Intrinsic value of Golden Minerals - AUMN

Previous Close

$0.53

  Intrinsic Value

$0.02

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

0%

Previous close

$0.53

 
Intrinsic value

$0.02

 
Up/down potential

-96%

 
Rating

str. 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 AUMN 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 0.0

 

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, %
  -25.00
  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
  6
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Variable operating expenses, $m
 
  46
  72
  107
  156
  219
  302
  405
  532
  684
  864
  1,073
  1,312
  1,581
  1,882
  2,212
  2,574
  2,965
  3,385
  3,833
  4,310
  4,814
  5,344
  5,901
  6,483
  7,092
  7,726
  8,387
  9,075
  9,790
  10,533
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
  14
  46
  72
  107
  156
  219
  302
  405
  532
  684
  864
  1,073
  1,312
  1,581
  1,882
  2,212
  2,574
  2,965
  3,385
  3,833
  4,310
  4,814
  5,344
  5,901
  6,483
  7,092
  7,726
  8,387
  9,075
  9,790
  10,533
Operating income, $m
  -8
  -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
  -3,818
  -4,238
  -4,680
  -5,142
  -5,624
  -6,128
  -6,652
  -7,197
  -7,764
  -8,354
EBITDA, $m
  -6
  -35
  -55
  -82
  -119
  -167
  -230
  -309
  -405
  -521
  -659
  -818
  -1,000
  -1,205
  -1,434
  -1,686
  -1,961
  -2,259
  -2,579
  -2,921
  -3,284
  -3,668
  -4,072
  -4,497
  -4,941
  -5,404
  -5,888
  -6,392
  -6,916
  -7,460
  -8,027
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  3
  4
  5
  6
  8
  9
  11
  13
  16
  18
  21
  24
  28
  31
  35
  38
  43
  47
  51
  56
  61
  66
  71
Earnings before tax, $m
  -11
  -37
  -57
  -85
  -124
  -175
  -241
  -323
  -424
  -546
  -690
  -857
  -1,048
  -1,264
  -1,504
  -1,768
  -2,057
  -2,370
  -2,706
  -3,065
  -3,446
  -3,849
  -4,273
  -4,718
  -5,184
  -5,671
  -6,179
  -6,708
  -7,258
  -7,830
  -8,424
Tax expense, $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
  0
Net income, $m
  -11
  -37
  -57
  -85
  -124
  -175
  -241
  -323
  -424
  -546
  -690
  -857
  -1,048
  -1,264
  -1,504
  -1,768
  -2,057
  -2,370
  -2,706
  -3,065
  -3,446
  -3,849
  -4,273
  -4,718
  -5,184
  -5,671
  -6,179
  -6,708
  -7,258
  -7,830
  -8,424

