Intrinsic value of OceanaGold Corporation - OGC

Previous Close

$3.50

  Intrinsic Value

$5.61

stock screener

  Rating & Target

str. buy

+60%

Previous close

$3.50

 
Intrinsic value

$5.61

 
Up/down potential

+60%

 
Rating

str. buy

We calculate the intrinsic value of OGC 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 2.1

 

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, %
  23.76
  23.80
  21.92
  20.23
  18.71
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
Revenue, $m
  849
  1,051
  1,281
  1,541
  1,829
  2,146
  2,491
  2,865
  3,266
  3,693
  4,147
  4,626
  5,130
  5,659
  6,213
  6,791
  7,393
  8,020
  8,673
  9,351
  10,056
  10,789
  11,550
  12,341
  13,164
  14,020
  14,910
  15,836
  16,801
  17,807
  18,855
Variable operating expenses, $m
 
  322
  392
  471
  560
  657
  762
  877
  999
  1,130
  1,269
  1,416
  1,570
  1,732
  1,901
  2,078
  2,262
  2,454
  2,654
  2,861
  3,077
  3,301
  3,534
  3,776
  4,028
  4,290
  4,562
  4,846
  5,141
  5,449
  5,770
Fixed operating expenses, $m
 
  397
  407
  417
  427
  438
  449
  460
  472
  483
  495
  508
  520
  533
  547
  560
  575
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
Total operating expenses, $m
  638
  719
  799
  888
  987
  1,095
  1,211
  1,337
  1,471
  1,613
  1,764
  1,924
  2,090
  2,265
  2,448
  2,638
  2,837
  3,043
  3,258
  3,480
  3,711
  3,951
  4,200
  4,459
  4,728
  5,007
  5,297
  5,600
  5,914
  6,241
  6,582
Operating income, $m
  211
  333
  483
  652
  842
  1,051
  1,280
  1,528
  1,795
  2,080
  2,383
  2,703
  3,040
  3,394
  3,765
  4,152
  4,556
  4,977
  5,415
  5,871
  6,345
  6,837
  7,349
  7,882
  8,436
  9,012
  9,612
  10,237
  10,888
  11,566
  12,273
EBITDA, $m
  377
  538
  734
  954
  1,200
  1,471
  1,768
  2,089
  2,434
  2,803
  3,194
  3,608
  4,044
  4,502
  4,981
  5,481
  6,003
  6,547
  7,113
  7,701
  8,313
  8,949
  9,610
  10,298
  11,012
  11,756
  12,530
  13,336
  14,176
  15,051
  15,964
Interest expense (income), $m
  7
  12
  18
  24
  32
  40
  49
  59
  70
  81
  93
  106
  120
  134
  149
  165
  182
  199
  217
  235
  255
  275
  296
  317
  340
  363
  388
  413
  439
  467
  496
Earnings before tax, $m
  210
  321
  465
  628
  810
  1,011
  1,231
  1,469
  1,725
  1,999
  2,289
  2,597
  2,920
  3,260
  3,616
  3,987
  4,375
  4,778
  5,199
  5,636
  6,090
  6,563
  7,054
  7,565
  8,096
  8,649
  9,224
  9,824
  10,448
  11,099
  11,778
Tax expense, $m
  26
  87
  126
  170
  219
  273
  332
  397
  466
  540
  618
  701
  788
  880
  976
  1,077
  1,181
  1,290
  1,404
  1,522
  1,644
  1,772
  1,905
  2,042
  2,186
  2,335
  2,491
  2,652
  2,821
  2,997
  3,180
Net income, $m
  184
  234
  339
  458
  591
  738
  899
  1,073
  1,259
  1,459
  1,671
  1,896
  2,132
  2,380
  2,639
  2,911
  3,194
  3,488
  3,795
  4,114
  4,446
  4,791
  5,149
  5,522
  5,910
  6,314
  6,734
  7,171
  7,627
  8,102
  8,598

