Intrinsic value of Yamana Gold - AUY

Previous Close

$2.84

  Intrinsic Value

$1.02

stock screener

  Rating & Target

str. sell

-64%

Previous close

$2.84

 
Intrinsic value

$1.02

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of AUY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  3.89
  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
  1,788
  1,840
  1,882
  1,931
  1,985
  2,045
  2,111
  2,183
  2,261
  2,345
  2,435
  2,531
  2,634
  2,743
  2,860
  2,983
  3,114
  3,252
  3,398
  3,553
  3,716
  3,888
  4,070
  4,262
  4,463
  4,676
  4,899
  5,135
  5,383
  5,643
  5,918
Variable operating expenses, $m
 
  2,327
  2,379
  2,439
  2,507
  2,581
  2,663
  2,752
  2,849
  2,953
  3,064
  3,139
  3,266
  3,402
  3,546
  3,699
  3,861
  4,033
  4,214
  4,406
  4,608
  4,822
  5,047
  5,285
  5,535
  5,798
  6,076
  6,368
  6,675
  6,998
  7,338
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
  2,261
  2,327
  2,379
  2,439
  2,507
  2,581
  2,663
  2,752
  2,849
  2,953
  3,064
  3,139
  3,266
  3,402
  3,546
  3,699
  3,861
  4,033
  4,214
  4,406
  4,608
  4,822
  5,047
  5,285
  5,535
  5,798
  6,076
  6,368
  6,675
  6,998
  7,338
Operating income, $m
  -474
  -487
  -497
  -508
  -522
  -536
  -552
  -569
  -588
  -608
  -630
  -608
  -632
  -659
  -686
  -716
  -747
  -781
  -816
  -853
  -892
  -933
  -977
  -1,023
  -1,071
  -1,122
  -1,176
  -1,233
  -1,292
  -1,355
  -1,421
EBITDA, $m
  -12
  362
  370
  380
  391
  402
  415
  430
  445
  461
  479
  498
  518
  540
  563
  587
  613
  640
  669
  699
  731
  765
  801
  838
  878
  920
  964
  1,010
  1,059
  1,110
  1,164
Interest expense (income), $m
  96
  153
  159
  167
  176
  186
  197
  209
  223
  237
  253
  269
  287
  306
  326
  348
  371
  395
  420
  447
  476
  506
  538
  572
  607
  644
  684
  725
  769
  815
  863
Earnings before tax, $m
  -616
  -639
  -656
  -676
  -698
  -722
  -749
  -779
  -811
  -845
  -882
  -877
  -919
  -965
  -1,013
  -1,064
  -1,118
  -1,175
  -1,236
  -1,300
  -1,368
  -1,440
  -1,515
  -1,595
  -1,679
  -1,767
  -1,860
  -1,958
  -2,061
  -2,169
  -2,283
Tax expense, $m
  -325
  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
  -308
  -639
  -656
  -676
  -698
  -722
  -749
  -779
  -811
  -845
  -882
  -877
  -919
  -965
  -1,013
  -1,064
  -1,118
  -1,175
  -1,236
  -1,300
  -1,368
  -1,440
  -1,515
  -1,595
  -1,679
  -1,767
  -1,860
  -1,958
  -2,061
  -2,169
  -2,283

