Intrinsic value of Banro - BAA

Previous Close

$0.27

  Intrinsic Value

$0.33

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

+82%

Previous close

$0.27

 
Intrinsic value

$0.33

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

+82%

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

We calculate the intrinsic value of BAA 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, %
  45.22
  17.00
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  228
  267
  309
  354
  403
  455
  510
  568
  629
  693
  760
  830
  902
  978
  1,057
  1,139
  1,224
  1,312
  1,404
  1,499
  1,599
  1,702
  1,809
  1,921
  2,038
  2,159
  2,286
  2,418
  2,555
  2,699
  2,849
Variable operating expenses, $m
 
  124
  144
  165
  187
  212
  237
  264
  292
  322
  353
  386
  420
  455
  491
  529
  569
  610
  653
  697
  743
  791
  841
  893
  948
  1,004
  1,063
  1,124
  1,188
  1,255
  1,325
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  231
  255
  278
  303
  328
  357
  385
  416
  448
  482
  517
  554
  592
  631
  672
  714
  759
  805
  853
  902
  953
  1,006
  1,061
  1,119
  1,180
  1,241
  1,306
  1,373
  1,444
  1,517
  1,593
Operating income, $m
  -3
  12
  31
  52
  74
  99
  124
  152
  181
  211
  243
  276
  311
  347
  384
  424
  465
  507
  551
  598
  646
  696
  748
  802
  859
  918
  980
  1,044
  1,112
  1,182
  1,256
EBITDA, $m
  57
  65
  93
  123
  156
  190
  227
  266
  307
  351
  396
  443
  492
  544
  597
  653
  711
  772
  834
  900
  968
  1,038
  1,112
  1,189
  1,269
  1,353
  1,440
  1,531
  1,626
  1,726
  1,830
Interest expense (income), $m
  24
  24
  32
  41
  51
  61
  73
  84
  97
  110
  124
  138
  153
  169
  185
  202
  219
  238
  257
  276
  297
  318
  340
  363
  387
  412
  438
  466
  494
  523
  554
Earnings before tax, $m
  -51
  -12
  -1
  11
  23
  37
  52
  67
  84
  101
  119
  138
  158
  178
  200
  222
  245
  270
  295
  321
  349
  377
  407
  439
  471
  506
  541
  579
  618
  659
  702
Tax expense, $m
  0
  0
  0
  3
  6
  10
  14
  18
  23
  27
  32
  37
  43
  48
  54
  60
  66
  73
  80
  87
  94
  102
  110
  118
  127
  136
  146
  156
  167
  178
  189
Net income, $m
  -51
  -12
  -1
  8
  17
  27
  38
  49
  61
  74
  87
  101
  115
  130
  146
  162
  179
  197
  215
  235
  255
  276
  297
  320
  344
  369
  395
  422
  451
  481
  512

