  318
  330
  343
  357
  371
  386
  402
  419
  436
  455
  475
  495
  517
  540
  564
  590
  617
  646
  676
  707
  740
  775
  812
Issuance/(repurchase) of shares, $m
  13
  586
  641
  694
  749
  805
  864
  925
  988
  1,054
  1,122
  1,194
  1,268
  1,345
  1,426
  1,510
  1,598
  1,690
  1,787
  1,887
  1,992
  2,103
  2,218
  2,339
  2,465
  2,598
  2,737
  2,882
  3,035
  3,195
  3,363
Cash from financing (excl. dividends), $m  
  173
  818
  892
  955
  1,021
  1,088
  1,158
  1,231
  1,306
  1,384
  1,465
  1,551
  1,639
  1,731
  1,828
  1,929
  2,034
  2,145
  2,262
  2,382
  2,509
  2,643
  2,782
  2,929
  3,082
  3,244
  3,413
  3,589
  3,775
  3,970
  4,175
Total cash flow (excl. dividends), $m
  -202
  109
  128
  134
  139
  145
  150
  156
  162
  169
  175
  182
  190
  197
  206
  214
  223
  233
  243
  253
  264
  276
  289
  302
  316
  330
  345
  362
  379
  397
  415
Retained Cash Flow (-), $m
  36
  -586
  -641
  -694
  -749
  -805
  -864
  -925
  -988
  -1,054
  -1,122
  -1,194
  -1,268
  -1,345
  -1,426
  -1,510
  -1,598
  -1,690
  -1,787
  -1,887
  -1,992
  -2,103
  -2,218
  -2,339
  -2,465
  -2,598
  -2,737
  -2,882
  -3,035
  -3,195
  -3,363
Prev. year cash balance distribution, $m
 
  251
  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
 
  -226
  -513
  -560
  -610
  -661
  -714
  -769
  -826
  -885
  -947
  -1,011
  -1,078
  -1,148
  -1,220
  -1,296
  -1,375
  -1,458
  -1,544
  -1,634
  -1,728
  -1,826
  -1,929
  -2,037
  -2,150
  -2,268
  -2,391
  -2,521
  -2,656
  -2,798
  -2,947
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  -215
  -464
  -479
  -489
  -495
  -496
  -492
  -484
  -472
  -455
  -434
  -410
  -383
  -354
  -323
  -291
  -259
  -227
  -197
  -167
  -140
  -116
  -94
  -74
  -58
  -44
  -33
  -24
  -17
  -12
Current shareholders' claim on cash, %
  100
  77.7
  60.3
  46.9
  36.5
  28.5
  22.3
  17.4
  13.7
  10.7
  8.4
  6.6
  5.2
  4.1
  3.2
  2.5
  2.0
  1.6
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

New Gold, Inc., a gold mining company, engages in the development and operation of mineral properties. The company’s operating properties include the New Afton gold-silver-copper project located in British Columbia, Canada; the Mesquite gold mine situated in Imperial County, California, the United States; the Peak gold-copper mines in New South Wales, Australia; and the Cerro San Pedro gold-silver mine located in the state of San Luis Potosí, Mexico. It also owns 100% interests in the Rainy River gold project in Ontario, Canada; and the Blackwater gold-silver project in central British Columbia, Canada. The company is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  New Gold Inc. (NGD)

Valuation Ratios
P/E Ratio 499.6
Price to Sales 2.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow -5.2
Growth Rates
Sales Growth Rate -4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.6%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 42.9%
Total Debt to Equity 42.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. -4.2%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -6.9%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76.5%
Gross Margin - 3 Yr. Avg. 77.1%
EBITDA Margin 45.8%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. -23.8%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. -33.1%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -31.2%
Effective Tax Rate -33.3%
Eff/ Tax Rate - 3 Yr. Avg. -5.1%
Payout Ratio 0%

NGD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGD stock intrinsic value calculation we used $924 million for the last fiscal year's total revenue generated by New Gold Inc.. The default revenue input number comes from 2016 income statement of New Gold 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 NGD stock valuation model: a) initial revenue growth rate of 9.6% 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 4.9%, whose default value for NGD is calculated based on our internal credit rating of New Gold 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 New Gold 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 NGD stock the variable cost ratio is equal to 126.4%.

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 NGD 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 6.6% for New Gold Inc..

Corporate tax rate of 27% is the nominal tax rate for New Gold 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 NGD 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 NGD are equal to 438.2%.

Life of production assets of 11.7 years is the average useful life of capital assets used in New Gold 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 NGD is equal to 7.1%. 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 - $2801 million for New Gold 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 574.742 million for New Gold 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 New Gold Inc. at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
ELD Eldorado Gold 3.14 1.63  str.sell
G Goldcorp Inc. 17.20 5.34  str.sell
IMG IAMGOLD Corpor 6.49 1.61  str.sell
BTO B2Gold Corp. 3.40 0.50  str.sell
Stock chart of NGD Financial statements of NGD
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.