Intrinsic value of Avino Silver&Gold Mines - ASM

Previous Close

$1.70

  Intrinsic Value

$1.24

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

0%

Previous close

$1.70

 
Intrinsic value

$1.24

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of ASM 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 0.1

 

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, %
  107.14
  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
  29
  46
  72
  107
  156
  219
  302
  405
  532
  684
  864
  1,073
  1,312
  1,582
  1,882
  2,213
  2,574
  2,965
  3,385
  3,834
  4,310
  4,814
  5,344
  5,901
  6,484
  7,092
  7,727
  8,388
  9,076
  9,791
  10,534
Variable operating expenses, $m
 
  37
  57
  85
  123
  174
  239
  321
  422
  543
  685
  851
  1,041
  1,254
  1,492
  1,755
  2,041
  2,351
  2,684
  3,040
  3,418
  3,817
  4,238
  4,680
  5,142
  5,624
  6,128
  6,652
  7,197
  7,764
  8,353
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
  24
  37
  57
  85
  123
  174
  239
  321
  422
  543
  685
  851
  1,041
  1,254
  1,492
  1,755
  2,041
  2,351
  2,684
  3,040
  3,418
  3,817
  4,238
  4,680
  5,142
  5,624
  6,128
  6,652
  7,197
  7,764
  8,353
Operating income, $m
  6
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  272
  327
  390
  458
  533
  614
  701
  794
  892
  996
  1,106
  1,222
  1,342
  1,468
  1,599
  1,736
  1,879
  2,027
  2,180
EBITDA, $m
  8
  12
  18
  27
  40
  56
  77
  103
  136
  175
  221
  274
  335
  404
  480
  565
  657
  757
  864
  979
  1,100
  1,229
  1,364
  1,507
  1,655
  1,811
  1,973
  2,141
  2,317
  2,500
  2,689
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  9
  12
  16
  21
  26
  33
  40
  49
  58
  69
  80
  92
  105
  120
  134
  150
  167
  184
  203
  222
  242
  262
  284
  306
Earnings before tax, $m
  6
  9
  14
  21
  30
  41
  56
  75
  98
  126
  158
  196
  239
  287
  341
  400
  464
  534
  608
  688
  773
  862
  956
  1,055
  1,158
  1,266
  1,378
  1,495
  1,616
  1,743
  1,874
Tax expense, $m
  5
  3
  4
  6
  8
  11
  15
  20
  26
  34
  43
  53
  64
  77
  92
  108
  125
  144
  164
  186
  209
  233
  258
  285
  313
  342
  372
  404
  436
  471
  506
Net income, $m
  1
  7
  10
  15
  22
  30
  41
  55
  72
  92
  115
  143
  174
  209
  249
  292
  339
  390
  444
  502
  564
  629
  698
  770
  845
  924
  1,006
  1,091
  1,180
  1,272
  1,368