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
Total assets, $m
  898
  1,050
  1,216
  1,395
  1,587
  1,791
  2,008
  2,236
  2,476
  2,728
  2,991
  3,266
  3,552
  3,850
  4,160
  4,483
  4,818
  5,165
  5,527
  5,903
  6,294
  6,700
  7,123
  7,564
  8,022
  8,500
  8,999
  9,518
  10,061
  10,627
  11,218
Adjusted assets (=assets-cash), $m
  897
  1,050
  1,216
  1,395
  1,587
  1,791
  2,008
  2,236
  2,476
  2,728
  2,991
  3,266
  3,552
  3,850
  4,160
  4,483
  4,818
  5,165
  5,527
  5,903
  6,294
  6,700
  7,123
  7,564
  8,022
  8,500
  8,999
  9,518
  10,061
  10,627
  11,218
Revenue / Adjusted assets
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
Average production assets, $m
  460
  538
  622
  714
  812
  917
  1,028
  1,145
  1,267
  1,396
  1,531
  1,672
  1,818
  1,971
  2,129
  2,294
  2,466
  2,644
  2,829
  3,021
  3,221
  3,429
  3,646
  3,871
  4,106
  4,351
  4,606
  4,872
  5,149
  5,439
  5,742
Working capital, $m
  -255
  -27
  -31
  -35
  -40
  -45
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -106
  -114
  -122
  -131
  -140
  -150
  -160
  -170
  -181
  -192
  -204
  -216
  -229
  -242
  -256
  -270
  -285
Total debt, $m
  254
  342
  438
  542
  653
  772
  898
  1,030
  1,169
  1,315
  1,468
  1,627
  1,793
  1,966
  2,146
  2,333
  2,527
  2,729
  2,939
  3,157
  3,383
  3,619
  3,865
  4,120
  4,386
  4,663
  4,952
  5,254
  5,568
  5,897
  6,240
Total liabilities, $m
  521
  609
  705
  809
  920
  1,039
  1,165
  1,297
  1,436
  1,582
  1,735
  1,894
  2,060
  2,233
  2,413
  2,600
  2,794
  2,996
  3,206
  3,424
  3,650
  3,886
  4,132
  4,387
  4,653
  4,930
  5,219
  5,521
  5,835
  6,164
  6,507
Total equity, $m
  377
  441
  511
  586
  667
  752
  843
  939
  1,040
  1,146
  1,256
  1,372
  1,492
  1,617
  1,747
  1,883
  2,023
  2,170
  2,321
  2,479
  2,643
  2,814
  2,992
  3,177
  3,369
  3,570
  3,779
  3,998
  4,225
  4,463
  4,712
Total liabilities and equity, $m
  898
  1,050
  1,216
  1,395
  1,587
  1,791
  2,008
  2,236
  2,476
  2,728
  2,991
  3,266
  3,552
  3,850
  4,160
  4,483
  4,817
  5,166
  5,527
  5,903
  6,293
  6,700
  7,124
  7,564
  8,022
  8,500
  8,998
  9,519
  10,060
  10,627
  11,219
Debt-to-equity ratio
  0.674
  0.780
  0.860
  0.930
  0.980
  1.030
  1.060
  1.100
  1.120
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.310
  1.320
  1.320
  1.320
Adjusted equity ratio
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -51
  -12
  -1
  8
  17
  27
  38
  49
  61
  74
  87
  101
  115
  130
  146
  162
  179
  197
  215
  235
  255
  276
  297
  320
  344
  369
  395
  422
  451
  481
  512
Depreciation, amort., depletion, $m
  60
  54
  62
  71
  81
  92
  103
  114
  127
  140
  153
  167
  182
  197
  213
  229
  247
  264
  283
  302
  322
  343
  365
  387
  411
  435
  461
  487
  515
  544
  574
Funds from operations, $m
  -29
  41
  61
  79
  98
  119
  141
  164
  188
  213
  240
  268
  297
  327
  359
  392
  426
  461
  498
  537
  577
  619
  662
  707
  755
  804
  856
  910
  966
  1,025
  1,086
Change in working capital, $m
  -33
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
Cash from operations, $m
  4
  45
  65
  84
  103
  124
  146
  169
  194
  220
  247
  275
  304
  335
  367
  400
  434
  470
  507
  546
  587
  629
  673
  719
  766
  816
  868
  923
  980
  1,039
  1,101
Maintenance CAPEX, $m
  0
  -46
  -54
  -62
  -71
  -81
  -92
  -103
  -114
  -127
  -140
  -153
  -167
  -182
  -197
  -213
  -229
  -247
  -264
  -283
  -302
  -322
  -343
  -365
  -387
  -411
  -435
  -461
  -487
  -515
  -544
New CAPEX, $m
  -51
  -78
  -85
  -92
  -98
  -105
  -111
  -117
  -123
  -129
  -135
  -141
  -147
  -153
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -278
  -290
  -303
Cash from investing activities, $m
  -67
  -124
  -139
  -154
  -169
  -186
  -203
  -220
  -237
  -256
  -275
  -294
  -314
  -335
  -356
  -378
  -400
  -425
  -449
  -475
  -502
  -530
  -559
  -590
  -622
  -656
  -690
  -727
  -765
  -805
  -847
Free cash flow, $m
  -63
  -79
  -74
  -70
  -66
  -62
  -56
  -50
  -43
  -36
  -28
  -19
  -10
  0
  11
  22
  33
  45
  58
  71
  85
  99
  113
  129
  144
  161
  178
  196
  215
  234
  255
Issuance/(repayment) of debt, $m
  -6
  89
  96
  104
  111
  118
  126
  132
  139
  146
  153
  159
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  289
  301
  315
  328
  343
Issuance/(repurchase) of shares, $m
  0
  76
  71
  67
  63
  59
  53
  47
  40
  32
  24
  15
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  70
  165
  167
  171
  174
  177
  179
  179
  179
  178
  177
  174
  171
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  289
  301
  315
  328
  343
Total cash flow (excl. dividends), $m
  7
  87
  94
  101
  108
  115
  122
  129
  136
  142
  149
  155
  162
  173
  191
  209
  228
  247
  268
  289
  311
  334
  359
  384
  410
  438
  467
  498
  529
  563
  598
Retained Cash Flow (-), $m
  43
  -76
  -71
  -75
  -81
  -86
  -91
  -96
  -101
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -248
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
 
