Intrinsic value of Randgold Resources ADR - GOLD

Previous Close

$96.47

  Intrinsic Value

$17.22

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

+3%

Previous close

$96.47

 
Intrinsic value

$17.22

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

+3%

*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 9.3

 

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
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  1,201
  1,421
  1,662
  1,924
  2,207
  2,510
  2,832
  3,174
  3,535
  3,914
  4,311
  4,727
  5,160
  5,612
  6,082
  6,572
  7,080
  7,609
  8,158
  8,729
  9,322
  9,939
  10,580
  11,248
  11,943
  12,667
  13,421
  14,207
  15,027
  15,883
  16,777
Variable operating expenses, $m
 
  230
  269
  312
  357
  407
  459
  514
  573
  634
  698
  766
  836
  909
  985
  1,065
  1,147
  1,233
  1,322
  1,414
  1,510
  1,610
  1,714
  1,822
  1,935
  2,052
  2,174
  2,302
  2,434
  2,573
  2,718
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
  914
  970
  1,030
  1,093
  1,162
  1,233
  1,307
  1,386
  1,467
  1,552
  1,641
  1,733
  1,828
  1,927
  2,031
  2,137
  2,248
  2,362
  2,480
  2,603
  2,730
  2,862
  2,999
  3,141
  3,289
  3,441
  3,601
  3,766
  3,938
  4,117
Operating income, $m
  387
  507
  692
  894
  1,113
  1,348
  1,600
  1,867
  2,149
  2,447
  2,759
  3,086
  3,427
  3,783
  4,155
  4,541
  4,943
  5,361
  5,796
  6,248
  6,719
  7,208
  7,718
  8,249
  8,802
  9,378
  9,979
  10,606
  11,261
  11,945
  12,660
EBITDA, $m
  562
  691
  907
  1,143
  1,399
  1,673
  1,966
  2,278
  2,607
  2,953
  3,317
  3,697
  4,095
  4,510
  4,942
  5,391
  5,859
  6,346
  6,852
  7,378
  7,925
  8,494
  9,087
  9,704
  10,347
  11,017
  11,716
  12,445
  13,206
  14,001
  14,831
Interest expense (income), $m
  2
  2
  68
  141
  220
  305
  396
  494
  597
  705
  819
  939
  1,064
  1,195
  1,331
  1,473
  1,620
  1,773
  1,932
  2,098
  2,270
  2,448
  2,634
  2,828
  3,029
  3,238
  3,456
  3,683
  3,920
  4,167
  4,425
Earnings before tax, $m
  403
  505
  623
  753
  893
  1,043
  1,203
  1,373
  1,553
  1,742
  1,939
  2,147
  2,363
  2,589
  2,824
  3,068
  3,323
  3,588
  3,864
  4,150
  4,449
  4,760
  5,084
  5,421
  5,773
  6,140
  6,523
  6,923
  7,341
  7,778
  8,235
Tax expense, $m
  109
  136
  168
  203
  241
  282
  325
  371
  419
  470
  524
  580
  638
  699
  762
  828
  897
  969
  1,043
  1,121
  1,201
  1,285
  1,373
  1,464
  1,559
  1,658
  1,761
  1,869
  1,982
  2,100
  2,223
Net income, $m
  247
  369
  455
  550
  652
  762
  879
  1,003
  1,134
  1,271
  1,416
  1,567
  1,725
  1,890
  2,061
  2,240
  2,426
  2,619
  2,820
  3,030
  3,248
  3,475
  3,711
  3,957
  4,214
  4,482
  4,762
  5,054
  5,359
  5,678
  6,012

