Intrinsic value of DRDGOLD ADR - DRD

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$3.26

  Intrinsic Value

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  Value-price divergence*

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$3.26

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

We calculate the intrinsic value of DRD 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, %
  15.72
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  184
  2,813
  3,221
  3,659
  4,125
  4,618
  5,138
  5,684
  6,257
  6,855
  7,479
  8,130
  8,807
  9,511
  10,242
  11,003
  11,793
  12,614
  13,468
  14,356
  15,279
  16,240
  17,240
  18,282
  19,368
  20,500
  21,681
  22,914
  24,201
  25,545
  26,950
Variable operating expenses, $m
 
  2,641
  3,025
  3,436
  3,873
  4,336
  4,825
  5,338
  5,875
  6,437
  7,023
  7,634
  8,269
  8,930
  9,618
  10,332
  11,074
  11,845
  12,647
  13,480
  14,347
  15,249
  16,189
  17,167
  18,187
  19,250
  20,359
  21,516
  22,725
  23,987
  25,306
Fixed operating expenses, $m
 
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
Total operating expenses, $m
  175
  2,671
  3,055
  3,467
  3,905
  4,369
  4,859
  5,372
  5,910
  6,473
  7,060
  7,672
  8,308
  8,970
  9,659
  10,374
  11,117
  11,889
  12,692
  13,526
  14,395
  15,298
  16,239
  17,218
  18,239
  19,304
  20,414
  21,572
  22,783
  24,046
  25,367
Operating income, $m
  9
  142
  166
  192
  220
  249
  280
  312
  346
  382
  419
  458
  498
  540
  584
  629
  676
  725
  776
  829
  885
  942
  1,002
  1,064
  1,129
  1,197
  1,267
  1,341
  1,418
  1,499
  1,583
EBITDA, $m
  9
  333
  384
  440
  499
  562
  628
  698
  771
  847
  926
  1,009
  1,095
  1,185
  1,278
  1,375
  1,476
  1,581
  1,689
  1,803
  1,920
  2,043
  2,171
  2,304
  2,442
  2,587
  2,737
  2,895
  3,059
  3,231
  3,410
Interest expense (income), $m
  0
  3
  29
  58
  89
  122
  156
  193
  232
  272
  314
  358
  404
  451
  501
  552
  606
  661
  719
  779
  842
  907
  974
  1,045
  1,118
  1,195
  1,274
  1,357
  1,444
  1,535
  1,629
Earnings before tax, $m
  8
  139
  137
  134
  131
  127
  123
  119
  115
  110
  105
  100
  95
  89
  83
  77
  70
  64
  57
  50
  43
  35
  27
  19
  11
  2
  -7
  -16
  -26
  -36
  -46
Tax expense, $m
  3
  38
  37
  36
  35
  34
  33
  32
  31
  30
  28
  27
  26
  24
  22
  21
  19
  17
  15
  13
  12
  9
  7
  5
  3
  1
  0
  0
  0
  0
  0
Net income, $m
  5
  102
  100
  98
  95
  93
  90
  87
  84
  80
  77
  73
  69
  65
  61
  56
  51
  47
  42
  36
  31
  26
  20
  14
  8
  2
  -7
  -16
  -26
  -36
  -46