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  173
  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
  8,802
  8,932
  9,138
  9,373
  9,636
  9,929
  10,249
  10,598
  10,976
  11,383
  11,820
  12,287
  12,786
  13,317
  13,881
  14,480
  15,114
  15,786
  16,497
  17,247
  18,040
  18,876
  19,758
  20,687
  21,666
  22,698
  23,784
  24,927
  26,130
  27,395
  28,726
Adjusted assets (=assets-cash), $m
  8,629
  8,932
  9,138
  9,373
  9,636
  9,929
  10,249
  10,598
  10,976
  11,383
  11,820
  12,287
  12,786
  13,317
  13,881
  14,480
  15,114
  15,786
  16,497
  17,247
  18,040
  18,876
  19,758
  20,687
  21,666
  22,698
  23,784
  24,927
  26,130
  27,395
  28,726
Revenue / Adjusted assets
  0.207
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
Average production assets, $m
  7,945
  8,037
  8,222
  8,434
  8,671
  8,934
  9,222
  9,536
  9,876
  10,243
  10,636
  11,056
  11,505
  11,983
  12,490
  13,029
  13,600
  14,205
  14,844
  15,519
  16,232
  16,985
  17,778
  18,614
  19,496
  20,424
  21,401
  22,429
  23,512
  24,650
  25,848
Working capital, $m
  77
  -186
  -190
  -195
  -200
  -207
  -213
  -221
  -228
  -237
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -359
  -375
  -393
  -411
  -430
  -451
  -472
  -495
  -519
  -544
  -570
  -598
Total debt, $m
  1,746
  2,124
  2,228
  2,348
  2,481
  2,630
  2,793
  2,970
  3,162
  3,369
  3,591
  3,828
  4,081
  4,351
  4,638
  4,942
  5,264
  5,606
  5,966
  6,348
  6,750
  7,175
  7,623
  8,095
  8,593
  9,117
  9,668
  10,249
  10,860
  11,503
  12,179
Total liabilities, $m
  4,290
  4,538
  4,642
  4,761
  4,895
  5,044
  5,207
  5,384
  5,576
  5,783
  6,004
  6,242
  6,495
  6,765
  7,052
  7,356
  7,678
  8,019
  8,380
  8,762
  9,164
  9,589
  10,037
  10,509
  11,007
  11,531
  12,082
  12,663
  13,274
  13,917
  14,593
Total equity, $m
  4,512
  4,395
  4,496
  4,611
  4,741
  4,885
  5,043
  5,214
  5,400
  5,600
  5,815
  6,045
  6,291
  6,552
  6,830
  7,124
  7,436
  7,767
  8,116
  8,486
  8,875
  9,287
  9,721
  10,178
  10,660
  11,167
  11,702
  12,264
  12,856
  13,478
  14,133
Total liabilities and equity, $m
  8,802
  8,933
  9,138
  9,372
  9,636
  9,929
  10,250
  10,598
  10,976
  11,383
  11,819
  12,287
  12,786
  13,317
  13,882
  14,480
  15,114
  15,786
  16,496
  17,248
  18,039
  18,876
  19,758
  20,687
  21,667
  22,698
  23,784
  24,927
  26,130
  27,395
  28,726
Debt-to-equity ratio
  0.387
  0.480
  0.500
  0.510
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.760
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
Adjusted equity ratio
  0.503
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -308
  -639
  -656
  -676
  -698
  -722
  -749
  -779
  -811
  -845
  -882
  -877
  -919
  -965
  -1,013
  -1,064
  -1,118
  -1,175
  -1,236
  -1,300
  -1,368
  -1,440
  -1,515
  -1,595
  -1,679
  -1,767
  -1,860
  -1,958
  -2,061
  -2,169
  -2,283
Depreciation, amort., depletion, $m
  462
  849
  867
  888
  912
  938
  967
  999
  1,033
  1,069
  1,109
  1,106
  1,150
  1,198
  1,249
