Intrinsic value of Dominion Diamond - DDC

Previous Close

$14.16

  Intrinsic Value

$3.70

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

-106%

Previous close

$14.16

 
Intrinsic value

$3.70

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

-106%

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

We calculate the intrinsic value of DDC 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 2017), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -20.80
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
Revenue, $m
  571
  677
  793
  919
  1,055
  1,202
  1,358
  1,523
  1,697
  1,881
  2,073
  2,274
  2,484
  2,703
  2,931
  3,168
  3,415
  3,671
  3,937
  4,214
  4,501
  4,800
  5,111
  5,435
  5,772
  6,122
  6,488
  6,869
  7,266
  7,681
  8,114
Variable operating expenses, $m
 
  388
  454
  527
  605
  688
  778
  872
  972
  1,077
  1,188
  1,303
  1,423
  1,549
  1,679
  1,815
  1,956
  2,103
  2,255
  2,414
  2,579
  2,750
  2,928
  3,113
  3,306
  3,507
  3,716
  3,935
  4,162
  4,400
  4,648
Fixed operating expenses, $m
 
  316
  324
  332
  340
  348
  357
  366
  375
  385
  394
  404
  414
  425
  435
  446
  457
  469
  480
  492
  505
  517
  530
  544
  557
  571
  585
  600
  615
  630
  646
Total operating expenses, $m
  627
  704
  778
  859
  945
  1,036
  1,135
  1,238
  1,347
  1,462
  1,582
  1,707
  1,837
  1,974
  2,114
  2,261
  2,413
  2,572
  2,735
  2,906
  3,084
  3,267
  3,458
  3,657
  3,863
  4,078
  4,301
  4,535
  4,777
  5,030
  5,294
Operating income, $m
  -57
  -27
  15
  61
  111
  165
  223
  284
  350
  419
  491
  567
  647
  730
  817
  907
  1,002
  1,100
  1,202
  1,308
  1,418
  1,533
  1,653
  1,778
  1,908
  2,044
  2,186
  2,334
  2,489
  2,651
  2,820
EBITDA, $m
  153
  222
  306
  399
  499
  606
  721
  844
  973
  1,110
  1,253
  1,403
  1,560
  1,724
  1,894
  2,072
  2,256
  2,448
  2,648
  2,856
  3,072
  3,297
  3,531
  3,775
  4,029
  4,294
  4,570
  4,858
  5,159
  5,473
  5,801
Interest expense (income), $m
  3
  0
  19
  40
  62
  87
  113
  141
  171
  202
  235
  270
  306
  344
  384
  425
  467
  512
  558
  606
  655
  707
  761
  817
  875
  936
  999
  1,064
  1,133
  1,205
  1,279
Earnings before tax, $m
  -41
  -27
  -4
  21
  48
  78
  109
  143
  179
  216
  256
  297
  341
  386
  433
  483
  534
  588
  644
  702
  763
  826
  892
  961
  1,033
  1,109
  1,187
  1,270
  1,356
  1,446
  1,541
Tax expense, $m
  -28
  0
  0
  6
  13
  21
  30
  39
  48
  58
  69
  80
  92
  104
  117
  130
  144
  159
  174
  190
  206
  223
  241
  260
  279
  299
  321
  343
  366
  390
  416
Net income, $m
  0
  -27
  -4
  15
  35
  57
  80
  104
  130
  158
  187
  217
  249
  282
  316
  352
  390
  429
  470
  513
  557
  603
  651
  702
  754
  809
  867
  927
  990
  1,056
  1,125