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  14
  18
  27
  41
  59
  83
  115
  154
  202
  260
  328
  407
  498
  600
  714
  840
  977
  1,126
  1,285
  1,455
  1,636
  1,827
  2,029
  2,240
  2,461
  2,692
  2,933
  3,184
  3,445
  3,717
  3,999
Adjusted assets (=assets-cash), $m
  11
  18
  27
  41
  59
  83
  115
  154
  202
  260
  328
  407
  498
  600
  714
  840
  977
  1,126
  1,285
  1,455
  1,636
  1,827
  2,029
  2,240
  2,461
  2,692
  2,933
  3,184
  3,445
  3,717
  3,999
Revenue / Adjusted assets
  0.545
  0.556
  0.556
  0.537
  0.542
  0.542
  0.539
  0.545
  0.545
  0.546
  0.546
  0.545
  0.544
  0.545
  0.545
  0.545
  0.546
  0.544
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
Average production assets, $m
  9
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  687
  799
  920
  1,051
  1,190
  1,338
  1,494
  1,659
  1,831
  2,012
  2,201
  2,398
  2,603
  2,817
  3,038
  3,269
Working capital, $m
  4
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  55
  65
  76
  89
  102
  117
  132
  149
  166
  185
  204
  224
  245
  267
  290
  314
  338
  364
Total debt, $m
  0
  4
  9
  16
  26
  39
  56
  78
  104
  136
  173
  216
  265
  321
  383
  452
  527
  607
  694
  787
  886
  990
  1,100
  1,215
  1,335
  1,461
  1,593
  1,729
  1,872
  2,020
  2,173
Total liabilities, $m
  6
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Total equity, $m
  8
  8
  12
  19
  27
  38
  52
  70
  92
  118
  149
  185
  227
  273
  325
  382
  445
  512
  585
  662
  745
  832
  923
  1,019
  1,120
  1,225
  1,335
  1,449
  1,568
  1,691
  1,820
Total liabilities and equity, $m
  14
  18
  27
  41
  59
  83
  114
  154
  202
  260
  328
  407
  498
  600
  714
  840
  978
  1,125
  1,285
  1,455
  1,637
  1,828
  2,029
  2,240
  2,461
  2,692
  2,934
  3,184
  3,446
  3,717
  3,999
Debt-to-equity ratio
  0.000
  0.450
  0.710
  0.870
  0.970
  1.040
  1.080
  1.110
  1.130
  1.150
  1.160
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
Adjusted equity ratio
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -11
  -37
  -57
  -85
  -124
  -175
  -241
  -323
  -424
  -546
  -690
  -857
  -1,048
  -1,264
  -1,504
  -1,768
  -2,057
  -2,370
  -2,706
  -3,065
  -3,446
  -3,849
  -4,273
  -4,718
  -5,184
  -5,671
  -6,179
  -6,708
  -7,258
  -7,830
  -8,424
Depreciation, amort., depletion, $m
  2
  1
  2
  3
  5
  7
  9
  13
  17
  21
  27
  33
  41
  49
  58
  69
  80
  92
  105
  119
  134
  149
  166
  183
  201
  220
  240
  260
  282
  304
  327
Funds from operations, $m
  -6
  -35
  -55
  -82
  -119
  -168
  -231
  -311
  -408
  -525
  -663
  -824
  -1,007
  -1,214
  -1,445
  -1,699
  -1,977
  -2,278
  -2,601
  -2,946
  -3,312
  -3,699
  -4,107
  -4,535
  -4,983
  -5,451
  -5,939
  -6,447
  -6,976
  -7,526
  -8,097
Change in working capital, $m
  0
  1
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash from operations, $m
  -6
  -36
  -56
  -83
  -121
  -170
  -234
  -314
  -412
  -530
  -670
  -831
  -1,016
  -1,224
  -1,456
  -1,711
  -1,990
  -2,291
  -2,615
  -2,961
  -3,328
  -3,717
  -4,125
  -4,554
  -5,003
  -5,472
  -5,961
  -6,470
  -7,000
  -7,551
  -8,123
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -5
  -7
  -9
  -13
  -17
  -21
  -27
  -33
  -41
  -49
  -58
  -69
  -80
  -92
  -105
  -119
  -134
  -149
  -166
  -183
  -201
  -220
  -240
  -260
  -282
  -304
New CAPEX, $m
  0
  -5
  -8
  -11
  -15
  -20
  -26
  -32
  -39
  -47
  -56
  -65
  -74
  -84
  -93
  -103
  -112
  -121
  -130
  -139
  -148
  -156
  -165
  -173
  -181
  -189
  -197
  -205
  -213
  -222
  -231
Cash from investing activities, $m
  1
  -6
  -9
  -13
  -18
  -25
  -33
  -41
  -52
  -64
  -77
  -92
  -107
  -125
  -142
  -161
  -181
  -201
  -222
  -244
  -267
  -290
  -314
  -339
  -364
  -390
  -417
  -445
  -473
  -504
  -535
Free cash flow, $m
  -5
  -42
  -65
  -96
  -139
  -195
  -266
  -356
  -464
  -594
  -747
  -923
  -1,123
  -1,348
  -1,598
  -1,872
  -2,170
  -2,492
  -2,838
  -3,205
  -3,595
  -4,007
  -4,439
  -4,893
  -5,367
  -5,862
  -6,378
  -6,915
  -7,474
  -8,054
  -8,658
Issuance/(repayment) of debt, $m
  0
  4
  5
  7
  10
  13
  17
  21
  26
  32
  37
  43
  49
  56
  62
  68
  75
  81
  87
  93
  99
  104
  110
  115
  121
  126
  131
  137
  142
  148
  154
Issuance/(repurchase) of shares, $m
  4
  40
  61
  91
  132
  186
  255
  341
  446
  573
  721
  893
  1,089
  1,310
  1,555
  1,825
  2,119
  2,437
  2,778
  3,142
  3,528
  3,936
  4,365
  4,814
  5,285
  5,776
  6,289
  6,822
  7,377
  7,953
  8,553
Cash from financing (excl. dividends), $m  
  4
  44
  66
  98
  142
  199
  272
  362
  472
  605
  758
  936
  1,138
  1,366
  1,617
  1,893
  2,194
  2,518
  2,865
  3,235
  3,627
  4,040
  4,475
  4,929
  5,406
  5,902
  6,420
  6,959
  7,519
  8,101
  8,707
Total cash flow (excl. dividends), $m
  -1
  1
  2
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  31
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
Retained Cash Flow (-), $m
  0
  -40
  -61
  -91
  -132
  -186
  -255
  -341
  -446
  -573
  -721
  -893
  -1,089
  -1,310
  -1,555
  -1,825
  -2,119
  -2,437
  -2,778
  -3,142
  -3,528
  -3,936
  -4,365
  -4,814
  -5,285
  -5,776
  -6,289
  -6,822
  -7,377
  -7,953
  -8,553
Prev. year cash balance distribution, $m
 