  11
  23
  26
  28
  30
  31
  33
  35
  36
  38
  40
  41
  48
  60
  73
  87
  101
  116
  131
  147
  164
  181
  199
  218
  237
  258
  279
  302
  325
  349
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  10
  19
  20
  20
  19
  18
  17
  15
  14
  13
  11
  10
  9
  9
  9
  8
  7
  6
  5
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.6
  63.0
  53.0
  45.9
  40.8
  37.1
  34.3
  32.4
  31.0
  30.1
  29.6
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5
  29.5

Banro Corporation, together with its subsidiaries, engages in the exploration, development, and production of mineral properties. It primarily explores for gold. The company holds a 100% interest in 4 gold properties, including Twangiza, Namoya, Lugushwa, and Kamituga comprising 13 exploitation permits that cover an area of approximately 2,612 square kilometers in the South Kivu and Maniema provinces of the Democratic Republic of the Congo. It also owns 14 exploration permits covering an area of approximately 2,638 square kilometers located between the Twangiza and Namoya properties. The company was formerly known as Banro Resource Corporation and changed its name to Banro Corporation in January 2001. Banro Corporation was founded in 1951 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Banro (BAA)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0.4
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow -1.7
Growth Rates
Sales Growth Rate 45.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.9%
Cap. Spend. - 3 Yr. Gr. Rate -22.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 10.9%
Total Debt to Equity 67.4%
Interest Coverage -1
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital -7.8%
Ret/ On T. Cap. - 3 Yr. Avg. -6%
Return On Equity -12.8%
Return On Equity - 3 Yr. Avg. -9.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 9.6%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin -1.3%
Oper. Margin - 3 Yr. Avg. -8.9%
Pre-Tax Margin -22.4%
Pre-Tax Margin - 3 Yr. Avg. -23%
Net Profit Margin -22.4%
Net Profit Margin - 3 Yr. Avg. -23.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio -15.7%

BAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BAA stock intrinsic value calculation we used $228 million for the last fiscal year's total revenue generated by Banro. The default revenue input number comes from 2016 income statement of Banro. 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 BAA stock valuation model: a) initial revenue growth rate of 17% 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 7.6%, whose default value for BAA is calculated based on our internal credit rating of Banro, 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 Banro.
    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 BAA stock the variable cost ratio is equal to 46.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 million in the base year in the intrinsic value calculation for BAA 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 9.4% for Banro.

