Intrinsic value of Turquoise Hill Resources Ltd. - TRQ

Previous Close

$3.56

  Intrinsic Value

$1.53

stock screener

  Rating & Target

str. sell

-57%

  Value-price divergence*

+140%

Previous close

$3.56

 
Intrinsic value

$1.53

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence*

+140%

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

We calculate the intrinsic value of TRQ 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 6.9

 

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, %
  -26.39
  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
  1,626
  1,659
  1,697
  1,740
  1,789
  1,843
  1,903
  1,968
  2,038
  2,114
  2,195
  2,281
  2,374
  2,473
  2,577
  2,689
  2,806
  2,931
  3,063
  3,202
  3,349
  3,505
  3,668
  3,841
  4,023
  4,214
  4,416
  4,628
  4,852
  5,087
  5,334
Variable operating expenses, $m
 
  1,186
  1,213
  1,244
  1,279
  1,318
  1,361
  1,407
  1,457
  1,511
  1,569
  1,631
  1,697
  1,768
  1,843
  1,922
  2,007
  2,096
  2,190
  2,290
  2,395
  2,506
  2,623
  2,746
  2,876
  3,013
  3,157
  3,309
  3,469
  3,637
  3,814
Fixed operating expenses, $m
 
  456
  468
  479
  491
  503
  516
  529
  542
  556
  570
  584
  598
  613
  629
  644
  661
  677
  694
  711
  729
  747
  766
  785
  805
  825
  846
  867
  888
  911
  933
Total operating expenses, $m
  1,597
  1,642
  1,681
  1,723
  1,770
  1,821
  1,877
  1,936
  1,999
  2,067
  2,139
  2,215
  2,295
  2,381
  2,472
  2,566
  2,668
  2,773
  2,884
  3,001
  3,124
  3,253
  3,389
  3,531
  3,681
  3,838
  4,003
  4,176
  4,357
  4,548
  4,747
Operating income, $m
  28
  17
  16
  17
  19
  22
  26
  32
  39
  47
  56
  66
  78
  91
  106
  122
  139
  158
  179
  201
  225
  251
  279
  309
  342
  376
  413
  452
  494
  539
  587
EBITDA, $m
  28
  894
  914
  938
  966
  997
  1,033
  1,073
  1,117
  1,165
  1,217
  1,274
  1,334
  1,400
  1,470
  1,545
  1,624
  1,709
  1,800
  1,896
  1,998
  2,106
  2,221
  2,342
  2,471
  2,606
  2,750
  2,902
  3,062
  3,231
  3,409
Interest expense (income), $m
  160
  319
  324
  331
  339
  347
  357
  368
  379
  391
  405
  419
  434
  451
  468
  487
  506
  527
  549
  573
  597
  623
  651
  680
  710
  742
  776
  812
  849
  889
  930
Earnings before tax, $m
  -5
  -302
  -308
  -314
  -320
  -326
  -331
  -336
  -340
  -345
  -349
  -353
  -356
  -360
  -362
  -365
  -367
  -369
  -370
  -371
  -372
  -372
  -371
  -370
  -369
  -366
  -363
  -359
  -355
  -350
  -344
Tax expense, $m
  -149
  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
  285
  -302
  -308
  -314
  -320
  -326
  -331
  -336
  -340
  -345
  -349
  -353
  -356
  -360
  -362
  -365
  -367
  -369
  -370
  -371
  -372
  -372
  -371
  -370
  -369
  -366
  -363
  -359
  -355
  -350
  -344