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  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
  2,588
  3,091
  3,769
  4,531
  5,379
  6,311
  7,328
  8,426
  9,605
  10,863
  12,197
  13,606
  15,089
  16,645
  18,273
  19,972
  21,744
  23,589
  25,508
  27,503
  29,576
  31,731
  33,971
  36,298
  38,718
  41,234
  43,852
  46,578
  49,416
  52,373
  55,455
Adjusted assets (=assets-cash), $m
  2,494
  3,091
  3,769
  4,531
  5,379
  6,311
  7,328
  8,426
  9,605
  10,863
  12,197
  13,606
  15,089
  16,645
  18,273
  19,972
  21,744
  23,589
  25,508
  27,503
  29,576
  31,731
  33,971
  36,298
  38,718
  41,234
  43,852
  46,578
  49,416
  52,373
  55,455
Revenue / Adjusted assets
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
Average production assets, $m
  1,595
  1,975
  2,408
  2,895
  3,436
  4,032
  4,681
  5,383
  6,136
  6,940
  7,792
  8,693
  9,640
  10,634
  11,674
  12,759
  13,891
  15,070
  16,296
  17,570
  18,895
  20,272
  21,702
  23,189
  24,735
  26,343
  28,016
  29,757
  31,570
  33,459
  35,428
Working capital, $m
  -70
  -58
  -70
  -85
  -101
  -118
  -137
  -158
  -180
  -203
  -228
  -254
  -282
  -311
  -342
  -373
  -407
  -441
  -477
  -514
  -553
  -593
  -635
  -679
  -724
  -771
  -820
  -871
  -924
  -979
  -1,037
Total debt, $m
  438
  510
  698
  909
  1,144
  1,402
  1,684
  1,988
  2,315
  2,663
  3,033
  3,423
  3,834
  4,265
  4,716
  5,186
  5,677
  6,188
  6,720
  7,272
  7,847
  8,444
  9,064
  9,709
  10,379
  11,076
  11,801
  12,556
  13,342
  14,161
  15,015
Total liabilities, $m
  784
  856
  1,044
  1,255
  1,490
  1,748
  2,030
  2,334
  2,661
  3,009
  3,379
  3,769
  4,180
  4,611
  5,062
  5,532
  6,023
  6,534
  7,066
  7,618
  8,193
  8,790
  9,410
  10,055
  10,725
  11,422
  12,147
  12,902
  13,688
  14,507
  15,361
Total equity, $m
  1,804
  2,235
  2,725
  3,276
  3,889
  4,563
  5,298
  6,092
  6,944
  7,854
  8,818
  9,837
  10,910
  12,034
  13,211
  14,440
  15,721
  17,055
  18,442
  19,885
  21,384
  22,942
  24,561
  26,243
  27,993
  29,812
  31,705
  33,676
  35,728
  37,866
  40,094
Total liabilities and equity, $m
  2,588
  3,091
  3,769
  4,531
  5,379
  6,311
  7,328
  8,426
  9,605
  10,863
  12,197
  13,606
  15,090
  16,645
  18,273
  19,972
  21,744
  23,589
  25,508
  27,503
  29,577
  31,732
  33,971
  36,298
  38,718
  41,234
  43,852
  46,578
  49,416
  52,373
  55,455
Debt-to-equity ratio
  0.243
  0.230
  0.260
  0.280
  0.290
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
Adjusted equity ratio
  0.686
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  234
  339
  458
  591
  738
  899
  1,073
  1,259
  1,459
  1,671
  1,896
  2,132
  2,380
  2,639
  2,911
  3,194
  3,488
  3,795
  4,114
  4,446
  4,791
  5,149
  5,522
  5,910
  6,314
  6,734
  7,171
  7,627
  8,102
  8,598
Depreciation, amort., depletion, $m
  166
  206
  251
  302
  358
  420
  488
  561
  639
  723
  812
  905
  1,004
  1,108
  1,216
  1,329
  1,447
  1,570
  1,697
  1,830
  1,968
  2,112
  2,261
  2,416
  2,577
  2,744
  2,918
  3,100
  3,289
  3,485
  3,690
Funds from operations, $m
  253
  440
  590
  760
  949
  1,158
  1,386
  1,633
  1,899
  2,182
  2,483
  2,801
  3,136
  3,487
  3,855
  4,240
  4,641
  5,058
  5,492
  5,944
  6,414
  6,902
  7,410
  7,938
  8,487
  9,058
  9,652
  10,271
  10,916
  11,588
  12,288
Change in working capital, $m
  -61
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
Cash from operations, $m
  314
  451
  603
  774
  965
  1,176
  1,405
  1,654
  1,921
  2,206
  2,508
  2,827
  3,164
  3,517
  3,886
  4,271
  4,674
  5,093
  5,528
  5,982
  6,453
  6,943
  7,452
  7,981
  8,532
  9,105
  9,701
  10,322
  10,969
  11,643
  12,346
Maintenance CAPEX, $m
  0
  -166
  -206
  -251
  -302
  -358
  -420
  -488
  -561
  -639
  -723
  -812
  -905
  -1,004
  -1,108
  -1,216
  -1,329
  -1,447
  -1,570
  -1,697
  -1,830
  -1,968
  -2,112
  -2,261
  -2,416
  -2,577
  -2,744
  -2,918
  -3,100
  -3,289
  -3,485
New CAPEX, $m
  -604
  -380
  -433
  -487
  -541
  -596
  -649
  -702
  -753
  -803
  -852
  -900
  -947
  -994
  -1,040
  -1,086
  -1,132
  -1,178
  -1,226
  -1,275
  -1,325
  -1,377
  -1,431
  -1,487
  -1,546
  -1,608
  -1,673
  -1,741
  -1,813
  -1,889
  -1,969
Cash from investing activities, $m
  -626
  -546
  -639
  -738
  -843
  -954
  -1,069
  -1,190
  -1,314
  -1,442
  -1,575
  -1,712
  -1,852
  -1,998
  -2,148
  -2,302
  -2,461
  -2,625
  -2,796
  -2,972
  -3,155
  -3,345
  -3,543
  -3,748
  -3,962
  -4,185
  -4,417
  -4,659
  -4,913
  -5,178
  -5,454
Free cash flow, $m
  -312
  -95
  -36
  36
  122
  222
  336
  464
  607
  763
  933
  1,115
  1,311
  1,518
  1,738
  1,970
  2,213
  2,467
  2,733
  3,010
  3,298
  3,598
  3,910
  4,234
  4,571
  4,921
  5,284
  5,663
  6,056
  6,465
  6,891
Issuance/(repayment) of debt, $m
  167
  166
  188
  211
  235
  258
  281
  304
  327
  348
  370
  390
  411
  431
  451
  471
  491
  511
  532
  553
  574
  597
  620
  645
  670
  697
  725
  755
  786
  819
  854
Issuance/(repurchase) of shares, $m
  16
  197
  151
  93
  21
  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 from financing (excl. dividends), $m  
  184
  363
  339
  304
  256
  258
  281
  304
  327
  348
  370
  390
  411
  431
  451
  471
  491
  511
  532
  553
  574
  597
  620
  645
  670
  697
  725
  755
  786
  819
  854
Total cash flow (excl. dividends), $m
  -125
  268
  302
  340
  378
  480
  618
  769
  933
  1,111
  1,302
  1,506
  1,722
  1,949
  2,189
  2,440
  2,703
  2,978
  3,264
  3,562
  3,872
  4,195
  4,530
  4,878
  5,241
  5,618
  6,010
  6,417
  6,842
  7,284
  7,745
Retained Cash Flow (-), $m
  -264
  -431
  -490
  -551
  -613
  -674
  -735
  -794
  -852
  -909
  -965
  -1,019
  -1,072
  -1,125
  -1,177
  -1,229
  -1,281
  -1,334
  -1,387
  -1,442
  -1,499
  -1,558
  -1,619
  -1,683
  -1,749
  -1,819
  -1,893
  -1,970
  -2,052
  -2,138
  -2,229
Prev. year cash balance 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
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
 
