Intrinsic value of Randgold Resources ADR - GOLD

Previous Close

$98.35

  Intrinsic Value

$17.61

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

+102%

Previous close

$98.35

 
Intrinsic value

$17.61

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

+102%

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

We calculate the intrinsic value of GOLD 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 9.2

 

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, %
  19.98
  21.70
  20.03
  18.53
  17.17
  15.96
  14.86
  13.88
  12.99
  12.19
  11.47
  10.82
  10.24
  9.72
  9.24
  8.82
  8.44
  8.09
  7.79
  7.51
  7.26
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
Revenue, $m
  1,201
  1,462
  1,754
  2,079
  2,437
  2,825
  3,245
  3,695
  4,175
  4,684
  5,222
  5,787
  6,379
  6,999
  7,646
  8,321
  9,023
  9,753
  10,513
  11,302
  12,122
  12,974
  13,860
  14,781
  15,738
  16,735
  17,772
  18,853
  19,979
  21,152
  22,376
Variable operating expenses, $m
 
  237
  284
  337
  395
  458
  526
  599
  676
  759
  846
  937
  1,033
  1,134
  1,239
  1,348
  1,462
  1,580
  1,703
  1,831
  1,964
  2,102
  2,245
  2,394
  2,550
  2,711
  2,879
  3,054
  3,237
  3,427
  3,625
Fixed operating expenses, $m
 
