Intrinsic value of Eldorado Gold - EGO

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$2.81

  Intrinsic Value

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  Value-price divergence*

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$2.81

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

We calculate the intrinsic value of EGO 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 1.9

 

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, %
  -9.60
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  433
  457
  482
  508
  535
  563
  593
  625
  657
  692
  727
  765
  805
  846
  889
  935
  983
  1,033
  1,085
  1,140
  1,198
  1,259
  1,322
  1,389
  1,459
  1,532
  1,610
  1,691
  1,776
  1,865
  1,959
Variable operating expenses, $m
 
  2,204
  2,324
  2,449
  2,581
  2,718
  2,862
  3,013
  3,171
  3,336
  3,509
  3,691
  3,881
  4,081
  4,290
  4,510
  4,740
  4,981
  5,234
  5,500
  5,779
  6,071
  6,378
  6,700
  7,038
  7,393
  7,765
  8,156
  8,566
  8,996
  9,448
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
  366
  2,204
  2,324
  2,449
  2,581
  2,718
  2,862
  3,013
  3,171
  3,336
  3,509
  3,691
  3,881
  4,081
  4,290
  4,510
  4,740
  4,981
  5,234
  5,500
  5,779
  6,071
  6,378
  6,700
  7,038
  7,393
  7,765
  8,156
  8,566
  8,996
  9,448
Operating income, $m
  67
  -1,747
  -1,842
  -1,942
  -2,046
  -2,155
  -2,269
  -2,388
  -2,513
  -2,645
  -2,782
  -2,926
  -3,077
  -3,235
  -3,401
  -3,575
  -3,757
  -3,948
  -4,149
  -4,360
  -4,581
  -4,813
  -5,056
  -5,311
  -5,579
  -5,860
  -6,155
  -6,465
  -6,790
  -7,131
  -7,490
EBITDA, $m
  142
  -1,599
  -1,687
  -1,778
  -1,873
  -1,973
  -2,077
  -2,187
  -2,301
  -2,421
  -2,547
  -2,679
  -2,817
  -2,962
  -3,114
  -3,273
  -3,440
  -3,615
  -3,799
  -3,992
  -4,194
  -4,406
  -4,629
  -4,863
  -5,108
  -5,365
  -5,636
  -5,919
  -6,217
  -6,529
  -6,857
Interest expense (income), $m
  34
  34
  38
  43
  47
  52
  57
  62
  68
  73
  79
  86
  92
  99
  107
  114
  122
  131
  139
  149
  158
  168
  179
  190
  202
  214
  227
  241
  255
  270
  285
Earnings before tax, $m
  49
  -1,781
  -1,880
  -1,984
  -2,093
  -2,207
  -2,326
  -2,451
  -2,581
  -2,718
  -2,861
  -3,012
  -3,169
  -3,334
  -3,507
  -3,689
  -3,879
  -4,079
  -4,289
  -4,508
  -4,739
  -4,981
  -5,235
  -5,501
  -5,781
  -6,074
  -6,382
  -6,706
  -7,045
  -7,401
  -7,775
Tax expense, $m
  57
  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
  -344
  -1,781
  -1,880
  -1,984
  -2,093
  -2,207
  -2,326
  -2,451
  -2,581
  -2,718
  -2,861
  -3,012
  -3,169
  -3,334
  -3,507
  -3,689
  -3,879
  -4,079
  -4,289
  -4,508
  -4,739
  -4,981
  -5,235
  -5,501
  -5,781
  -6,074
  -6,382
  -6,706
  -7,045
  -7,401
  -7,775