Corporate tax rate of 27% is the nominal tax rate for Banro. 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 BAA 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 BAA are equal to 201.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Banro 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 BAA is equal to -10%. 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 - $377 million for Banro - 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 306.094 million for Banro 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 Banro at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Banro reports 2Q loss   [Aug-17-17 08:06PM  Associated Press]
▶ Banro Announces Q2 2017 Financial and Operating Results   [Aug-16-17 11:36PM  Marketwired]
▶ Banro Announces Q2 2017 Production Results and Financing   [Jul-17-17 09:19AM  Marketwired]
▶ Banro Appoints New Chief Financial Officer   [Jul-07-17 08:36AM  Marketwired]
▶ Banro Reports Resumption of Operations at Namoya Mine   [Jul-06-17 08:35AM  Marketwired]
▶ Banro Provides Update on Namoya Mine   [08:49AM  Marketwired]
▶ Banro Announces Election of Directors   [Jun-30-17 05:25PM  Marketwired]
▶ Banro Provides Corporate Update   [Jun-28-17 08:55AM  Marketwired]
▶ Banro Provides Corporate Update   [Jun-09-17 08:30AM  Marketwired]
▶ Banro Provides Update   [May-28-17 06:40PM  Marketwired]
▶ Banro Announces Terms of Share Consolidation   [May-22-17 07:26PM  Marketwired]
▶ Banro Reports Incident at Its Namoya Mine Site   [May-18-17 05:27PM  Marketwired]
▶ Banro reports 1Q loss   [May-16-17 05:02AM  Associated Press]
▶ Banro Announces Q1 2017 Financial and Operating Results   [May-15-17 05:39PM  Marketwired]
▶ Banro Completes Recapitalization Transactions   [Apr-19-17 05:25PM  Marketwired]
▶ Banro Provides Update on Recapitalization Transactions   [Apr-13-17 06:34PM  Marketwired]
▶ Banro Provides Update on Recapitalization Transactions   [Apr-07-17 09:15AM  Marketwired]
▶ Banro reports 4Q loss   [Apr-03-17 07:55AM  Associated Press]
▶ Banro Provides Update on Recapitalization Transactions   [Feb-24-17 06:36PM  Marketwired]
▶ Banro Announces Q4 and Record 2016 Production Results   [Jan-11-17 09:39PM  Marketwired]
▶ Banro Provides a Corporate Update   [Dec-30-16 05:13PM  Marketwired]
▶ Banro Announces Q3 2016 Financial and Operating Results   [Nov-07-16 08:05PM  Marketwired]
▶ Banro Appoints New Chief Financial Officer   [Nov-01-16 08:30AM  Marketwired]
▶ Banro Provides Corporate Update   [Jul-26-16 07:50AM  Marketwired]
▶ Banro Announces Election of Directors   [Jun-29-16 08:08PM  Marketwired]
▶ Banro Announces Q1 2016 Financial Results   [05:27PM  Marketwired]
▶ Banro Announces Q1 Production Results   [Apr-11-16 07:45AM  Marketwired]
▶ Banro Provides a Corporate Update   [Mar-24-16 03:35PM  at noodls]
▶ Banro Provides a Corporate Update   [03:03PM  Marketwired]
▶ Banro Closes Balance of US$98.75 Million Financing   [Feb-26-16 02:40PM  Marketwired]
▶ Banro Closes US$67.5 Million Stream Financing   [Feb-16-16 12:03PM  Marketwired]
▶ [$$] How a BlackRock Bet on African Gold Lost Its Luster   [Nov-04  12:09PM  at The Wall Street Journal]
▶ [$$] A BlackRock Bet on African Gold Loses Luster   [Nov-03  10:19PM  at The Wall Street Journal]
▶ Banro Announces Q3 Production Results   [Oct-13  07:00AM  Marketwired]
▶ Banro Provides a Corporate Update   [Sep-29  09:13PM  Marketwired]
▶ Banro Announces Q2 Production Results   [Jul-09  05:50PM  Marketwired]
▶ Banro Announces Election of Directors   [Jun-25  05:57PM  Marketwired]
Financial statements of BAA
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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