  684
  701
  718
  736
  755
  774
  793
  813
  833
  854
  875
  897
  919
  942
  966
  990
  1,015
  1,040
  1,066
  1,093
  1,120
  1,148
  1,177
  1,206
  1,237
  1,267
  1,299
  1,332
  1,365
  1,399
Total operating expenses, $m
  814
  921
  985
  1,055
  1,131
  1,213
  1,300
  1,392
  1,489
  1,592
  1,700
  1,812
  1,930
  2,053
  2,181
  2,314
  2,452
  2,595
  2,743
  2,897
  3,057
  3,222
  3,393
  3,571
  3,756
  3,948
  4,146
  4,353
  4,569
  4,792
  5,024
Operating income, $m
  387
  541
  769
  1,024
  1,306
  1,613
  1,946
  2,304
  2,686
  3,093
  3,522
  3,974
  4,449
  4,946
  5,465
  6,007
  6,571
  7,158
  7,769
  8,405
  9,065
  9,752
  10,466
  11,209
  11,982
  12,787
  13,626
  14,499
  15,410
  16,360
  17,352
EBITDA, $m
  562
  754
  1,024
  1,327
  1,660
  2,024
  2,418
  2,841
  3,293
  3,774
  4,281
  4,816
  5,376
  5,964
  6,577
  7,217
  7,883
  8,576
  9,298
  10,048
  10,828
  11,638
  12,481
  13,358
  14,271
  15,221
  16,210
  17,241
  18,315
  19,436
  20,605
Interest expense (income), $m
  2
  2
  81
  169
  267
  374
  492
  618
  754
  898
  1,052
  1,213
  1,384
  1,562
  1,749
  1,944
  2,147
  2,358
  2,578
  2,807
  3,045
  3,292
  3,549
  3,815
  4,093
  4,381
  4,682
  4,994
  5,319
  5,659
  6,012
Earnings before tax, $m
  403
  539
  689
  855
  1,039
  1,239
  1,454
  1,686
  1,933
  2,194
  2,470
  2,761
  3,065
  3,384
  3,716
  4,063
  4,424
  4,800
  5,191
  5,597
  6,020
  6,460
  6,918
  7,394
  7,890
  8,406
  8,944
  9,505
  10,091
  10,702
  11,340
Tax expense, $m
  109
  146
  186
  231
  280
  334
  393
  455
  522
  592
  667
  745
  828
  914
  1,003
  1,097
  1,195
  1,296
  1,402
  1,511
  1,625
  1,744
  1,868
  1,996
  2,130
  2,270
  2,415
  2,566
  2,725
  2,890
  3,062
Net income, $m
  247
  394
  503
  624
  758
  904
  1,062
  1,231
  1,411
  1,602
  1,803
  2,015
  2,238
  2,470
  2,713
  2,966
  3,230
  3,504
  3,789
  4,086
  4,395
  4,716
  5,050
  5,397
  5,759
  6,136
  6,529
  6,939
  7,366
  7,812
  8,278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  516
  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
  4,041
  4,286
  5,145
  6,098
  7,145
  8,285
  9,517
  10,837
  12,245
  13,737
  15,313
  16,970
  18,708
  20,526
  22,423
  24,401
  26,460
  28,602
  30,829
  33,143
  35,548
  38,047
  40,644
  43,345
  46,154
  49,076
  52,119
  55,287
  58,588
  62,030
  65,619
Adjusted assets (=assets-cash), $m
  3,525
  4,286
  5,145
  6,098
  7,145
  8,285
  9,517
  10,837
  12,245
  13,737
  15,313
  16,970
  18,708
  20,526
  22,423
  24,401
  26,460
  28,602
  30,829
  33,143
  35,548
  38,047
  40,644
  43,345
  46,154
  49,076
  52,119
  55,287
  58,588
  62,030
  65,619
Revenue / Adjusted assets
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
Average production assets, $m
  1,554
  1,891
  2,270
  2,691
  3,153
  3,656
  4,199
  4,782
  5,403
  6,062
  6,757
  7,488
  8,255
  9,057
  9,894
  10,767
  11,676
  12,621
  13,603
  14,624
  15,686
  16,788
  17,935
  19,126
  20,366
  21,655
  22,998
  24,396
  25,852
  27,371
  28,955
Working capital, $m
  679
  199
  239
  283
  331
  384
  441
  503
  568
  637
  710
  787
  868
  952
  1,040
  1,132
  1,227
  1,326
  1,430
  1,537
  1,649
  1,764
  1,885
  2,010
  2,140
  2,276
  2,417
  2,564
  2,717
  2,877
  3,043
Total debt, $m
  3
  121
  253
  400
  561
  737
  927
  1,130
  1,347
  1,577
  1,819
  2,074
  2,342
  2,622
  2,914
  3,219
  3,536
  3,866
  4,209
  4,565
  4,935
  5,320
  5,720
  6,136
  6,569
  7,019
  7,487
  7,975
  8,484
  9,014
  9,566
Total liabilities, $m
  542
  660
  792
  939
  1,100
  1,276
  1,466
  1,669
  1,886
  2,116
  2,358
  2,613
  2,881
  3,161
  3,453
  3,758
  4,075
  4,405
  4,748
  5,104
  5,474
  5,859
  6,259
  6,675
  7,108
  7,558
  8,026
  8,514
  9,023
  9,553
  10,105
Total equity, $m
  3,499
  3,626
  4,353
  5,159
  6,045
  7,009
  8,051
  9,168
  10,359
  11,622
  12,955
  14,357
  15,827
  17,365
  18,970
  20,643
  22,385
  24,197
  26,081
  28,039
  30,073
  32,188
  34,385
  36,670
  39,046
  41,519
  44,092
  46,773
  49,566
  52,477
  55,514
Total liabilities and equity, $m
  4,041
  4,286
  5,145
  6,098
  7,145
  8,285
  9,517
  10,837
  12,245
  13,738
  15,313
  16,970
  18,708
  20,526
  22,423
  24,401
  26,460
  28,602
  30,829
  33,143
  35,547
  38,047
  40,644
  43,345
  46,154
  49,077
  52,118
  55,287
  58,589
  62,030
  65,619
Debt-to-equity ratio
  0.001
  0.030
  0.060
  0.080
  0.090
  0.110
  0.120
  0.120
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
Adjusted equity ratio
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846
  0.846