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  94
  115
  178
  266
  386
  545
  749
  1,005
  1,320
  1,698
  2,145
  2,663
  3,256
  3,925
  4,669
  5,490
  6,387
  7,357
  8,400
  9,513
  10,695
  11,945
  13,261
  14,643
  16,089
  17,599
  19,174
  20,814
  22,520
  24,294
  26,138
Adjusted assets (=assets-cash), $m
  72
  115
  178
  266
  386
  545
  749
  1,005
  1,320
  1,698
  2,145
  2,663
  3,256
  3,925
  4,669
  5,490
  6,387
  7,357
  8,400
  9,513
  10,695
  11,945
  13,261
  14,643
  16,089
  17,599
  19,174
  20,814
  22,520
  24,294
  26,138
Revenue / Adjusted assets
  0.403
  0.400
  0.404
  0.402
  0.404
  0.402
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
Average production assets, $m
  14
  22
  35
  52
  75
  106
  146
  196
  257
  331
  417
  518
  634
  764
  909
  1,069
  1,243
  1,432
  1,635
  1,852
  2,082
  2,325
  2,581
  2,850
  3,132
  3,426
  3,732
  4,051
  4,384
  4,729
  5,088
Working capital, $m
  23
  13
  20
  30
  43
  61
  83
  112
  147
  189
  239
  296
  362
  437
  519
  611
  710
  818
  934
  1,058
  1,190
  1,329
  1,475
  1,629
  1,790
  1,957
  2,133
  2,315
  2,505
  2,702
  2,907
Total debt, $m
  14
  23
  45
  77
  120
  178
  251
  344
  457
  594
  755
  942
  1,156
  1,398
  1,667
  1,963
  2,287
  2,637
  3,013
  3,415
  3,842
  4,293
  4,768
  5,267
  5,789
  6,334
  6,903
  7,495
  8,111
  8,751
  9,417
Total liabilities, $m
  32
  42
  64
  96
  139
  197
  270
  363
  476
  613
  774
  961
  1,175
  1,417
  1,686
  1,982
  2,306
  2,656
  3,032
  3,434
  3,861
  4,312
  4,787
  5,286
  5,808
  6,353
  6,922
  7,514
  8,130
  8,770
  9,436
Total equity, $m
  61
  74
  114
  170
  247
  348
  478
  642
  843
  1,085
  1,370
  1,702
  2,081
  2,508
  2,984
  3,508
  4,081
  4,701
  5,367
  6,079
  6,834
  7,633
  8,474
  9,357
  10,281
  11,246
  12,252
  13,300
  14,390
  15,524
  16,702
Total liabilities and equity, $m
  93
  116
  178
  266
  386
  545
  748
  1,005
  1,319
  1,698
  2,144
  2,663
  3,256
  3,925
  4,670
  5,490
  6,387
  7,357
  8,399
  9,513
  10,695
  11,945
  13,261
  14,643
  16,089
  17,599
  19,174
  20,814
  22,520
  24,294
  26,138
Debt-to-equity ratio
  0.230
  0.310
  0.400
  0.450
  0.490
  0.510
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Adjusted equity ratio
  0.542
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  7
  10
  15
  22
  30
  41
  55
  72
  92
  115
  143
  174
  209
  249
  292
  339
  390
  444
  502
  564
  629
  698
  770
  845
  924
  1,006
  1,091
  1,180
  1,272
  1,368
Depreciation, amort., depletion, $m
  2
  2
  3
  5
  8
  11
  15
  20
  26
  33
  42
  52
  63
  76
  91
  107
  124
  143
  163
  185
  208
  233
  258
  285
  313
  343
  373
  405
  438
  473
  509
Funds from operations, $m
  4
  9
  14
  20
  29
  41
  56
  74
  97
  125
  157
  195
  238
  286
  340
  399
  463
  533
  608
  687
  772
  862
  956
  1,055
  1,158
  1,266
  1,379
  1,496
  1,618
  1,745
  1,877
Change in working capital, $m
  -1
  5
  7
  10
  13
  18
  23
  29
  35
  42
  50
  58
  66
  74
  83
  91
  100
  108
  116
  124
  132
  139
  146
  154
  161
  168
  175
  182
  190
  197
  205
Cash from operations, $m
  5
  4
  7
  10
  16
  23
  33
  46
  62
  83
  107
  137
  172
  211
  257
  307
  363
  425
  492
  564
  641
  723
  810
  901
  998
  1,098
  1,204
  1,314
  1,428
  1,548
  1,672
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -5
  -8
  -11
  -15
  -20
  -26
  -33
  -42
  -52
  -63
  -76
  -91
  -107
  -124
  -143
  -163
  -185
  -208
  -233
  -258
  -285
  -313
  -343
  -373
  -405
  -438
  -473
New CAPEX, $m
  -12
  -8
  -12
  -17
  -23
  -31
  -40
  -50
  -61
  -74
  -87
  -101
  -115
  -130
  -145
  -160
  -174
  -189
  -203
  -217
  -230
  -243
  -256
  -269
  -281
  -294
  -307
  -319
  -332
  -345
  -359
Cash from investing activities, $m
  -18
  -9
  -14
  -20
  -28
  -39
  -51
  -65
  -81
  -100
  -120
  -143
  -167
  -193
  -221
  -251
  -281
  -313
  -346
  -380
  -415
  -451
  -489
  -527
  -566
  -607
  -650
  -692
  -737
  -783
  -832
Free cash flow, $m
  -13
  -6
  -8
  -10
  -13
  -15
  -17
  -19
  -19
  -17
  -13
  -6
  4
  18
  35
  57
  82
  112
  146
  183
  225
  271
  321
  374
  431
  491
  555
  621
  691
  764
  840
Issuance/(repayment) of debt, $m
  -3
  16
  23
  32
  43
  57
  74
  93
  114
  137
  161
  187
  214
  241
  269
  296
  324
  350
  376
  402
  427
  451
  475
  499
  522
  545
  569
  592
  616
  640
  666
Issuance/(repurchase) of shares, $m
  22
  21
  30
  41
  55
  71
  89
  109
  129
  150
  170
  188
  205
  218
  227
  233
  234
  230
  222
  209
  192
  169
  143
  113
  79
  41
  1
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  19
  37
  53
  73
  98
  128
  163
  202
  243
  287
  331
  375
  419
  459
  496
  529
  558
  580
  598
  611
  619
  620
  618
  612
  601
  586
  570
  592
  616
  640
  666
Total cash flow (excl. dividends), $m
  6
  31
  45
  63
  86
  113
  146
  183
  225
  270
  319
  370
  423
  477
  532
  586
  640
  692
  744
  794
  844
  892
  939
  986
  1,032
  1,078
  1,124
  1,213
  1,307
  1,405
  1,506
Retained Cash Flow (-), $m
  -23
  -28
  -40
  -56
  -77
  -101
  -130
  -164
  -201
  -242
  -285
  -331
  -379
  -427
  -476
  -525
  -573
  -620
  -666
  -711
  -756
  -799
  -841
  -883
  -924
  -965
  -1,006
  -1,048
  -1,090
  -1,134
  -1,178
Prev. year cash balance distribution, $m
 