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  917
  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
  4,798
  4,079
  4,301
  4,533
  4,777
  5,031
  5,298
  5,577
  5,869
  6,175
  6,495
  6,832
  7,184
  7,553
  7,940
  8,347
  8,772
  9,219
  9,688
  10,180
  10,695
  11,237
  11,805
  12,401
  13,026
  13,683
  14,372
  15,095
  15,854
  16,651
  17,487
Adjusted assets (=assets-cash), $m
  3,881
  4,079
  4,301
  4,533
  4,777
  5,031
  5,298
  5,577
  5,869
  6,175
  6,495
  6,832
  7,184
  7,553
  7,940
  8,347
  8,772
  9,219
  9,688
  10,180
  10,695
  11,237
  11,805
  12,401
  13,026
  13,683
  14,372
  15,095
  15,854
  16,651
  17,487
Revenue / Adjusted assets
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
Average production assets, $m
  4,195
  4,425
  4,666
  4,919
  5,182
  5,459
  5,748
  6,050
  6,367
  6,699
  7,047
  7,412
  7,794
  8,195
  8,615
  9,056
  9,518
  10,002
  10,511
  11,044
  11,604
  12,191
  12,807
  13,454
  14,133
  14,845
  15,593
  16,377
  17,201
  18,065
  18,973
Working capital, $m
  1,001
  89
  93
  99
  104
  109
  115
  121
  128
  134
  141
  148
  156
  164
  173
  181
  191
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
  328
  344
  362
  380
Total debt, $m
  592
  660
  735
  814
  896
  983
  1,073
  1,167
  1,266
  1,370
  1,479
  1,593
  1,712
  1,838
  1,969
  2,106
  2,251
  2,402
  2,561
  2,728
  2,903
  3,086
  3,279
  3,481
  3,693
  3,915
  4,149
  4,394
  4,652
  4,922
  5,205
Total liabilities, $m
  1,315
  1,383
  1,458
  1,537
  1,619
  1,706
  1,796
  1,890
  1,989
  2,093
  2,202
  2,316
  2,435
  2,561
  2,692
  2,829
  2,974
  3,125
  3,284
  3,451
  3,626
  3,809
  4,002
  4,204
  4,416
  4,638
  4,872
  5,117
  5,375
  5,645
  5,928
Total equity, $m
  3,483
  2,696
  2,843
  2,997
  3,157
  3,326
  3,502
  3,686
  3,879
  4,082
  4,293
  4,516
  4,749
  4,993
  5,249
  5,517
  5,799
  6,094
  6,404
  6,729
  7,070
  7,427
  7,803
  8,197
  8,610
  9,044
  9,500
  9,978
  10,480
  11,006
  11,559
Total liabilities and equity, $m
  4,798
  4,079
  4,301
  4,534
  4,776
  5,032
  5,298
  5,576
  5,868
  6,175
  6,495
  6,832
  7,184
  7,554
  7,941
  8,346
  8,773
  9,219
  9,688
  10,180
  10,696
  11,236
  11,805
  12,401
  13,026
  13,682
  14,372
  15,095
  15,855
  16,651
  17,487
Debt-to-equity ratio
  0.170
  0.240
  0.260
  0.270
  0.280
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
Adjusted equity ratio
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -344
  -1,781
  -1,880
  -1,984
  -2,093
  -2,207
  -2,326
  -2,451
  -2,581
  -2,718
  -2,861
  -3,012
  -3,169
  -3,334
  -3,507
  -3,689
  -3,879
  -4,079
  -4,289
  -4,508
  -4,739
  -4,981
  -5,235
  -5,501
  -5,781
  -6,074
  -6,382
  -6,706
  -7,045
  -7,401
  -7,775
Depreciation, amort., depletion, $m
  75
  148
  156
  164
  173
  182
  192
  202
  212
  223
  235
  247
  260
  273
  287
  302
  317
  333
  350
  368
  387
  406
  427
  448
  471
  495
  520
  546
  573
  602
  632
Funds from operations, $m
  144
  -1,634
  -1,725
  -1,820
  -1,920
  -2,025
  -2,134
  -2,249
  -2,369
  -2,495
  -2,626
  -2,765
  -2,909
  -3,061
  -3,220
  -3,387
  -3,562
  -3,746
  -3,938
  -4,140
  -4,352
  -4,575
  -4,808
  -5,053
  -5,310
  -5,580
  -5,863
  -6,160
  -6,472
  -6,799
  -7,143
Change in working capital, $m
  30
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
Cash from operations, $m
  114
  -2,192
  -1,730
  -1,825
  -1,926
  -2,030
  -2,140
  -2,255
  -2,375
  -2,501
  -2,633
  -2,772
  -2,917
  -3,069
  -3,229
  -3,396
  -3,571
  -3,755
  -3,948
  -4,151
  -4,363
  -4,586
  -4,820
  -5,066
  -5,323
  -5,594
  -5,878
  -6,175
  -6,488
  -6,816
  -7,161
Maintenance CAPEX, $m
  0
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
  -247
  -260
  -273
  -287
  -302
  -317
  -333
  -350
  -368
  -387
  -406
  -427
  -448
  -471
  -495
  -520
  -546
  -573
  -602
New CAPEX, $m
  -298
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -365
  -382
  -401
  -420
  -441
  -462
  -485
  -508
  -533
  -560
  -587
  -616
  -647
  -679
  -712
  -748
  -785
  -824
  -865
  -908
Cash from investing activities, $m
  481
  -371
  -389
  -408
  -428
  -449
  -471
  -495
  -519
  -544
  -571
  -600
  -629
  -661
  -693
  -728
  -764
  -802
  -841
  -883
  -928
  -974
  -1,022
  -1,074
  -1,127
  -1,183
  -1,243
  -1,305
  -1,370
  -1,438
  -1,510
Free cash flow, $m
  595
  -2,562
  -2,118
  -2,233
  -2,353
  -2,479
  -2,611
  -2,749
  -2,894
  -3,046
  -3,205
  -3,371
  -3,546
  -3,730
  -3,922
  -4,124
  -4,335
  -4,557
  -4,790
  -5,035
  -5,291
  -5,560
  -5,843
  -6,139
  -6,450
  -6,777
  -7,120
  -7,480
  -7,858
  -8,254
  -8,671
Issuance/(repayment) of debt, $m
  0
  68
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
  183
  193
  202
  212
  223
  234
  245
  257
  270
  284
Issuance/(repurchase) of shares, $m
  0
  1,708
  2,190
  2,308
  2,432
  2,561
  2,697
  2,839
  2,988
  3,144
  3,308
  3,480
  3,660
  3,849
  4,047
  4,254
  4,472
  4,701
  4,941
  5,193
  5,457
  5,735
  6,026
  6,331
  6,652
  6,989
  7,342
  7,713
  8,102
  8,511
  8,940
Cash from financing (excl. dividends), $m  
  0
  1,776
  2,265
  2,387
  2,514
  2,647
  2,787
  2,934
  3,087
  3,248
  3,417
  3,594
  3,779
  3,974
  4,178
  4,392
  4,616
  4,852
  5,100
  5,360
  5,632
  5,918
  6,219
  6,533
  6,864
  7,212
  7,576
  7,958
  8,359
  8,781
  9,224
Total cash flow (excl. dividends), $m
  595
  -2,495
  -2,043
  -2,154
  -2,271
  -2,393
  -2,521
  -2,655
  -2,795
  -2,942
  -3,096
  -3,258
  -3,427
  -3,604
  -3,791
  -3,986
  -4,191
  -4,406
  -4,631
  -4,868
  -5,116
  -5,377
  -5,650
  -5,937
  -6,238
  -6,555
  -6,886
  -7,235
  -7,600
  -7,984
  -8,387
Retained Cash Flow (-), $m
  269
  -130
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -268
  -282
  -295
  -310
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -455
  -478
  -502
  -527
  -553
Prev. year cash balance distribution, $m
 