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  247
  394
  503
  624
  758
  904
  1,062
  1,231
  1,411
  1,602
  1,803
  2,015
  2,238
  2,470
  2,713
  2,966
  3,230
  3,504
  3,789
  4,086
  4,395
  4,716
  5,050
  5,397
  5,759
  6,136
  6,529
  6,939
  7,366
  7,812
  8,278
Depreciation, amort., depletion, $m
  175
  213
  255
  302
  354
  411
  472
  537
  607
  681
  759
  841
  928
  1,018
  1,112
  1,210
  1,312
  1,418
  1,528
  1,643
  1,762
  1,886
  2,015
  2,149
  2,288
  2,433
  2,584
  2,741
  2,905
  3,075
  3,253
Funds from operations, $m
  424
  606
  758
  927
  1,113
  1,315
  1,534
  1,768
  2,018
  2,283
  2,563
  2,857
  3,165
  3,488
  3,825
  4,176
  4,541
  4,922
  5,318
  5,729
  6,157
  6,602
  7,065
  7,546
  8,048
  8,570
  9,113
  9,680
  10,271
  10,888
  11,532
Change in working capital, $m
  -97
  35
  40
  44
  49
  53
  57
  61
  65
  69
  73
  77
  81
  84
  88
  92
  95
  99
  103
  107
  112
  116
  120
  125
  130
  136
  141
  147
  153
  160
  166
Cash from operations, $m
  521
  571
  718
  883
  1,064
  1,262
  1,476
  1,707
  1,953
  2,214
  2,490
  2,780
  3,085
  3,404
  3,737
  4,084
  4,446
  4,823
  5,215
  5,622
  6,046
  6,486
  6,944
  7,421
  7,917
  8,434
  8,972
  9,533
  10,118
  10,728
  11,365
Maintenance CAPEX, $m
  0
  -175
  -213
  -255
  -302
  -354
  -411
  -472
  -537
  -607
  -681
  -759
  -841
  -928
  -1,018
  -1,112
  -1,210
  -1,312
  -1,418
  -1,528
  -1,643
  -1,762
  -1,886
  -2,015
  -2,149
  -2,288
  -2,433
  -2,584
  -2,741
  -2,905
  -3,075
New CAPEX, $m
  -171
  -338
  -379
  -421
  -462
  -503
  -543
  -583
  -621
  -659
  -695
  -731
  -767
  -802
  -837
  -873
  -909
  -945
  -983
  -1,021
  -1,061
  -1,103
  -1,146
  -1,192
  -1,239
  -1,290
  -1,342
  -1,398
  -1,457
  -1,519
  -1,584
Cash from investing activities, $m
  -158
  -513
  -592
  -676
  -764
  -857
  -954
  -1,055
  -1,158
  -1,266
  -1,376
  -1,490
  -1,608
  -1,730
  -1,855
  -1,985
  -2,119
  -2,257
  -2,401
  -2,549
  -2,704
  -2,865
  -3,032
  -3,207
  -3,388
  -3,578
  -3,775
  -3,982
  -4,198
  -4,424
  -4,659
Free cash flow, $m
  363
  58
  127
  207
  299
  405
  522
  652
  794
  948
  1,113
  1,289
  1,476
  1,674
  1,882
  2,100
  2,328
  2,566
  2,814
  3,072
  3,341
  3,621
  3,912
  4,214
  4,529
  4,856
  5,197
  5,551
  5,920
  6,305
  6,706
Issuance/(repayment) of debt, $m
  0
  118
  132
  147
  161
  176
  190
  203
  217
  230
  243
  255
  268
  280
  292
  305
  317
  330
  343
  356
  370
  385
  400
  416
  433
  450
  468
  488
  508
  530
  553
Issuance/(repurchase) of shares, $m
  3
  250
  224
  182
  128
  60
  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 from financing (excl. dividends), $m  
  -9
  368
  356
  329
  289
  236
  190
  203
  217
  230
  243
  255
  268
  280
  292
  305
  317
  330
  343
  356
  370
  385
  400
  416
  433
  450
  468
  488
  508
  530
  553
Total cash flow (excl. dividends), $m
  355
  426
  482
  536
  589
  641
  712
  856
  1,011
  1,178
  1,356
  1,545
  1,744
  1,954
  2,174
  2,404
  2,645
  2,896
  3,157
  3,429
  3,712
  4,006
  4,312
  4,630
  4,962
  5,306
  5,665
  6,039
  6,429
  6,835
  7,259
Retained Cash Flow (-), $m
  -225
  -643
  -726
  -806
  -886
  -965
  -1,042
  -1,117
  -1,191
  -1,263
  -1,333
  -1,402
  -1,470
  -1,538
  -1,605
  -1,673
  -1,742
  -1,812
  -1,884
  -1,958
  -2,034
  -2,114
  -2,198
  -2,285
  -2,376
  -2,472
  -2,574
  -2,680
  -2,793
  -2,911
  -3,037
Prev. year cash balance distribution, $m
 
  516
  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
 
  299
  -244
  -271
  -297
  -324
  -330
  -261
  -180
  -85
  23
  143
  274
  416
  569
  731
  903
  1,084
  1,273
  1,471
  1,677
  1,892
  2,114
  2,346
  2,585
  2,834
  3,092
  3,359
  3,636
  3,923
  4,222
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
 