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,915
  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
  16,835
  15,216
  15,566
  15,966
  16,415
  16,913
  17,459
  18,053
  18,697
  19,390
  20,134
  20,930
  21,780
  22,684
  23,646
  24,666
  25,747
  26,891
  28,101
  29,379
  30,729
  32,153
  33,656
  35,239
  36,907
  38,664
  40,514
  42,461
  44,510
  46,666
  48,933
Adjusted assets (=assets-cash), $m
  14,920
  15,216
  15,566
  15,966
  16,415
  16,913
  17,459
  18,053
  18,697
  19,390
  20,134
  20,930
  21,780
  22,684
  23,646
  24,666
  25,747
  26,891
  28,101
  29,379
  30,729
  32,153
  33,656
  35,239
  36,907
  38,664
  40,514
  42,461
  44,510
  46,666
  48,933
Revenue / Adjusted assets
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
Average production assets, $m
  8,604
  8,777
  8,979
  9,210
  9,469
  9,756
  10,071
  10,414
  10,785
  11,185
  11,614
  12,073
  12,563
  13,085
  13,639
  14,228
  14,851
  15,511
  16,209
  16,947
  17,725
  18,547
  19,413
  20,327
  21,289
  22,303
  23,370
  24,493
  25,675
  26,918
  28,226
Working capital, $m
  3,288
  829
  848
  870
  895
  922
  951
  984
  1,019
  1,057
  1,097
  1,141
  1,187
  1,236
  1,289
  1,344
  1,403
  1,466
  1,531
  1,601
  1,675
  1,752
  1,834
  1,921
  2,011
  2,107
  2,208
  2,314
  2,426
  2,543
  2,667
Total debt, $m
  5,592
  5,691
  5,809
  5,944
  6,096
  6,264
  6,449
  6,650
  6,868
  7,102
  7,353
  7,622
  7,910
  8,215
  8,540
  8,885
  9,250
  9,637
  10,046
  10,478
  10,934
  11,416
  11,924
  12,459
  13,023
  13,617
  14,242
  14,900
  15,593
  16,321
  17,087
Total liabilities, $m
  5,044
  5,143
  5,261
  5,396
  5,548
  5,716
  5,901
  6,102
  6,320
  6,554
  6,805
  7,074
  7,362
  7,667
  7,992
  8,337
  8,702
  9,089
  9,498
  9,930
  10,386
  10,868
  11,376
  11,911
  12,475
  13,069
  13,694
  14,352
  15,045
  15,773
  16,539
Total equity, $m
  11,791
  10,073
  10,305
  10,569
  10,867
  11,196
  11,558
  11,951
  12,377
  12,836
  13,329
  13,856
  14,418
  15,017
  15,653
  16,329
  17,044
  17,802
  18,603
  19,449
  20,343
  21,286
  22,280
  23,328
  24,433
  25,596
  26,820
  28,109
  29,466
  30,893
  32,394
Total liabilities and equity, $m
  16,835
  15,216
  15,566
  15,965
  16,415
  16,912
  17,459
  18,053
  18,697
  19,390
  20,134
  20,930
  21,780
  22,684
  23,645
  24,666
  25,746
  26,891
  28,101
  29,379
  30,729
  32,154
  33,656
  35,239
  36,908
  38,665
  40,514
  42,461
  44,511
  46,666
  48,933
Debt-to-equity ratio
  0.474
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  285
  -302
  -308
  -314
  -320
  -326
  -331
  -336
  -340
  -345
  -349
  -353
  -356
  -360
  -362
  -365
  -367
  -369
  -370
  -371
  -372
  -372
  -371
  -370
  -369
  -366
  -363
  -359
  -355
  -350
  -344
Depreciation, amort., depletion, $m
  0
  878
  898
  921
  947
  976
  1,007
  1,041
  1,078
  1,118
  1,161
  1,207
  1,256
  1,308
  1,364
  1,423
  1,485
  1,551
  1,621
  1,695
  1,773
  1,855
  1,941
  2,033
  2,129
  2,230
  2,337
  2,449
  2,567
  2,692
  2,823
Funds from operations, $m
  84
  575
  590
  607
  627
  650
  676
  706
  738
  774
  812
  855
  900
  949
  1,001
  1,058
  1,118
  1,182
  1,251
  1,323
  1,401
  1,483
  1,570
  1,662
  1,760
  1,864
  1,974
  2,090
  2,212
  2,342
  2,479
Change in working capital, $m
  -228
  16
  19
  22
  24
  27
  30
  32
  35
  38
  41
  43
  46
  49
  52
  56
  59
  62
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  117
  124
Cash from operations, $m
  312
  559
  570
  585
  602
  623
  647
  673
  703
  736
  772
  811
  854
  900
  949
  1,002
  1,059
  1,120
  1,185
  1,254
  1,327
  1,405
  1,488
  1,576
  1,669
  1,768
  1,873
  1,984
  2,101
  2,225
  2,355
Maintenance CAPEX, $m
  0
  -860
  -878
  -898
  -921
  -947
  -976
  -1,007
  -1,041
  -1,078
  -1,118
  -1,161
  -1,207
  -1,256
  -1,308
  -1,364
  -1,423
  -1,485
  -1,551
  -1,621
  -1,695
  -1,773
  -1,855
  -1,941
  -2,033
  -2,129
  -2,230
  -2,337
  -2,449
  -2,567
  -2,692
New CAPEX, $m
  -441
  -173
  -202
  -231
  -259
  -287
  -315
  -343
  -371
  -400
  -429
  -459
  -490
  -522
  -554
  -588
  -624
  -660
  -698
  -737
  -779
  -822
  -866
  -913
  -962
  -1,014
  -1,067
  -1,123
  -1,182
  -1,243
  -1,308
Cash from investing activities, $m
  -5,791
  -1,033
  -1,080
  -1,129
  -1,180
  -1,234
  -1,291
  -1,350
  -1,412
  -1,478
  -1,547
  -1,620
  -1,697
  -1,778
  -1,862
  -1,952
  -2,047
  -2,145
  -2,249
  -2,358
  -2,474
  -2,595
  -2,721
  -2,854
  -2,995
  -3,143
  -3,297
  -3,460
  -3,631
  -3,810
  -4,000
Free cash flow, $m
  -5,479
  -474
  -509
  -544
  -578
  -611
  -644
  -677
  -710
  -743
  -776
  -809
  -844
  -878
  -914
  -950
  -987
  -1,025
  -1,065
  -1,105
  -1,146
  -1,189
  -1,233
  -1,278
  -1,325
  -1,374
  -1,424
  -1,476
  -1,530
  -1,586
  -1,644
Issuance/(repayment) of debt, $m
  5,793
  99
  118
  135
  152
  168
  185
  201
  218
  234
  252
  269
  287
  306
  325
  345
  365
  387
  409
  432
  456
  481
  508
  535
  564
  594
  625
  658
  693
  729
  766
Issuance/(repurchase) of shares, $m
  0
  499
  540
  579
  617
  655
  692
  729
  766
  804
  842
  880
  919
  958
  999
  1,040
  1,083
  1,126
  1,171
  1,218
  1,265
  1,315
  1,366
  1,418
  1,473
  1,529
  1,588
  1,649
  1,711
  1,777
  1,845
Cash from financing (excl. dividends), $m  
  5,578
  598
  658
  714
  769
  823
  877
  930
  984
  1,038
  1,094
  1,149
  1,206
  1,264
  1,324
  1,385
  1,448
  1,513
  1,580
  1,650
  1,721
  1,796
  1,874
  1,953
  2,037
  2,123
  2,213
  2,307
  2,404
  2,506
  2,611
Total cash flow (excl. dividends), $m
  100
  124
  149
  171
  191
  212
  233
  254
  274
  296
  317
  339
  362
  386
  410
  435
  461
  488
  516
  545
  576
  607
  640
  675
  711
  749
  789
  830
  874
  919
  967
Retained Cash Flow (-), $m
  -287
  -499
  -540
  -579
  -617
  -655
  -692
  -729
  -766
  -804
  -842
  -880
  -919
  -958
  -999
  -1,040
  -1,083
  -1,126
  -1,171
  -1,218
  -1,265
  -1,315
  -1,366
  -1,418
  -1,473
  -1,529
  -1,588
  -1,649
  -1,711
  -1,777
  -1,845
Prev. year cash balance distribution, $m
 