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  183
  2,390
  2,737
  3,109
  3,505
  3,924
  4,365
  4,829
  5,316
  5,824
  6,355
  6,907
  7,482
  8,080
  8,702
  9,348
  10,020
  10,717
  11,443
  12,197
  12,981
  13,798
  14,648
  15,533
  16,456
  17,417
  18,421
  19,468
  20,561
  21,704
  22,897
Adjusted assets (=assets-cash), $m
  156
  2,390
  2,737
  3,109
  3,505
  3,924
  4,365
  4,829
  5,316
  5,824
  6,355
  6,907
  7,482
  8,080
  8,702
  9,348
  10,020
  10,717
  11,443
  12,197
  12,981
  13,798
  14,648
  15,533
  16,456
  17,417
  18,421
  19,468
  20,561
  21,704
  22,897
Revenue / Adjusted assets
  1.179
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
  1.177
Average production assets, $m
  125
  1,907
  2,184
  2,481
  2,797
  3,131
  3,484
  3,854
  4,242
  4,648
  5,071
  5,512
  5,971
  6,448
  6,944
  7,460
  7,996
  8,553
  9,131
  9,733
  10,359
  11,011
  11,689
  12,395
  13,132
  13,899
  14,700
  15,536
  16,408
  17,320
  18,272
Working capital, $m
  21
  -73
  -84
  -95
  -107
  -120
  -134
  -148
  -163
  -178
  -194
  -211
  -229
  -247
  -266
  -286
  -307
  -328
  -350
  -373
  -397
  -422
  -448
  -475
  -504
  -533
  -564
  -596
  -629
  -664
  -701
Total debt, $m
  1
  185
  366
  560
  766
  984
  1,214
  1,456
  1,710
  1,974
  2,251
  2,539
  2,838
  3,150
  3,474
  3,810
  4,160
  4,524
  4,902
  5,295
  5,703
  6,129
  6,571
  7,033
  7,513
  8,015
  8,537
  9,083
  9,653
  10,248
  10,869
Total liabilities, $m
  81
  1,245
  1,426
  1,620
  1,826
  2,044
  2,274
  2,516
  2,770
  3,034
  3,311
  3,599
  3,898
  4,210
  4,534
  4,870
  5,220
  5,584
  5,962
  6,355
  6,763
  7,189
  7,631
  8,093
  8,573
  9,075
  9,597
  10,143
  10,713
  11,308
  11,929
Total equity, $m
  101
  1,145
  1,311
  1,489
  1,679
  1,879
  2,091
  2,313
  2,546
  2,790
  3,044
  3,309
  3,584
  3,870
  4,168
  4,478
  4,799
  5,134
  5,481
  5,842
  6,218
  6,609
  7,016
  7,440
  7,882
  8,343
  8,824
  9,325
  9,849
  10,396
  10,968
Total liabilities and equity, $m
  182
  2,390
  2,737
  3,109
  3,505
  3,923
  4,365
  4,829
  5,316
  5,824
  6,355
  6,908
  7,482
  8,080
  8,702
  9,348
  10,019
  10,718
  11,443
  12,197
  12,981
  13,798
  14,647
  15,533
  16,455
  17,418
  18,421
  19,468
  20,562
  21,704
  22,897
Debt-to-equity ratio
  0.010
  0.160
  0.280
  0.380
  0.460
  0.520
  0.580
  0.630
  0.670
  0.710
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.880
  0.890
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.474
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  102
  100
  98
  95
  93
  90
  87
  84
  80
  77
  73
  69
  65
  61
  56
  51
  47
  42
  36
  31
  26
  20
  14
  8
  2
  -7
  -16
  -26
  -36
  -46
Depreciation, amort., depletion, $m
  0
  191
  218
  248
  280
  313
  348
  385
  424
  465
  507
  551
  597
  645
  694
  746
  800
  855
  913
  973
  1,036
  1,101
  1,169
  1,240
  1,313
  1,390
  1,470
  1,554
  1,641
  1,732
  1,827
Funds from operations, $m
  62
  292
  318
  346
  375
  406
  438
  472
  508
  545
  584
  624
  666
  710
  755
  802
  851
  902
  955
  1,010
  1,067
  1,127
  1,189
  1,254
  1,321
  1,391
  1,463
  1,537
  1,615
  1,696
  1,781
Change in working capital, $m
  31
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
Cash from operations, $m
  31
  254
  329
  357
  387
  419
  452
  487
  523
  561
  600
  641
  684
  728
  774
  822
  872
  923
  977
  1,033
  1,091
  1,152
  1,215
  1,281
  1,349
  1,421
  1,494
  1,569
  1,648
  1,731
  1,817
Maintenance CAPEX, $m
  0
  -165
  -191
  -218
  -248
  -280
  -313
  -348
  -385
  -424
  -465
  -507
  -551
  -597
  -645
  -694
  -746
  -800
  -855
  -913
  -973
  -1,036
  -1,101
  -1,169
  -1,240
  -1,313
  -1,390
  -1,470
  -1,554
  -1,641
  -1,732
New CAPEX, $m
  -8
  -257
  -277
  -297
  -316
  -334
  -353
  -370
  -388
  -406
  -423
  -441
  -459
  -477
  -496
  -516
  -536
  -557
  -579
  -602
  -626
  -651
  -678
  -706
  -736
  -768
  -801
  -836
  -873
  -911
  -952
Cash from investing activities, $m
  -8
  -422
  -468
  -515
  -564
  -614
  -666
  -718
  -773
  -830
  -888
  -948
  -1,010
  -1,074
  -1,141
  -1,210
  -1,282
  -1,357
  -1,434
  -1,515
  -1,599
  -1,687
  -1,779
  -1,875
  -1,976
  -2,081
  -2,191
  -2,306
  -2,427
  -2,552
  -2,684
Free cash flow, $m
  23
  -169
  -139
  -158
  -177
  -195
  -214
  -232
  -251
  -269
  -288
  -307
  -326
  -346
  -367
  -388
  -410
  -433
  -457
  -482
  -508
  -536
  -564
  -595
  -626
  -660
  -697
  -736
  -778
  -821
  -867
Issuance/(repayment) of debt, $m
  -2
  168
  181
  194
  206
  218
  230
  242
  253
  265
  276
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  425
  443
  461
  481
  501
  523
  546
  570
  595
  622
Issuance/(repurchase) of shares, $m
  0
  0
  125
  142
  160
  178
  195
  213
  230
  248
  266
  284
  302
  321
  341
  361
  382
  404
  427
  450
  475
  501
  529
  558
  588
  619
  655
  692
  732
  773
  817
Cash from financing (excl. dividends), $m  
  -2
  168
  306
  336
  366
  396
  425
  455
  483
  513
  542
  572
  602
  633
  665
  698
  732
  768
  805
  843
  884
  926
  972
  1,019
  1,069
  1,120
  1,178
  1,238
  1,302
  1,368
  1,439
Total cash flow (excl. dividends), $m
  21
  -1
  42
  36
  29
  23
  16
  10
  3
  -4
  -12
  -19
  -27
  -35
  -43
  -52
  -60
  -70
  -79
  -89
  -100
  -110
  -122
  -133
  -146
  -159
  -174
  -191
  -208
  -226
  -245
Retained Cash Flow (-), $m
  14
  -155
  -166
  -178
  -190
  -201
  -212
  -222
  -233
  -243
  -254
  -265
  -275
  -286
  -298
  -309
  -322
  -334
  -347
  -361
  -376
  -391
  -407
  -424
  -442
  -461
  -481
  -502
  -524
  -547
  -572
Prev. year cash balance distribution, $m
 