  -163
  -187
  -211
  -234
  -194
  -117
  -25
  81
  202
  337
  487
  649
  825
  1,012
  1,212
  1,423
  1,644
  1,877
  2,120
  2,373
  2,637
  2,911
  3,196
  3,491
  3,798
  4,117
  4,447
  4,790
  5,146
  5,517
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
 
  -156
  -172
  -184
  -193
  -150
  -85
  -17
  51
  116
  177
  231
  277
  314
  340
  356
  361
  358
  346
  326
  302
  273
  242
  209
  178
  148
  120
  95
  74
  56
  42
Current shareholders' claim on cash, %
  100
  91.6
  86.7
  84.3
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8
  83.8

OceanaGold Corporation is a gold mining company. The Company is engaged in the exploration, development and operation of gold and other mineral mining activities. The Company's segments are New Zealand, the Philippines, the United States and All other segments. The Company's assets encompass its flagship operation, the Didipio Gold-Copper Mine located on the island of Luzon in the Philippines. On the north island of New Zealand, the Company operates the high-grade Waihi Gold Mine. On the south island of New Zealand, the Company operates the gold mine in the country at the Macraes Goldfield, which is made up of a series of open pit mines and the Frasers underground mine. In the United States, the Company is constructing the Haile Gold Mine, an asset located in South Carolina along the Carolina Slate Belt.

FINANCIAL RATIOS  of  OceanaGold Corporation (OGC)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 2.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow -7.4
Growth Rates
Sales Growth Rate 23.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 214.6%
Cap. Spend. - 3 Yr. Gr. Rate 22.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 17.8%
Total Debt to Equity 24.3%
Interest Coverage 31
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 11.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 58.1%
EBITDA Margin 45.1%
EBITDA Margin - 3 Yr. Avg. 40.9%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin 24.7%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 21.7%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate 12.4%
Eff/ Tax Rate - 3 Yr. Avg. -1.8%
Payout Ratio 17.9%

OGC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGC stock intrinsic value calculation we used $849 million for the last fiscal year's total revenue generated by OceanaGold Corporation. The default revenue input number comes from 2016 income statement of OceanaGold 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 OGC stock valuation model: a) initial revenue growth rate of 23.8% 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 OGC is calculated based on our internal credit rating of OceanaGold 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 OceanaGold 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 OGC stock the variable cost ratio is equal to 30.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $387 million in the base year in the intrinsic value calculation for OGC 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 OceanaGold Corporation.

Corporate tax rate of 27% is the nominal tax rate for OceanaGold 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 OGC 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 OGC are equal to 187.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in OceanaGold 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 OGC is equal to -5.5%. 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 - $1804 million for OceanaGold 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 613.372 million for OceanaGold 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 OceanaGold Corporation at the current share price and the inputted number of shares is $2.1 billion.

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Financial statements of OGC
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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