  286
  -223
  -236
  -245
  -251
  -239
  -177
  -112
  -49
  12
  68
  117
  158
  191
  215
  229
  236
  234
  226
  213
  196
  175
  154
  132
  110
  90
  72
  56
  43
  32
Current shareholders' claim on cash, %
  100
  96.9
  94.7
  93.2
  92.3
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0
  92.0

Randgold Resources Limited is engaged in gold mining, exploration and related activities. The Company's activities are focused on West and Central Africa. The Company operates through the gold mining segment. The Company operates various mines, such as Morila, Loulo, Gounkoto, Tongon and Kibali. The Company is exploring in African countries, such as Mali, Senegal, Cote d'Ivoire and the Democratic Republic of Congo (DRC). The Company also holds an interest in the Massawa project. The Company holds Morila Limited, which holds interests in the Morila mine in Mali. As of December 31, 2016, Morila mine has produced 122,370 ounces (oz) of gold. The Company holds a controlling interest in the Loulo mine, located in Mali, through Societe des Mines de Loulo SA (Loulo). The Loulo mine is mining from over two underground mines. As of December 31, 2016, Loulo mine has produced 350,604 oz of gold. It has a controlling interest in the Gounkoto mine through Societe des Mines de Gounkoto SA.

FINANCIAL RATIOS  of  Randgold Resources ADR (GOLD)

Valuation Ratios
P/E Ratio 37.3
Price to Sales 7.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 26.4
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.8%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 203
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 48.3%
EBITDA Margin - 3 Yr. Avg. 45.3%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 25.6%
Pre-Tax Margin 33.6%
Pre-Tax Margin - 3 Yr. Avg. 30.7%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 20.4%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 21.1%

GOLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOLD stock intrinsic value calculation we used $1201 million for the last fiscal year's total revenue generated by Randgold Resources ADR. The default revenue input number comes from 2016 income statement of Randgold Resources 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 GOLD stock valuation model: a) initial revenue growth rate of 21.7% 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 GOLD is calculated based on our internal credit rating of Randgold Resources 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 Randgold Resources 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 GOLD stock the variable cost ratio is equal to 16.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $667 million in the base year in the intrinsic value calculation for GOLD 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 66.7% for Randgold Resources ADR.

Corporate tax rate of 27% is the nominal tax rate for Randgold Resources 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 GOLD 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 GOLD are equal to 129.4%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Randgold Resources 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 GOLD is equal to 13.6%. 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 - $3499 million for Randgold Resources 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 93.413 million for Randgold Resources 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 Randgold Resources ADR at the current share price and the inputted number of shares is $9.2 billion.

RELATED COMPANIES Price Int.Val. Rating
AU AngloGold Asha 9.47 4.50  sell
IAG IAMGOLD 5.77 1.21  str.sell
KGC Kinross Gold 4.30 0.80  str.sell
GFI Gold Fields AD 4.05 0.84  str.sell
ABX Barrick Gold 16.10 1.40  str.sell
NEM Newmont Mining 37.84 13.69  str.sell
AUY Yamana Gold 2.74 1.08  str.sell
EGO Eldorado Gold 2.18 1.08  sell

