Intrinsic value of Coeur Mining - CDE

Previous Close

$7.37

  Intrinsic Value

$1.06

stock screener

  Rating & Target

str. sell

-86%

Previous close

$7.37

 
Intrinsic value

$1.06

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of CDE 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 1.3

 

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, %
  3.10
  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
  666
  679
  695
  713
  733
  755
  779
  806
  835
  866
  899
  934
  972
  1,013
  1,056
  1,101
  1,149
  1,201
  1,255
  1,312
  1,372
  1,436
  1,503
  1,573
  1,648
  1,726
  1,809
  1,896
  1,987
  2,083
  2,185
Variable operating expenses, $m
 
  1,035
  1,059
  1,086
  1,117
  1,151
  1,188
  1,228
  1,272
  1,319
  1,370
  1,424
  1,482
  1,543
  1,609
  1,678
  1,752
  1,830
  1,912
  1,999
  2,091
  2,188
  2,290
  2,398
  2,511
  2,631
  2,757
  2,889
  3,028
  3,175
  3,329
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
  619
  1,035
  1,059
  1,086
  1,117
  1,151
  1,188
  1,228
  1,272
  1,319
  1,370
  1,424
  1,482
  1,543
  1,609
  1,678
  1,752
  1,830
  1,912
  1,999
  2,091
  2,188
  2,290
  2,398
  2,511
  2,631
  2,757
  2,889
  3,028
  3,175
  3,329
Operating income, $m
  47
  -356
  -364
  -374
  -384
  -396
  -408
  -422
  -437
  -454
  -471
  -490
  -510
  -531
  -553
  -577
  -602
  -629
  -657
  -687
  -719
  -752
  -787
  -824
  -863
  -905
  -948
  -993
  -1,041
  -1,092
  -1,145
EBITDA, $m
  170
  -230
  -235
  -241
  -248
  -255
  -264
  -273
  -282
  -293
  -304
  -316
  -329
  -342
  -357
  -372
  -389
  -406
  -424
  -444
  -464
  -485
  -508
  -532
  -557
  -584
  -612
  -641
  -672
  -704
  -739
Interest expense (income), $m
  42
  24
  25
  27
  28
  30
  33
  35
  37
  40
  43
  46
  50
  54
  58
  62
  66
  71
  76
  81
  87
  92
  99
  105
  112
  119
  127
  135
  143
  152
  161
Earnings before tax, $m
  1
  -380
  -389
  -400
  -412
  -426
  -441
  -457
  -475
  -494
  -514
  -536
  -559
  -584
  -611
  -639
  -668
  -700
  -733
  -768
  -805
  -845
  -886
  -929
  -975
  -1,024
  -1,075
  -1,128
  -1,185
  -1,244
  -1,306
Tax expense, $m
  -54
  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
  55
  -380
  -389
  -400
  -412
  -426
  -441
  -457
  -475
  -494
  -514
  -536
  -559
  -584
  -611
  -639
  -668
  -700
  -733
  -768
  -805
  -845
  -886
  -929
  -975
  -1,024
  -1,075
  -1,128
  -1,185
  -1,244
  -1,306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  162
  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
  1,319
  1,179
  1,207
  1,238
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,561
  1,622
  1,688
  1,758
  1,833
  1,912
  1,996
  2,084
  2,178
  2,277
  2,382
  2,492
  2,609
  2,731
  2,861
  2,997
  3,140
  3,291
  3,450
  3,617
  3,793
Adjusted assets (=assets-cash), $m
  1,157
  1,179
  1,207
  1,238
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,561
  1,622
  1,688
  1,758
  1,833
  1,912
  1,996
  2,084
  2,178
  2,277
  2,382
  2,492
  2,609
  2,731
  2,861
  2,997
  3,140
  3,291
  3,450
  3,617
  3,793
Revenue / Adjusted assets
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
  0.576
Average production assets, $m
  780
  795
  814
  835
  858
  884
  913
  944
  977
  1,014
  1,053
  1,094
  1,139
  1,186
  1,236
  1,290
  1,346
  1,406
  1,469
  1,536
  1,607
  1,681
  1,760
  1,842
  1,930
  2,021
  2,118
  2,220
  2,327
  2,440
  2,558
Working capital, $m
  294
  147
  150
  154
  158
  163
  168
  174
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  296
  310
  325
  340
  356
  373
  391
  409
  429
  450
  472
Total debt, $m
  211
  210
  222
  237
  253
  271
  291
  312
  335
  360
  387
  416
  447
  479
  514
  551
  590
  631
  675
  721
  770
  821
  876
  933
  993
  1,057
  1,123
  1,194