  1,303
  1,360
  1,420
  1,484
  1,552
  1,623
  1,698
  1,778
  1,861
  1,950
  2,042
  2,140
  2,243
  2,351
  2,465
  2,585
Funds from operations, $m
  626
  209
  211
  213
  214
  216
  218
  220
  222
  224
  226
  229
  231
  234
  236
  239
  242
  245
  248
  252
  255
  259
  263
  267
  271
  275
  280
  285
  290
  296
  302
Change in working capital, $m
  -39
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
Cash from operations, $m
  665
  213
  215
  218
  220
  222
  225
  227
  230
  233
  235
  238
  241
  245
  248
  251
  255
  259
  263
  267
  272
  276
  281
  286
  291
  297
  303
  309
  315
  322
  329
Maintenance CAPEX, $m
  0
  -788
  -804
  -822
  -843
  -867
  -893
  -922
  -954
  -988
  -1,024
  -1,064
  -1,106
  -1,150
  -1,198
  -1,249
  -1,303
  -1,360
  -1,420
  -1,484
  -1,552
  -1,623
  -1,698
  -1,778
  -1,861
  -1,950
  -2,042
  -2,140
  -2,243
  -2,351
  -2,465
New CAPEX, $m
  -495
  -159
  -185
  -211
  -237
  -263
  -288
  -314
  -340
  -366
  -393
  -421
  -449
  -478
  -508
  -539
  -571
  -604
  -639
  -675
  -713
  -752
  -793
  -836
  -881
  -928
  -977
  -1,029
  -1,082
  -1,139
  -1,198
Cash from investing activities, $m
  -380
  -947
  -989
  -1,033
  -1,080
  -1,130
  -1,181
  -1,236
  -1,294
  -1,354
  -1,417
  -1,485
  -1,555
  -1,628
  -1,706
  -1,788
  -1,874
  -1,964
  -2,059
  -2,159
  -2,265
  -2,375
  -2,491
  -2,614
  -2,742
  -2,878
  -3,019
  -3,169
  -3,325
  -3,490
  -3,663
Free cash flow, $m
  285
  -734
  -773
  -816
  -861
  -908
  -957
  -1,009
  -1,064
  -1,121
  -1,182
  -1,246
  -1,313
  -1,384
  -1,458
  -1,536
  -1,619
  -1,705
  -1,797
  -1,893
  -1,993
  -2,099
  -2,211
  -2,328
  -2,451
  -2,581
  -2,717
  -2,860
  -3,010
  -3,168
  -3,334
Issuance/(repayment) of debt, $m
  -184
  87
  104
  119
  134
  148
  163
  177
  192
  207
  222
  237
  253
  270
  287
  304
  322
  341
  361
  381
  403
  425
  448
  472
  498
  524
  552
  581
  611
  643
  676
Issuance/(repurchase) of shares, $m
  0
  721
  757
  791
  827
  866
  907
  950
  996
  1,045
  1,097
  1,107
  1,165
  1,226
  1,290
  1,358
  1,430
  1,506
  1,586
  1,670
  1,758
  1,851
  1,949
  2,052
  2,160
  2,274
  2,394
  2,520
  2,653
  2,792
  2,938
Cash from financing (excl. dividends), $m  
  -280
  808
  861
  910
  961
  1,014
  1,070
  1,127
  1,188
  1,252
  1,319
  1,344
  1,418
  1,496
  1,577
  1,662
  1,752
  1,847
  1,947
  2,051
  2,161
  2,276
  2,397
  2,524
  2,658
  2,798
  2,946
  3,101
  3,264
  3,435
  3,614
Total cash flow (excl. dividends), $m
  6
  74
  88
  95
  101
  107
  113
  119
  125
  131
  137
  99
  105
  112
  119
  126
  134
  142
  150
  158
  167
  176
  186
  196
  207
  218
  229
  241
  254
  267
  281
Retained Cash Flow (-), $m
  329
  -721
  -757
  -791
  -827
  -866
  -907
  -950
  -996
  -1,045
  -1,097
  -1,107
  -1,165
  -1,226
  -1,290
  -1,358
  -1,430
  -1,506
  -1,586
  -1,670
  -1,758
  -1,851
  -1,949
  -2,052
  -2,160
  -2,274
  -2,394
  -2,520
  -2,653
  -2,792
  -2,938
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
 