COMPANY NEWS

▶ How Miners Correlate to Gold   [Oct-20-17 10:38AM  Market Realist]
▶ Randgold Resources: Holding(s) in Company   [04:24AM  Marketwired]
▶ How Mining Stocks Correlate with Gold as of October 16   [Oct-18-17 02:06PM  Market Realist]
▶ Randgold Resources: Holding(s) in Company   [12:19PM  Marketwired]
▶ Miners Relative Strength Index Rebounds in October 2017   [Oct-12-17 02:36PM  Market Realist]
▶ Gold Miners: Turning Over a Gilded Leaf?   [Oct-09-17 11:06AM  Barrons.com]
▶ New Strong Sell Stocks for October 6th   [Oct-06-17 09:17AM  Zacks]
▶ Miners and Their Correlation Trends in 2017   [Oct-05-17 02:35PM  Market Realist]
▶ Technical Analysis of 4 Mining Shares on Monday, October 2   [Oct-04-17 10:40AM  Market Realist]
▶ How Gold Reacts to the Stock Market   [Oct-03-17 02:12PM  Market Realist]
▶ Randgold Resources Meets 80-Plus Relative Strength Rating Benchmark   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ How Is the Gold-Silver Ratio Looking in 2017?   [Sep-25-17 03:46PM  Market Realist]
▶ Why Gold Remains Coveted for the Long Term   [Sep-22-17 02:07PM  Zacks]
▶ Gold Mining Stock Outlook - Sept. 2017   [Sep-21-17 04:36PM  Zacks]
▶ Why Gold ETF Demand Is Reviving   [Sep-20-17 09:08AM  Market Realist]
▶ Mining Stocks: Gauging Directional Trends   [Sep-19-17 08:09AM  Market Realist]
▶ Gold miners seek safety as political risks rise   [Sep-15-17 07:00AM  Reuters]
▶ Stocks To Watch: Randgold Resources Sees RS Rating Jump To 85   [03:00AM  Investor's Business Daily]
▶ Gold miners seek safety as political risks rise   [Sep-14-17 07:10PM  Reuters]
▶ The Correlation of Mining Shares in 2017 Year-to-Date   [Sep-13-17 07:41AM  Market Realist]
▶ Comparing Mining Stocks Volatility   [07:37AM  Market Realist]
▶ Precious Metals Performance on September 7, 2017   [Sep-08-17 05:35PM  Market Realist]
▶ Randgold Resources: Holding(s) in Company   [12:18PM  Marketwired]
▶ Newmont Mining Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Watch These 2 Toronto-Based Miners As The Gold Rush Continues   [Sep-07-17 05:19PM  Investor's Business Daily]
▶ How Mining Stocks Prices Compare   [04:06PM  Market Realist]
▶ Chart in Focus: Miners Technical Indicators   [07:38AM  Market Realist]
▶ Total Voting Rights   [Aug-31-17 04:12AM  ACCESSWIRE]
▶ Randgold Resources: Total Voting Rights   [03:32AM  Marketwired]
▶ What's In Store For Metals & Mining For The Rest Of 2017   [Aug-23-17 09:46AM  Barrons.com]
▶ Nasdaq, S&P 500 Turn North; Caterpillar Gains 1%   [Aug-18-17 12:09PM  Investor's Business Daily]
▶ A North-Korea-proof investment portfolio   [Aug-09-17 07:44PM  CNBC Videos]
▶ Randgold posts 2Q profit   [Aug-04-17 09:02PM  Associated Press]
▶ [$$] Lombard: Indiana Bristow keeps Randgold on course   [Aug-03-17 01:30PM  Financial Times]
▶ Randgold Resources Limited: Total Voting Rights   [Jul-31-17 03:42AM  Marketwired]
▶ Randgold Resources: Total Voting Rights   [03:34AM  Marketwired]
▶ Why Mining Stocks Swung Higher on Tuesday, July 25   [Jul-27-17 02:05PM  Market Realist]
▶ Randgold Resources: Mali Mines power ahead   [Jul-26-17 01:22PM  Marketwired]
▶ Reading the Rebounds in Miners Relative Strengths   [Jul-24-17 05:06PM  Market Realist]
▶ Analyzing Miners Correlation in July 2017   [11:53AM  Market Realist]
▶ A Look at the Technical Indicators for Major Miners   [Jul-18-17 01:05PM  Market Realist]
▶ Randgold Resources: Steady Performance By Kibali   [Jul-17-17 11:30AM  Marketwired]
▶ Miners Had a Good Day on July 10   [Jul-14-17 07:40AM  Market Realist]
▶ Bear of the Day: Yamana Gold (AUY)   [Jul-11-17 06:36AM  Zacks]
▶ Mining Stocks Followed Precious Metals on July 3   [Jul-05-17 06:05PM  Market Realist]
▶ Randgold Resources: Total Voting Rights   [03:32AM  Marketwired]
▶ Congo Should Enforce Mining Code, Randgold Boss Says   [Jun-28-17 07:00PM  Bloomberg]
▶ Whats the Volatility of Mining Stocks?   [Jun-16-17 12:05PM  Market Realist]
▶ How Mining Shares Are Trading in June   [Jun-14-17 12:35PM  Market Realist]
▶ Randgold Resources Doing Better Than Bullion   [11:35AM  TheStreet.com]
▶ The Brightest Day for Mining This WeekSo Far   [07:37AM  Market Realist]
▶ Gold Stock Clears Resistance As It Mines For New Breakout   [Jun-07-17 04:12PM  Investor's Business Daily]
Financial statements of GOLD
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.