  1,268
  1,346
  1,427
Total liabilities, $m
  550
  550
  562
  577
  593
  611
  631
  652
  675
  700
  727
  756
  787
  819
  854
  891
  930
  971
  1,015
  1,061
  1,110
  1,161
  1,216
  1,273
  1,333
  1,397
  1,463
  1,534
  1,608
  1,686
  1,767
Total equity, $m
  768
  630
  644
  661
  679
  700
  723
  747
  774
  803
  833
  866
  901
  939
  979
  1,021
  1,066
  1,113
  1,163
  1,216
  1,272
  1,331
  1,393
  1,459
  1,528
  1,600
  1,677
  1,757
  1,842
  1,932
  2,025
Total liabilities and equity, $m
  1,318
  1,180
  1,206
  1,238
  1,272
  1,311
  1,354
  1,399
  1,449
  1,503
  1,560
  1,622
  1,688
  1,758
  1,833
  1,912
  1,996
  2,084
  2,178
  2,277
  2,382
  2,492
  2,609
  2,732
  2,861
  2,997
  3,140
  3,291
  3,450
  3,618
  3,792
Debt-to-equity ratio
  0.275
  0.330
  0.340
  0.360
  0.370
  0.390
  0.400
  0.420
  0.430
  0.450
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.524
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  -380
  -389
  -400
  -412
  -426
  -441
  -457
  -475
  -494
  -514
  -536
  -559
  -584
  -611
  -639
  -668
  -700
  -733
  -768
  -805
  -845
  -886
  -929
  -975
  -1,024
  -1,075
  -1,128
  -1,185
  -1,244
  -1,306
Depreciation, amort., depletion, $m
  123
  126
  129
  132
  136
  140
  145
  150
  155
  161
  167
  174
  181
  188
  196
  205
  214
  223
  233
  244
  255
  267
  279
  292
  306
  321
  336
  352
  369
  387
  406
Funds from operations, $m
  88
  -254
  -260
  -268
  -276
  -286
  -296
  -307
  -320
  -333
  -347
  -362
  -379
  -396
  -414
  -434
  -455
  -477
  -500
  -525
  -550
  -578
  -607
  -637
  -669
  -703
  -738
  -776
  -815
  -857
  -900
Change in working capital, $m
  -38
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  126
  -256
  -264
  -272
  -281
  -290
  -301
  -313
  -326
  -340
  -354
  -370
  -387
  -405
  -424
  -444
  -465
  -488
  -512
  -537
  -563
  -592
  -621
  -652
  -685
  -720
  -756
  -795
  -835
  -877
  -922
Maintenance CAPEX, $m
  0
  -124
  -126
  -129
  -132
  -136
  -140
  -145
  -150
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
  -267
  -279
  -292
  -306
  -321
  -336
  -352
  -369
  -387
New CAPEX, $m
  -101
  -15
  -18
  -21
  -23
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -74
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
Cash from investing activities, $m
  -83
  -139
  -144
  -150
  -155
  -162
  -169
  -176
  -184
  -191
  -200
  -209
  -218
  -228
  -238
  -249
  -262
  -274
  -286
  -300
  -315
  -329
  -346
  -362
  -379
  -398
  -418
  -438
  -459
  -482
  -506
Free cash flow, $m
  43
  -396
  -408
  -422
  -437
  -453
  -470
  -489
  -509
  -531
  -554
  -579
  -605
  -633
  -662
  -693
  -726
  -761
  -798
  -837
  -878
  -921
  -966
  -1,014
  -1,065
  -1,118
  -1,174
  -1,233
  -1,294
  -1,359
  -1,428
Issuance/(repayment) of debt, $m
  -323
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
Issuance/(repurchase) of shares, $m
  270
  392
  404
  417
  431
  447
  464
  482
  501
  523
  545
  569
  595
  622
  650
  681
  713
  747
  783
  821
  861
  904
  948
  995
  1,044
  1,096
  1,151
  1,209
  1,269
  1,333
  1,400
Cash from financing (excl. dividends), $m  
  -80
  403
  417
  431
  447
  465
  484
  503
  524
  548
  572
  598
  626
  655
  685
  718
  752
  788
  827
  867
  910
  955
  1,002
  1,052
  1,104
  1,159
  1,218
  1,279
  1,343
  1,411
  1,482
Total cash flow (excl. dividends), $m
  -39
  6
  8
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
Retained Cash Flow (-), $m
  -347
  -392
  -404
  -417
  -431
  -447
  -464
  -482
  -501
  -523
  -545
  -569
  -595
  -622
  -650
  -681
  -713
  -747
  -783
  -821
  -861
  -904
  -948
  -995
  -1,044
  -1,096
  -1,151
  -1,209
  -1,269
  -1,333
  -1,400
Prev. year cash balance distribution, $m
 