  15
  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
 
  18
  5
  7
  9
  12
  15
  19
  23
  28
  33
  39
  44
  50
  56
  61
  67
  72
  78
  83
  88
  93
  98
  103
  108
  113
  117
  165
  217
  271
  327
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
 
  17
  4
  6
  7
  9
  11
  13
  15
  16
  17
  18
  19
  19
  19
  18
  17
  16
  14
  13
  11
  10
  8
  7
  5
  4
  3
  4
  3
  3
  2
Current shareholders' claim on cash, %
  100
  75.9
  59.0
  47.0
  38.2
  31.8
  26.9
  23.2
  20.3
  18.0
  16.2
  14.8
  13.6
  12.7
  11.9
  11.3
  10.8
  10.4
  10.1
  9.8
  9.6
  9.4
  9.3
  9.2
  9.2
  9.1
  9.1
  9.1
  9.1
  9.1
  9.1

Avino Silver & Gold Mines Ltd. engages in the production and sale of silver, gold, and copper bulk concentrates; and the exploration, evaluation, and acquisition of mineral properties. The company owns 42 mineral claims and leases 4 mineral claims in the state of Durango, Mexico. It also holds 100% interests in the Bralorne mine located in the Lillooet mining division, British Columbia, Canada; and the Eagle property located in the Mayo mining division of Yukon, Canada. Avino Silver & Gold Mines Ltd. was founded in 1968 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Avino Silver&Gold Mines (ASM)

