Intrinsic value of DRDGOLD ADR - DRD

Previous Close

$3.57

  Intrinsic Value

$0.57

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-50%

Previous close

$3.57

 
Intrinsic value

$0.57

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-50%

*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 0.2

 

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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  184
  213
  244
  277
  313
  351
  390
  432
  476
  521
  569
  619
  670
  724
  780
  838
  898
  961
  1,026
  1,094
  1,165
  1,238
  1,314
  1,394
  1,477
  1,563
  1,654
  1,748
  1,846
  1,949
  2,056
Variable operating expenses, $m
 
  202
  232
  264
  298
  333
  371
  411
  452
  496
  541
  588
  637
  689
  742
  797
  854
  914
  976
  1,041
  1,108
  1,177
  1,250
  1,326
  1,405
  1,487
  1,573
  1,662
  1,756
  1,853
  1,955
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
  175
  202
  232
  264
  298
  333
  371
  411
  452
  496
  541
  588
  637
  689
  742
  797
  854
  914
  976
  1,041
  1,108
  1,177
  1,250
  1,326
  1,405
  1,487
  1,573
  1,662
  1,756
  1,853
  1,955
Operating income, $m
  9
  10
  12
  14
  15
  17
  19
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  77
  81
  86
  90
  95
  101
EBITDA, $m
  9
  25
  28
  32
  37
  41
  46
  50
  55
  61
  66
  72
  78
  84
  91
  98
  105
  112
  120
  128
  136
  144
  153
  163
  172
  182
  193
  204
  215
  227
  240
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  3
  4
  5
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  28
Earnings before tax, $m
  8
  10
  11
  13
  14
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
Tax expense, $m
  3
  3
  3
  3
  4
  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
Net income, $m
  5
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53

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
  181
  207
  235
  265
  297
  331
  366
  403
  442
  483
  525
  569
  614
  662
  711
  762
  815
  871
  928
  988
  1,050
  1,115
  1,182
  1,253
  1,326
  1,403
  1,482
  1,566
  1,653
  1,744
Adjusted assets (=assets-cash), $m
  156
  181
  207
  235
  265
  297
  331
  366
  403
  442
  483
  525
  569
  614
  662
  711
  762
  815
  871
  928
  988
  1,050
  1,115
  1,182
  1,253
  1,326
  1,403
  1,482
  1,566
  1,653
  1,744
Revenue / Adjusted assets
  1.179
  1.177
  1.179
  1.179
  1.181
  1.182
  1.178
  1.180
  1.181
  1.179
  1.178
  1.179
  1.178
  1.179
  1.178
  1.179
  1.178
  1.179
  1.178
  1.179
  1.179
  1.179
  1.178
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
  1.179
Average production assets, $m
  125
  144
  165
  188
  212
  237
  264
  292
  322
  353
  385
  419
  454
  490
  528
  567
  608
  651
  695
  741
  788
  838
  890
  944
  1,000
  1,058
  1,119
  1,183
  1,250
  1,319
  1,392
Working capital, $m
  21
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
Total debt, $m
  1
  14
  28
  43
  59
  75
  93
  112
  131
  152
  173
  195
  218
  242
  267
  293
  320
  348
  377
  407
  439
  471
  505
  541
  578
  616
  657
  699
  743
  788
  836
Total liabilities, $m
  81
  95
  109
  124
  140
  156
  174
  193
  212
  233
  254
  276
  299
  323
  348
  374
  401
  429
  458
  488
  520
  552
  586
  622
  659
  697
  738
  780
  824
  869
  917
Total equity, $m
  101
  86
  98
  112
  126
  141
  157
  174
  191
  210
  229
  249
  269
  291
  314
  337
  361
  386
  413
  440
  468
  498
  528
  560
  594
  629
  665
  703
  742
  783
  827
Total liabilities and equity, $m
  182
  181
  207
  236
  266
  297
  331
  367
  403
  443
  483
  525
  568
  614
  662
  711
  762
  815
  871
  928
  988
  1,050
  1,114
  1,182
  1,253
  1,326
  1,403
  1,483
  1,566
  1,652
  1,744
Debt-to-equity ratio
  0.010
  0.160
  0.280
  0.380
  0.470
  0.530
  0.590
  0.640
  0.690
  0.720
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
Adjusted equity ratio
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
Depreciation, amort., depletion, $m
  0
  14
  17
  19
  21
  24
  26
  29
  32
  35
  39
  42
  45
  49
  53
  57
  61
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  118
  125
  132
  139
Funds from operations, $m
  62
  22
  25
  28
  31
  35
  38
  42
  46
  51
  55
  60
  64
  69
  75
  80
  85
  91
  97
  104
  110
  117
  124
  131
  139
  147
  155
  164
  173
  183
  193
Change in working capital, $m
  31
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Cash from operations, $m
  31
  23
  26
  29
  32
  36
  40
  44
  48
  52
  57
  61
  66
  71
  76
  82
  87
  93
  99
  106
  112
  119
  126
  134
  142
  150
  158
  167
  176
  186
  196
Maintenance CAPEX, $m
  0
  -12
  -14
  -17
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -39
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
New CAPEX, $m
  -8
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -73
Cash from investing activities, $m
  -8
  -32
  -35
  -40
  -43
  -46
  -51
  -54
  -59
  -63
  -67
  -73
  -77
  -81
  -87
  -92
  -98
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -150
  -159
  -167
  -176
  -185
  -194
  -205
Free cash flow, $m
  23
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -9
  -9
  -9
  -9
  -9
  -8
  -8
  -8
Issuance/(repayment) of debt, $m
  -2
  13
  14
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
Issuance/(repurchase) of shares, $m
  0
  4
  4
  4
  4
  4
  4
  4
  3
  3
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -2
  17
  18
  19
  20
  21
  22
  23
  22
  23
  24
  24
  25
  25
  26
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
Total cash flow (excl. dividends), $m
  21
  8
  8
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
Retained Cash Flow (-), $m
  14
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
Prev. year cash balance distribution, $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
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
 