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  136
  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
  2,004
  2,211
  2,590
  3,003
  3,449
  3,927
  4,436
  4,976
  5,547
  6,146
  6,775
  7,433
  8,119
  8,835
  9,580
  10,354
  11,160
  11,997
  12,867
  13,771
  14,711
  15,688
  16,704
  17,761
  18,862
  20,008
  21,202
  22,447
  23,746
  25,101
  26,515
Adjusted assets (=assets-cash), $m
  1,868
  2,211
  2,590
  3,003
  3,449
  3,927
  4,436
  4,976
  5,547
  6,146
  6,775
  7,433
  8,119
  8,835
  9,580
  10,354
  11,160
  11,997
  12,867
  13,771
  14,711
  15,688
  16,704
  17,761
  18,862
  20,008
  21,202
  22,447
  23,746
  25,101
  26,515
Revenue / Adjusted assets
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
Average production assets, $m
  1,301
  1,541
  1,806
  2,093
  2,404
  2,737
  3,092
  3,469
  3,866
  4,284
  4,723
  5,181
  5,660
  6,158
  6,678
  7,218
  7,779
  8,363
  8,969
  9,599
  10,254
  10,935
  11,644
  12,381
  13,148
  13,947
  14,779
  15,647
  16,552
  17,497
  18,483
Working capital, $m
  435
  338
  396
  459
  528
  601
  679
  761
  849
  940
  1,037
  1,137
  1,242
  1,352
  1,466
  1,584
  1,707
  1,836
  1,969
  2,107
  2,251
  2,400
  2,556
  2,717
  2,886
  3,061
  3,244
  3,434
  3,633
  3,840
  4,057
Total debt, $m
  11
  141
  298
  469
  654
  852
  1,063
  1,286
  1,522
  1,771
  2,031
  2,303
  2,587
  2,884
  3,192
  3,513
  3,846
  4,193
  4,553
  4,927
  5,316
  5,721
  6,141
  6,579
  7,035
  7,509
  8,004
  8,519
  9,057
  9,618
  10,203
Total liabilities, $m
  785
  915
  1,072
  1,243
  1,428
  1,626
  1,837
  2,060
  2,296
  2,545
  2,805
  3,077
  3,361
  3,658
  3,966
  4,287
  4,620
  4,967
  5,327
  5,701
  6,090
  6,495
  6,915
  7,353
  7,809
  8,283
  8,778
  9,293
  9,831
  10,392
  10,977
Total equity, $m
  1,219
  1,296
  1,518
  1,760
  2,021
  2,301
  2,600
  2,916
  3,250
  3,602
  3,970
  4,355
  4,758
  5,177
  5,614
  6,068
  6,540
  7,030
  7,540
  8,070
  8,620
  9,193
  9,788
  10,408
  11,053
  11,725
  12,424
  13,154
  13,915
  14,709
  15,538
Total liabilities and equity, $m
  2,004
  2,211
  2,590
  3,003
  3,449
  3,927
  4,437
  4,976
  5,546
  6,147
  6,775
  7,432
  8,119
  8,835
  9,580
  10,355
  11,160
  11,997
  12,867
  13,771
  14,710
  15,688
  16,703
  17,761
  18,862
  20,008
  21,202
  22,447
  23,746
  25,101
  26,515
Debt-to-equity ratio
  0.009
  0.110
  0.200
  0.270
  0.320
  0.370
  0.410
  0.440
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
Adjusted equity ratio
  0.580
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -27
  -4
  15
  35
  57
  80
  104
  130
  158
  187
  217
  249
  282
  316
  352
  390
  429
  470
  513
  557
  603
  651
  702
  754
  809
  867
  927
  990
  1,056
  1,125
Depreciation, amort., depletion, $m
  210
  249
  291
  338
  388
  442
  499
  560
  624
  691
  762
  836
  913
  993
  1,077
  1,164
  1,255
  1,349
  1,447
  1,548
  1,654
  1,764
  1,878
  1,997
  2,121
  2,249
  2,384
  2,524
  2,670
  2,822
  2,981
Funds from operations, $m
  64
  222
  287
  353
  423
  498
  579
  664
  754
  849
  949
  1,053
  1,162
  1,275
  1,393
  1,517
  1,645
  1,778
  1,917
  2,061
  2,211
  2,367
  2,529
  2,699
  2,875
  3,059
  3,251
  3,451
  3,660
  3,878
  4,106
Change in working capital, $m
  -53
  53
  58
  63
  68
  73
  78
  83
  87
  92
  96
  101
  105
  109
  114
  119
  123
  128
  133
  138
  144
  149
  155
  162
  168
  175
  183
  190
  199
  207
  216
Cash from operations, $m
  117
  169
  229
  290
  355
  425
  501
  581
  667
  757
  852
  952
  1,057
  1,166
  1,280
  1,398
  1,522
  1,650
  1,784
  1,923
  2,067
  2,217
  2,374
  2,537
  2,707
  2,883
  3,068
  3,260
  3,461
  3,671
  3,889
Maintenance CAPEX, $m
  0
  -210
  -249
  -291
  -338
  -388
  -442
  -499
  -559
  -624
  -691
  -762
  -836
  -913
  -993
  -1,077
  -1,164
  -1,255
  -1,349
  -1,447
  -1,548
  -1,654
  -1,764
  -1,878
  -1,997
  -2,121
  -2,249
  -2,384
  -2,524
  -2,670
  -2,822
New CAPEX, $m
  -309
  -241
  -264
  -288
  -311
  -333
  -355
  -376
  -397
  -418
  -438
  -458
  -479
  -499
  -519
  -540
  -562
  -584
  -606
  -630
  -655
  -681
  -708
  -737
  -767
  -799
  -833
  -868
  -905
  -945
  -986
Cash from investing activities, $m
  -216
  -451
  -513
  -579
  -649
  -721
  -797
  -875
  -956
  -1,042
  -1,129
  -1,220
  -1,315
  -1,412
  -1,512
  -1,617
  -1,726
  -1,839
  -1,955
  -2,077
  -2,203
  -2,335
  -2,472
  -2,615
  -2,764
  -2,920
  -3,082
  -3,252
  -3,429
  -3,615
  -3,808
Free cash flow, $m
  -99
  -281
  -284
  -289
  -293
  -296
  -296
  -294
  -290
  -284
  -277
  -268
  -258
  -246
  -233
  -219
  -204
  -188
  -172
  -154
  -136
  -117
  -98
  -78
  -57
  -36
  -14
  9
  32
  56
  81
Issuance/(repayment) of debt, $m
  -23
  141
  157
  171
  185
  198
  211
  224
  236
  248
  260
  272
  284
  296
  308
  321
  333
  347
  360
  374
  389
  404
  421
  438
  456
  475
  494
  515
  538
  561
  586
Issuance/(repurchase) of shares, $m
  -31
  229
  226
  226
  226
  223
  219
  212
  204
  194
  182
  168
  154
  137
  120
  102
  82
  61
  40
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -52
  370
  383
  397
  411
  421
  430
  436
  440
  442
  442
  440
  438
  433
  428
  423
  415
  408
  400
  391
  389
  404
  421
  438
  456
  475
  494
  515
  538
  561
  586
Total cash flow (excl. dividends), $m
  -150
  88
  100
  108
  117
  125
  134
  142
  150
  157
  165
  173
  180
  188
  195
  203
  211
  220
  228
  237
  253
  287
  323
  360
  398
  438
  480
  524
  570
  617
  667
Retained Cash Flow (-), $m
  62
  -229
  -226
  -242
  -261
  -280
  -298
  -316
  -334
  -351
  -368
  -385
  -402
  -419
  -437
  -454
  -472
  -491
  -510
  -530
  -551
  -573
  -595
  -620
  -645
  -672
  -700
  -730
  -761
  -794
  -829
Prev. year cash balance distribution, $m
 