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
Cash available for distribution, $m
 
  -647
  -669
  -697
  -727
  -759
  -794
  -832
  -872
  -914
  -960
  -1,008
  -1,060
  -1,114
  -1,171
  -1,232
  -1,296
  -1,364
  -1,436
  -1,511
  -1,591
  -1,675
  -1,763
  -1,856
  -1,954
  -2,057
  -2,165
  -2,279
  -2,399
  -2,525
  -2,657
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  -613
  -598
  -584
  -568
  -549
  -529
  -506
  -480
  -453
  -423
  -392
  -360
  -327
  -294
  -261
  -229
  -199
  -169
  -142
  -118
  -96
  -77
  -60
  -46
  -35
  -26
  -18
  -13
  -9
  -6
Current shareholders' claim on cash, %
  100
  80.7
  64.8
  51.8
  41.2
  32.7
  25.8
  20.3
  16.0
  12.5
  9.8
  7.7
  6.0
  4.7
  3.7
  2.9
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Yamana Gold Inc. is a gold producer with gold production, gold development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. The Company's segments include Chapada mine in Brazil; El Penon mine in Chile; Canadian Malartic mine in Canada; Gualcamayo mine in Argentina; Minera Florida mine in Chile; Jacobina mine in Brazil; Brio Gold Inc. (Brio Gold), and Corporate and other. The Company's development projects include Cerro Moro, Argentina; Agua Rica, Argentina, and Gualcamayo, Argentina. Its exploration projects include Chapada, Brazil; El Penon, Chile; Gualcamayo, Argentina; Minera Florida, Chile; Jacobina, Brazil; Cerro Moro, Argentina; Canadian Malartic Corporation, Canada; Monument Bay, Canada; Brio Gold Exploration; Pilar, Brazil; Fazenda Brasileiro, Brazil; RDM, Brazil, and C1 Santa Luz, Brazil.

FINANCIAL RATIOS  of  Yamana Gold (AUY)

Valuation Ratios
P/E Ratio -8.7
Price to Sales 1.5
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 15.8
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.8%
Cap. Spend. - 3 Yr. Gr. Rate -12.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 36.6%
Total Debt to Equity 38.7%
Interest Coverage -5
Management Effectiveness
Return On Assets -2.9%
Ret/ On Assets - 3 Yr. Avg. -10.6%
Return On Total Capital -4.7%
Ret/ On T. Cap. - 3 Yr. Avg. -15.9%
Return On Equity -6.6%
Return On Equity - 3 Yr. Avg. -21.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 42.4%
Gross Margin - 3 Yr. Avg. 42.2%
EBITDA Margin -3.2%
EBITDA Margin - 3 Yr. Avg. -35.4%
Operating Margin -26.5%
Oper. Margin - 3 Yr. Avg. -63.2%
Pre-Tax Margin -34.5%
Pre-Tax Margin - 3 Yr. Avg. -68.6%
Net Profit Margin -17.2%
Net Profit Margin - 3 Yr. Avg. -71.8%
Effective Tax Rate 52.8%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
Payout Ratio -9.1%

AUY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AUY stock intrinsic value calculation we used $1804 million for the last fiscal year's total revenue generated by Yamana Gold. The default revenue input number comes from 2016 income statement of Yamana Gold. 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 AUY 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 5.5%, whose default value for AUY is calculated based on our internal credit rating of Yamana Gold, 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 Yamana Gold.
    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 AUY stock the variable cost ratio is equal to 126.5%.

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 AUY 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 7.5% for Yamana Gold.

Corporate tax rate of 27% is the nominal tax rate for Yamana Gold. 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 AUY stock is equal to 0.7%.

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 AUY are equal to 436.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Yamana Gold 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 AUY is equal to -10.1%. 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 - $4313 million for Yamana Gold - 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 948 million for Yamana Gold 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 Yamana Gold at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

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▶ Yamana Gold Inc. to Host Earnings   [06:50AM  ACCESSWIRE]
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▶ Yamana Gold Declares First Quarter Dividend   [07:02PM  GlobeNewswire]
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▶ Macquarie Upgrades Yamana Gold   [Feb-13-18 10:02AM  GuruFocus.com]
▶ Two die in Yamana Gold mine accident in Argentina   [Feb-02-18 09:40AM  Reuters]
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Financial statements of AUY
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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