  917
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  51.3
  23.7
  11.0
  5.1
  2.4
  1.1
  0.5
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, China, Greece, Brazil, and Romania. It also explores for iron, silver, lead, and zinc. The company was formerly known as Eldorado Corporation Ltd. and changed its name to Eldorado Gold Corporation in April 1996. Eldorado Gold Corporation was founded in 1992 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Eldorado Gold (EGO)

Valuation Ratios
P/E Ratio -5.9
Price to Sales 4.7
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow -10.9
Growth Rates
Sales Growth Rate -9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.1%
Cap. Spend. - 3 Yr. Gr. Rate -9.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17%
Total Debt to Equity 17%
Interest Coverage 2
Management Effectiveness
Return On Assets -6.8%
Ret/ On Assets - 3 Yr. Avg. -9.6%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -13.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin 36.5%
EBITDA Margin - 3 Yr. Avg. -93.9%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. -114.4%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. -117.4%
Net Profit Margin -79.4%
Net Profit Margin - 3 Yr. Avg. -130.5%
Effective Tax Rate 116.3%
Eff/ Tax Rate - 3 Yr. Avg. 60.5%
Payout Ratio 0%

EGO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EGO stock intrinsic value calculation we used $433 million for the last fiscal year's total revenue generated by Eldorado Gold. The default revenue input number comes from 2016 income statement of Eldorado Gold. 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 EGO stock valuation model: a) initial revenue growth rate of 5.5% 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 EGO is calculated based on our internal credit rating of Eldorado Gold, 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 Eldorado Gold.
    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 EGO stock the variable cost ratio is equal to 482.4%.

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 EGO 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 5.8% for Eldorado Gold.

Corporate tax rate of 27% is the nominal tax rate for Eldorado Gold. 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 EGO 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 EGO are equal to 968.7%.

Life of production assets of 56.3 years is the average useful life of capital assets used in Eldorado Gold 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 EGO is equal to 19.4%. 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 - $3483 million for Eldorado Gold - 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 691.558 million for Eldorado Gold 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 Eldorado Gold at the current share price and the inputted number of shares is $1.9 billion.


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Stock chart of EGO Financial statements of EGO
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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