  350
  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
 
  195
  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
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
 
  187
  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
Current shareholders' claim on cash, %
  100
  100.0
  86.5
  74.9
  64.9
  56.4
  49.1
  42.9
  37.6
  33.0
  29.0
  25.6
  22.7
  20.1
  17.8
  15.9
  14.2
  12.6
  11.3
  10.1
  9.1
  8.1
  7.3
  6.5
  5.9
  5.3
  4.8
  4.3
  3.8
  3.5
  3.1

DRDGOLD Limited engages in the retreatment, production, and sale of gold from surface tailings in South Africa. It recovers gold from surface tailings in the central and western Witwatersrand basin in Gauteng province. The company was founded in 1895 and is headquartered in Johannesburg, South Africa.

FINANCIAL RATIOS  of  DRDGOLD ADR (DRD)

Valuation Ratios
P/E Ratio 275.2
Price to Sales 7.5
Price to Book 13.6
Price to Tangible Book
Price to Cash Flow 44.4
Price to Free Cash Flow 59.8
Growth Rates
Sales Growth Rate 15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate -22.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1%
Total Debt to Equity 1%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 4.6%
Return On Equity - 3 Yr. Avg. 2.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 8.2%
Gross Margin - 3 Yr. Avg. 7.4%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. 2.6%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 10.9%
Payout Ratio 380%

DRD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRD stock intrinsic value calculation we used $2433 million for the last fiscal year's total revenue generated by DRDGOLD ADR. The default revenue input number comes from 2016 income statement of DRDGOLD ADR. 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 DRD stock valuation model: a) initial revenue growth rate of 15.6% 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 DRD is calculated based on our internal credit rating of DRDGOLD ADR, 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 DRDGOLD ADR.
    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 DRD stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $29 million in the base year in the intrinsic value calculation for DRD 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 15.9% for DRDGOLD ADR.