  23
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -4
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
 
  22
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.6
  93.7
  91.2
  89.1
  87.3
  85.7
  84.5
  83.4
  82.6
  81.9
  81.4
  81.0
  80.8
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6

DRDGOLD Limited is a gold mining company. The Company is engaged in gold production by tailings retreatment. The Company is focused on the recovery of lower-risk, higher-margin ounces primarily from its metallurgical plant located approximately 50 kilometers east of Johannesburg in Brakpan. The Company owns approximately 100% of its holding company, Ergo Mining Operations Proprietary Limited (EMO). Ergo Mining Proprietary Limited (Ergo) is owned by EMO. Ergo has a vast footprint adjacent to Johannesburg on the central and eastern Witwatersrand of South Africa. Its assets cover an area of approximately 62 kilometers from east to west and over 25 kilometers from north to south. The Ergo operation has over two metallurgical plants in operation, including Knights plant and The Ergo plant. The Knights plant in Germiston is treating the Cason dump and depositing waste on the Brakpan tailings facility (BTF). The Ergo plant has a total treatment capacity of 300,000 tons per month (tpm).

FINANCIAL RATIOS  of  DRDGOLD ADR (DRD)

Valuation Ratios
P/E Ratio 301.4
Price to Sales 8.2
Price to Book 14.9
Price to Tangible Book
Price to Cash Flow 48.6
Price to Free Cash Flow 65.5
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. 7.9%
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 $184 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 15.7% 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 95.1%.

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 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 3.5% 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 67.7%.

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 -3.3%. 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 - $101 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 44.105 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 $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
SBGL Sibanye Gold A 4.76 115.65  str.buy
HMY Harmony Gold M 1.81 1.15  sell
AU AngloGold Asha 9.55 4.50  sell

COMPANY NEWS

▶ Gold Climbs As North Korea Concerns Increase   [Aug-09-17 05:11PM  Zacks]
▶ ETFs with exposure to DRDGOLD Ltd. : July 13, 2017   [Jul-13-17 03:52PM  Capital Cube]
▶ 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]
Financial statements 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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