  125
  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
 
  -15
  -127
  -133
  -144
  -155
  -165
  -175
  -184
  -194
  -203
  -213
  -222
  -232
  -241
  -251
  -261
  -271
  -282
  -293
  -298
  -286
  -273
  -260
  -247
  -233
  -220
  -206
  -191
  -177
  -162
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
 
  -14
  -116
  -116
  -119
  -120
  -120
  -118
  -115
  -111
  -107
  -101
  -95
  -88
  -81
  -74
  -66
  -59
  -52
  -45
  -38
  -30
  -23
  -17
  -13
  -9
  -6
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  82.1
  69.4
  60.0
  52.9
  47.4
  43.1
  39.7
  37.0
  34.8
  33.1
  31.7
  30.6
  29.7
  29.0
  28.4
  28.0
  27.7
  27.6
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5
  27.5

Dominion Diamond Corp is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company's segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine. It controls the Ekati Diamond Mine, as well as the associated diamond sorting and sales facilities in Toronto and Yellowknife, Canada, Mumbai, India, and Antwerp, Belgium. The Ekati Diamond Mine consists of the Core Zone, which includes the operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes having both development and exploration potential, such as the Jay kimberlite pipe and the Lynx kimberlite pipe.

FINANCIAL RATIOS  of  Dominion Diamond (DDC)

Valuation Ratios
P/E Ratio 0
Price to Sales 2
Price to Book 1
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow -6
Growth Rates
Sales Growth Rate -20.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.1%
Cap. Spend. - 3 Yr. Gr. Rate 20.4%
Financial Strength
Quick Ratio 12
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0.9%
Interest Coverage -13
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 4.6%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 30.1%
EBITDA Margin - 3 Yr. Avg. 31.7%
Operating Margin -9.8%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin -7.2%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 68.3%
Eff/ Tax Rate - 3 Yr. Avg. -33.4%
Payout Ratio 0%

DDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DDC stock intrinsic value calculation we used $571 million for the last fiscal year's total revenue generated by Dominion Diamond. The default revenue input number comes from 2017 income statement of Dominion Diamond. 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 DDC stock valuation model: a) initial revenue growth rate of 18.5% 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 DDC is calculated based on our internal credit rating of Dominion Diamond, 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 Dominion Diamond.
    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 DDC stock the variable cost ratio is equal to 57.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $308 million in the base year in the intrinsic value calculation for DDC 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 13.3% for Dominion Diamond.

Corporate tax rate of 27% is the nominal tax rate for Dominion Diamond. 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 DDC 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 DDC are equal to 227.8%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Dominion Diamond 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 DDC is equal to 50%. 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 - $1219 million for Dominion Diamond - 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 82.211 million for Dominion Diamond 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 Dominion Diamond at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Newmont Mining Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Dominion Diamond posts 2Q profit   [Sep-06-17 10:49PM  Associated Press]
▶ PRESS DIGEST- Canada - July 18   [Jul-18-17 08:09AM  Reuters]
▶ M&A Monday: Church & Dwight, Dominion Diamond, Valeant & More   [Jul-17-17 04:12PM  Investor's Business Daily]
▶ [$$] Washington Cos. to Buy Dominion Diamond   [09:37AM  The Wall Street Journal]
▶ Dominion Diamond reports 1Q loss   [Jun-12-17 05:30PM  Associated Press]
▶ Dominion Diamond posts 4Q profit   [06:04PM  Associated Press]
▶ [$$] Dominion Diamond to Explore Strategic Alternatives   [06:56AM  The Wall Street Journal]
▶ [$$] Dominion Diamond to Explore Strategic Alternatives   [06:56AM  at The Wall Street Journal]
▶ Dominion Diamond Corporation Provides Update   [Mar-22-17 06:30AM  Business Wire]
▶ [$$] Washington Cos. Makes Bid for Dominion Diamond   [06:47PM  at The Wall Street Journal]
Financial statements of DDC
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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