Corporate tax rate of 27% is the nominal tax rate for DRDGOLD ADR. 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 DRD 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 DRD are equal to 67.8%.

Life of production assets of 10 years is the average useful life of capital assets used in DRDGOLD ADR 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 DRD is equal to -2.6%. 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 - $1340 million for DRDGOLD ADR - 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 43.93 million for DRDGOLD ADR 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 DRDGOLD ADR at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ Gold Climbs Amid More World Turmoil   [Jun-06-17 02:21PM  Zacks]
▶ ETFs with exposure to DRDGOLD Ltd. : April 20, 2017   [Apr-20-17 02:18PM  Capital Cube]
▶ DRDGOLD Ltd.: Strong price momentum but will it sustain?   [Mar-16-17 10:40AM  Capital Cube]
▶ The Best Gold Stocks of 2016   [Dec-20-16 03:23PM  Motley Fool]
▶ The Best Gold Stocks of 2016   [03:23PM  at Motley Fool]
▶ Veracyte Inc (VCYT): Are Hedge Funds Right About This Stock?   [Dec-12-16 05:57PM  Insider Monkey]
▶ Energy and Base Metal Sectors Fell on November 11   [Nov-14-16 08:05AM  Market Realist]
▶ ETFs with exposure to DRDGOLD Ltd. : October 18, 2016   [Oct-18-16 10:13AM  Capital Cube]
▶ DRDGOLD Stock Trades Ex-Dividend Wednesday (DRD)   [Oct-11-16 09:10AM  at Investopedia]
▶ ETFs with exposure to DRDGOLD Ltd. : September 12, 2016   [Sep-12-16 10:53AM  Capital Cube]
▶ 5 Hot South African Mining Stocks That Hedge Funds Love   [Jul-26-16 09:09AM  at Insider Monkey]
▶ Why DRDGOLD Ltd. Is Losing Its Luster   [Jul-12-16 11:49PM  at Motley Fool]
▶ Its A Red Day for Digital Ally, Monster Worldwide, Och-Ziff, More   [Jul-11-16 12:38PM  at Insider Monkey]
▶ Market Is Staying in Character   [Apr-29-16 12:28PM  at TheStreet]
▶ [$$] South African Miners Sift for Gold in Discarded Ore Waste   [Jan-11-16 03:48AM  at The Wall Street Journal]
▶ DRDGOLD LIMITED - Change of registered office   [Mar-09  06:09AM  at noodls]
▶ [video] Whole Foods to Test Rewards Program   [Sep-16  09:29AM  at Bloomberg]
▶ Will DRDGOLD (DRD) Continue to Surge Higher?   [Jun-17  10:37AM  Zacks]
▶ Timmins Gold (TGD) Jumps: Stock Rises 6.3%   [Jun-13  06:42AM  Zacks]
▶ DRDGOLD falls 6.5%   [May-27  10:00AM  at theflyonthewall.com]
▶ DRDGOLD falls 7.2%   [09:00AM  at theflyonthewall.com]
▶ DRDGOLD (DRD) is Oversold: Can It Recover?   [May-16  09:28AM  Zacks]
▶ DRDGOLD (DRD) Enters Oversold Territory   [Apr-16  10:46AM  Zacks]
▶ Sibanye Gold: Bullish On The Abandoned Child   [Aug-28  09:37AM  at Seeking Alpha]
▶ Gold Bumps Into Next Resistance Area   [Aug-26  10:49AM  at Seeking Alpha]
▶ DRDGold A Buy As Bullion Hits Bottom   [Aug-19  08:25AM  at Seeking Alpha]
Stock chart of DRD Financial statements of DRD Annual reports of DRD
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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