  150
  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
 
  -235
  -395
  -407
  -420
  -435
  -450
  -468
  -486
  -506
  -527
  -550
  -574
  -600
  -628
  -657
  -687
  -720
  -754
  -791
  -829
  -870
  -912
  -957
  -1,005
  -1,054
  -1,107
  -1,162
  -1,220
  -1,282
  -1,346
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
 
  -225
  -362
  -354
  -346
  -337
  -327
  -316
  -304
  -291
  -276
  -261
  -245
  -228
  -211
  -193
  -175
  -157
  -139
  -122
  -105
  -90
  -76
  -63
  -51
  -41
  -32
  -25
  -19
  -14
  -10
Current shareholders' claim on cash, %
  100
  73.3
  53.6
  39.1
  28.5
  20.7
  15.0
  10.8
  7.8
  5.6
  4.1
  2.9
  2.1
  1.5
  1.1
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Coeur Mining, Inc. is a gold and silver producer. The Company has its mines located in the United States, Mexico, and Bolivia and exploration projects in Mexico and Argentina. Its segments include Palmarejo, Rochester, Kensington, Wharf, San Bartolome mines, Coeur Capital and Other. The Palmarejo complex is located in the state of Chihuahua, Mexico. The Rochester mine is located in Pershing County, Nevada, approximately 13 miles northeast of the city of Lovelock. The Kensington underground gold mine and associated milling facilities are located on the east side of the Lynn Canal over 45 miles north-northwest of Juneau, Alaska. The Wharf mine is located in the northern Black Hills of western South Dakota. The San Bartolome silver mine is located on the flanks of the Cerro Rico Mountain bordering the town of Potosi, in the department of Potosi, Bolivia. Coeur Capital segment consists of the Endeavor silver stream. The Other segment includes the La Preciosa project and Joaquin project.

FINANCIAL RATIOS  of  Coeur Mining (CDE)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 53.3
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 14
Current Ratio 0.5
LT Debt to Equity 25.9%
Total Debt to Equity 27.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 178.4%
Ret/ On Assets - 3 Yr. Avg. 33.6%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. -36.5%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. -56.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 38.4%
Gross Margin - 3 Yr. Avg. 29.7%
EBITDA Margin 24.9%
EBITDA Margin - 3 Yr. Avg. -76.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. -97.5%
Pre-Tax Margin 0.2%
Pre-Tax Margin - 3 Yr. Avg. -104.9%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. -78.4%
Effective Tax Rate -5400%
Eff/ Tax Rate - 3 Yr. Avg. -1789%
Payout Ratio 0%

CDE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDE stock intrinsic value calculation we used $666 million for the last fiscal year's total revenue generated by Coeur Mining. The default revenue input number comes from 2016 income statement of Coeur Mining. 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 CDE 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 4.3%, whose default value for CDE is calculated based on our internal credit rating of Coeur Mining, 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 Coeur Mining.
    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 CDE stock the variable cost ratio is equal to 152.4%.

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 CDE 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 12% for Coeur Mining.