Valuation Ratios
P/E Ratio 89.1
Price to Sales 3.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow -12.7
Growth Rates
Sales Growth Rate 107.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.8%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 11.5%
Total Debt to Equity 23%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 41.2%
EBITDA Margin 27.6%
EBITDA Margin - 3 Yr. Avg. 28.2%
Operating Margin 17.2%
Oper. Margin - 3 Yr. Avg. 20%
Pre-Tax Margin 20.7%
Pre-Tax Margin - 3 Yr. Avg. 21.2%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 83.3%
Eff/ Tax Rate - 3 Yr. Avg. 77.8%
Payout Ratio 0%

ASM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASM stock intrinsic value calculation we used $29 million for the last fiscal year's total revenue generated by Avino Silver&Gold Mines. The default revenue input number comes from 2016 income statement of Avino Silver&Gold Mines. 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 ASM 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 ASM is calculated based on our internal credit rating of Avino Silver&Gold Mines, 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 Avino Silver&Gold Mines.
    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 ASM stock the variable cost ratio is equal to 79.3%.

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 ASM 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 Avino Silver&Gold Mines.

Corporate tax rate of 27% is the nominal tax rate for Avino Silver&Gold Mines. 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 ASM 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 ASM are equal to 48.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Avino Silver&Gold Mines 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 ASM is equal to 27.6%. 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 - $61 million for Avino Silver&Gold Mines - 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 50.892 million for Avino Silver&Gold Mines 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 Avino Silver&Gold Mines at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Avino Announces US ATM Offering of up to US$25 Million   [Aug-04-17 05:17PM  PR Newswire]
▶ Avino Reports Q2 2017 Financial Results   [Aug-02-17 06:26PM  PR Newswire]
▶ Avino Announces Q2 2017 Production Results   [Jul-24-17 07:45AM  PR Newswire]
▶ Avino Provides Update on Bralorne Gold Mine   [Jul-10-17 07:45AM  PR Newswire]
▶ Avino Files Technical Report on SEDAR   [May-29-17 06:45AM  PR Newswire]
▶ Avino Reports Q1 2017 Financial Results   [May-10-17 05:07PM  PR Newswire]
▶ Avino Announces Q1 2017 Production Results   [Apr-13-17 08:00AM  PR Newswire]
▶ Bitcoin Crash Creates Golden Opportunity   [Mar-11-17 07:33PM  Zacks]
▶ Avino Announces Closing of Bought Deal Offering   [Nov-28-16 12:57PM  PR Newswire]
▶ Avino Announces Bought Deal Offering of US$10 Million   [Nov-21-16 04:39PM  PR Newswire]
▶ Avino Reports Q3 2016 Financial Results   [Nov-08-16 06:26PM  PR Newswire]
▶ Avino announces Q3 2016 production results   [Oct-17-16 08:00AM  PR Newswire]
▶ Avino files new resource estimate on SEDAR   [Oct-12-16 08:00AM  PR Newswire]
▶ Avino Reports Q2 2016 Financial Results   [Aug-15-16 09:35PM  PR Newswire]
▶ Avino announces Q2 2016 production results   [Jul-19-16 08:00AM  PR Newswire]
▶ How to play the asset that will leave stocks in its dust   [Jun-08-16 09:28AM  at MarketWatch]
▶ Avino Reports Q1 2016 Financial Results   [May-16-16 10:58PM  PR Newswire]
▶ Avino announces Q1 2016 production results   [Apr-11-16 06:45AM  PR Newswire]
▶ Avino closes U.S. brokered public offering   [Mar-14-16 06:46PM  PR Newswire]
▶ Avino arranges U.S. brokered public offering of shares   [Mar-10-16 08:00AM  PR Newswire]
▶ Avino reports fatal accident at San Gonzalo Mine   [Mar-07-16 06:10PM  PR Newswire]
▶ Avino Reports Q3 2015 Financial Results   [Nov-09  11:39PM  PR Newswire]
Stock chart of ASM Financial statements of ASM
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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