  3
  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
 
  -36
  -60
  -89
  -129
  -182
  -249
  -334
  -438
  -563
  -709
  -880
  -1,074
  -1,292
  -1,536
  -1,803
  -2,096
  -2,411
  -2,751
  -3,113
  -3,497
  -3,903
  -4,330
  -4,778
  -5,247
  -5,736
  -6,247
  -6,778
  -7,331
  -7,906
  -8,504
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
 
  -34
  -55
  -78
  -106
  -141
  -181
  -226
  -274
  -323
  -372
  -418
  -458
  -491
  -516
  -529
  -533
  -525
  -507
  -479
  -444
  -404
  -359
  -313
  -267
  -223
  -182
  -145
  -113
  -86
  -64
Current shareholders' claim on cash, %
  100
  41.9
  18.0
  7.9
  3.5
  1.6
  0.7
  0.3
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Golden Minerals Company engages in mining, construction, and exploration of mineral properties. It explores for gold, silver, zinc, lead, and other minerals. The company owns the VelardeƱa and Chicago precious metals mining properties in the State of Durango, Mexico; and the El Quevar advanced exploration property in the province of Salta, Argentina. It also owns a portfolio of approximately 10 exploration properties located primarily in certain traditional precious metals producing regions of Mexico. The company was formerly known as Apex Silver Mines Limited and changed its name to Golden Minerals Company in March 2009 as a result of reorganization. Golden Minerals Company was founded in 1996 and is headquartered in Golden, Colorado.

FINANCIAL RATIOS  of  Golden Minerals (AUMN)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 7.9
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.9
Growth Rates
Sales Growth Rate -25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -71%
Ret/ On Assets - 3 Yr. Avg. -65.6%
Return On Total Capital -110%
Ret/ On T. Cap. - 3 Yr. Avg. -89.7%
Return On Equity -137.5%
Return On Equity - 3 Yr. Avg. -102.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 13.9%
EBITDA Margin -150%
EBITDA Margin - 3 Yr. Avg. -137.5%
Operating Margin -133.3%
Oper. Margin - 3 Yr. Avg. -169.4%
Pre-Tax Margin -183.3%
Pre-Tax Margin - 3 Yr. Avg. -165.3%
Net Profit Margin -183.3%
Net Profit Margin - 3 Yr. Avg. -165.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AUMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AUMN stock intrinsic value calculation we used $6 million for the last fiscal year's total revenue generated by Golden Minerals. The default revenue input number comes from 2016 income statement of Golden Minerals. 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 AUMN 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 AUMN is calculated based on our internal credit rating of Golden Minerals, 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 Golden Minerals.
    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 AUMN stock the variable cost ratio is equal to 483.3%.

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 AUMN 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 Golden Minerals.

Corporate tax rate of 27% is the nominal tax rate for Golden Minerals. 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 AUMN 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 AUMN are equal to 150%.

Life of production assets of 10 years is the average useful life of capital assets used in Golden Minerals 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 AUMN is equal to 16.7%. 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 - $8 million for Golden Minerals - 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 86.848 million for Golden Minerals 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 Golden Minerals at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Golden Minerals Provides Business Update   [Aug-09-17 06:45AM  GlobeNewswire]
▶ Golden Minerals posts 2Q loss   [Aug-08-17 11:55PM  Associated Press]
▶ ETFs with exposure to Golden Minerals Co. : June 16, 2017   [Jun-16-17 03:25PM  Capital Cube]
▶ ETFs with exposure to Golden Minerals Co. : May 26, 2017   [May-26-17 12:59PM  Capital Cube]
▶ ETFs with exposure to Golden Minerals Co. : May 15, 2017   [May-15-17 03:16PM  Capital Cube]
▶ Golden Minerals reports 1Q loss   [May-09-17 08:07AM  Associated Press]
▶ ETFs with exposure to Golden Minerals Co. : April 5, 2017   [Apr-05-17 04:21PM  Capital Cube]
▶ Golden Minerals posts 4Q profit   [Feb-28-17 09:18AM  Associated Press]
▶ 5 Stocks Under $10 Set to Soar   [Jun-16-16 01:42PM  at TheStreet]
▶ Sentient Group Converts Debt To Golden Minerals Shares   [Feb-12-16 07:30AM  PR Newswire]
▶ Golden Minerals Provides Financial And Meeting Updates   [Dec-18  07:30AM  PR Newswire]
▶ Golden Minerals Provides Update   [05:05PM  PR Newswire]
▶ 10-Q for Golden Minerals Co.   [Aug-08  08:10PM  at Company Spotlight]
Stock chart of AUMN Financial statements of AUMN
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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