Corporate tax rate of 27% is the nominal tax rate for Coeur Mining. 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 CDE 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 CDE are equal to 117.1%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Coeur Mining 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 CDE is equal to 21.6%. 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 - $768 million for Coeur Mining - 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 181.709 million for Coeur Mining 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 Coeur Mining at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ A Quick Look at Miners Recent Performance   [Nov-16-17 09:02AM  Market Realist]
▶ Rising Yields Impact on Gold   [Nov-15-17 04:47PM  Market Realist]
▶ How Will Equity Market Affect Gold Prices?   [09:02AM  Market Realist]
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▶ Silver Mining Stock Technicals as of Last Week   [Oct-31-17 10:18AM  Market Realist]
▶ What Affected Gold on October 27?   [09:10AM  Market Realist]
▶ What Could Drive Barrick Golds Future Production Growth   [Oct-27-17 04:00PM  Market Realist]
▶ How Mining Stocks Have Moved in October 2017   [01:40PM  Market Realist]
▶ Coeur Mining reports 3Q loss   [Oct-25-17 06:37PM  Associated Press]
▶ Coeur Reports Third Quarter 2017 Results   [04:34PM  Business Wire]
▶ A Look at Miners Correlations to Gold   [Oct-24-17 03:06PM  Market Realist]
▶ Whats Affecting Gold Prices?   [01:15PM  Market Realist]
▶ Mining Shares Directional Move in October   [Oct-23-17 02:06PM  Market Realist]
▶ Which Elements Impact Precious Metals?   [12:21PM  Market Realist]
▶ How Indian Demand Could Influence Gold Prices   [Oct-20-17 07:40AM  Market Realist]
▶ Coeur Completes Acquisition of the Silvertip Mine   [Oct-17-17 05:51PM  Business Wire]
▶ Behind the Recent Correlation Movements of Precious Metals   [Oct-16-17 12:00PM  Market Realist]
▶ The Reaction of Precious Metals on October 11   [Oct-13-17 05:14PM  Market Realist]
▶ Behind the Recent Analyst Rating Changes for Silver Miners   [Oct-12-17 07:40AM  Market Realist]
▶ How Mining Stocks Are Performing   [Oct-11-17 03:03PM  Market Realist]
▶ The Market Sentiment for Coeur Mining as 4Q17 Begins   [Oct-10-17 09:12AM  Market Realist]
▶ Precious Metals and Companies That Mine Them   [11:22AM  Market Realist]
▶ What Led to the Slump of Precious Metals on October 2?   [Oct-04-17 07:44AM  Market Realist]
▶ How the Economic Numbers Are Playing Precious Metals   [Oct-02-17 05:22PM  Market Realist]
▶ A Look at Miners September Fluctuations   [Sep-29-17 06:03PM  Market Realist]
▶ Which Factors Are Playing the Most on Gold and Silver Today?   [Sep-28-17 03:07PM  Market Realist]
▶ Here Are the Indicators for the Ups and Downs of Miners   [Sep-26-17 01:32PM  Market Realist]
▶ How Wall Street Analysts View Kinross Golds Expansion Plans   [Sep-25-17 10:38AM  Market Realist]
▶ Analyzing Technical Indicators for Precious Metal Miners   [Sep-22-17 05:06PM  Market Realist]
▶ Which Silver Miners Look Undervalued?   [01:36PM  Market Realist]
▶ Coeur to Present at the Denver Gold Forum   [Sep-21-17 04:30PM  Business Wire]
▶ How Mining Stocks Reacted Yesterday   [Sep-20-17 01:43PM  Market Realist]
▶ The Most Crowded Trades Today: Assessing Golds Benefit   [Sep-19-17 04:06PM  Market Realist]
▶ The Latest US Employment Numbers and Gold   [12:59PM  Market Realist]
▶ Mining Stocks: Gauging Directional Trends   [08:09AM  Market Realist]
▶ The Correlation of Mining Shares in 2017 Year-to-Date   [Sep-13-17 07:41AM  Market Realist]
▶ [$$] Coeur to Buy Denham-Backed Mine Operator for Up to $250 Million   [Sep-11-17 01:18PM  The Wall Street Journal]
▶ Comparing Mining Stocks Volatility   [07:37AM  Market Realist]
▶ Assessing Silver Miners Relative Valuations after 1H17   [Sep-06-17 10:37AM  Market Realist]
▶ Inside Coeur Minings Exploration Program   [Aug-31-17 10:36AM  Market Realist]
Financial statements of CDE
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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