  1,915
  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
 
  1,540
  -391
  -409
  -426
  -443
  -459
  -476
  -492
  -508
  -524
  -540
  -557
  -573
  -589
  -605
  -622
  -639
  -656
  -673
  -690
  -707
  -725
  -743
  -762
  -780
  -799
  -818
  -838
  -858
  -878
Discount rate, %
 
  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
  25.93
PV of cash for distribution, $m
 
  1,449
  -344
  -334
  -321
  -306
  -289
  -270
  -249
  -228
  -206
  -185
  -163
  -142
  -122
  -104
  -87
  -71
  -58
  -46
  -36
  -28
  -21
  -15
  -11
  -8
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.3
  86.6
  80.2
  74.0
  68.1
  62.6
  57.4
  52.6
  48.2
  44.0
  40.2
  36.8
  33.6
  30.7
  28.0
  25.6
  23.4
  21.4
  19.5
  17.9
  16.4
  15.0
  13.7
  12.6
  11.6
  10.6
  9.8
  9.0
  8.3
  7.6

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company engages in mining copper, gold, and silver. Its principal material mineral resource property is the Oyu Tolgoi copper-gold mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd. in August 2012. The company was founded in 1994 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Turquoise Hill Resources Ltd. (TRQ)

Valuation Ratios
P/E Ratio 25.1
Price to Sales 4.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow -55.5
Growth Rates
Sales Growth Rate -26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 180.9%
Cap. Spend. - 3 Yr. Gr. Rate -21.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 47.4%
Total Debt to Equity 47.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -30.9%
Ret/ On Assets - 3 Yr. Avg. -8.9%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 28.4%
Gross Margin - 3 Yr. Avg. 32.5%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin -0.3%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 17.5%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 2980%
Eff/ Tax Rate - 3 Yr. Avg. 969%
Payout Ratio 0%

TRQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRQ stock intrinsic value calculation we used $1626 million for the last fiscal year's total revenue generated by Turquoise Hill Resources Ltd.. The default revenue input number comes from 2016 income statement of Turquoise Hill Resources 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 TRQ 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 6.3%, whose default value for TRQ is calculated based on our internal credit rating of Turquoise Hill Resources 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 Turquoise Hill Resources 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 TRQ stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $445 million in the base year in the intrinsic value calculation for TRQ 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 5.7% for Turquoise Hill Resources Ltd..

Corporate tax rate of 27% is the nominal tax rate for Turquoise Hill Resources 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 TRQ 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 TRQ are equal to 529.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Turquoise Hill Resources 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 TRQ 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 - $11791 million for Turquoise Hill Resources 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 1930.11 million for Turquoise Hill Resources 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 Turquoise Hill Resources Ltd. at the current share price and the inputted number of shares is $6.9 billion.

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Stock chart of TRQ Financial statements of TRQ
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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