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
  4,167
  4,874
  5,642
  6,471
  7,360
  8,306
  9,308
  10,366
  11,477
  12,643
  13,861
  15,133
  16,458
  17,837
  19,271
  20,763
  22,313
  23,923
  25,597
  27,337
  29,145
  31,027
  32,985
  35,023
  37,145
  39,357
  41,663
  44,069
  46,579
  49,200
Adjusted assets (=assets-cash), $m
  3,525
  4,167
  4,874
  5,642
  6,471
  7,360
  8,306
  9,308
  10,366
  11,477
  12,643
  13,861
  15,133
  16,458
  17,837
  19,271
  20,763
  22,313
  23,923
  25,597
  27,337
  29,145
  31,027
  32,985
  35,023
  37,145
  39,357
  41,663
  44,069
  46,579
  49,200
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
  1,838
  2,150
  2,490
  2,856
  3,248
  3,665
  4,107
  4,574
  5,064
  5,579
  6,116
  6,677
  7,262
  7,871
  8,504
  9,162
  9,846
  10,556
  11,295
  12,062
  12,861
  13,691
  14,555
  15,454
  16,390
  17,367
  18,384
  19,445
  20,553
  21,709
Working capital, $m
  679
  193
  226
  262
  300
  341
  385
  432
  481
  532
  586
  643
  702
  763
  827
  894
  963
  1,035
  1,109
  1,187
  1,268
  1,352
  1,439
  1,530
  1,624
  1,723
  1,825
  1,932
  2,044
  2,160
  2,282
Total debt, $m
  3
  103
  212
  330
  458
  594
  740
  894
  1,057
  1,229
  1,408
  1,596
  1,791
  1,995
  2,208
  2,429
  2,658
  2,897
  3,145
  3,403
  3,671
  3,949
  4,239
  4,541
  4,854
  5,181
  5,522
  5,877
  6,248
  6,634
  7,038
Total liabilities, $m
  542
  642
  751
  869
  997
  1,133
  1,279
  1,433
  1,596
  1,768
  1,947
  2,135
  2,330
  2,534
  2,747
  2,968
  3,197
  3,436
  3,684
  3,942
  4,210
  4,488
  4,778
  5,080
  5,393
  5,720
  6,061
  6,416
  6,787
  7,173
  7,577
Total equity, $m
  3,499
  3,525
  4,123
  4,773
  5,475
  6,226
  7,027
  7,875
  8,769
  9,710
  10,696
  11,726
  12,802
  13,923
  15,090
  16,304
  17,565
  18,876
  20,239
  21,655
  23,127
  24,657
  26,249
  27,905
  29,629
  31,425
  33,296
  35,247
  37,282
  39,406
  41,623
Total liabilities and equity, $m
  4,041
  4,167
  4,874
  5,642
  6,472
  7,359
  8,306
  9,308
  10,365
  11,478
  12,643
  13,861
  15,132
  16,457
  17,837
  19,272
  20,762
  22,312
  23,923
  25,597
  27,337
  29,145
  31,027
  32,985
  35,022
  37,145
  39,357
  41,663
  44,069
  46,579
  49,200
Debt-to-equity ratio
  0.001
  0.030
  0.050
  0.070
  0.080
  0.100
  0.110
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  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
  369
  455
  550
  652
  762
  879
  1,003
  1,134
  1,271
  1,416
  1,567
  1,725
  1,890
  2,061
  2,240
  2,426
  2,619
  2,820
  3,030
  3,248
  3,475
  3,711
  3,957
  4,214
  4,482
  4,762
  5,054
  5,359
  5,678
  6,012
Depreciation, amort., depletion, $m
  175
  184
  215
  249
  286
  325
  366
  411
  457
  506
  558
  612
  668
  726
  787
  850
  916
  985
  1,056
  1,129
  1,206
  1,286
  1,369
  1,455
  1,545
  1,639
  1,737
  1,838
  1,945
  2,055
  2,171
Funds from operations, $m
  424
  552
  670
  799
  937
  1,086
  1,245
  1,413
  1,591
  1,778
  1,974
  2,179
  2,393
  2,616
  2,848
  3,090
  3,342
  3,604
  3,876
  4,159
  4,454
  4,761
  5,080
  5,413
  5,760
  6,121
  6,499
  6,892
  7,304
  7,733
  8,183
Change in working capital, $m
  -97
  30
  33
  36
  38
  41
  44
  46
  49
  52
  54
  57
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  98
  103
  107
  112
  116
  122
Cash from operations, $m
  521
  523
  637
  763
  899
  1,045
  1,201
  1,367
  1,542
  1,726
  1,920
  2,122
  2,334
  2,554
  2,784
  3,024
  3,273
  3,532
  3,801
  4,082
  4,373
  4,677
  4,993
  5,322
  5,665
  6,023
  6,396
  6,785
  7,192
  7,617
  8,061
Maintenance CAPEX, $m
  0
  -155
  -184
  -215
  -249
  -286
  -325
  -366
  -411
  -457
  -506
  -558
  -612
  -668
  -726
  -787
  -850
  -916
  -985
  -1,056
  -1,129
  -1,206
  -1,286
  -1,369
  -1,455
  -1,545
  -1,639
  -1,737
  -1,838
  -1,945
  -2,055
New CAPEX, $m
  -171
  -285
  -312
  -339
  -366
  -392
  -417
  -442
  -467
  -491
  -514
  -538
  -561
  -585
  -609
  -633
  -658
  -684
  -711
  -739
  -768
  -798
  -830
  -864
  -899
  -937
  -976
  -1,018
  -1,061
  -1,108
  -1,156
Cash from investing activities, $m
  -158
  -440
  -496
  -554
  -615
  -678
  -742
  -808
  -878
  -948
  -1,020
  -1,096
  -1,173
  -1,253
  -1,335
  -1,420
  -1,508
  -1,600
  -1,696
  -1,795
  -1,897
  -2,004
  -2,116
  -2,233
  -2,354
  -2,482
  -2,615
  -2,755
  -2,899
  -3,053
  -3,211
Free cash flow, $m
  363
  82
  142
  209
  284
  368
  459
  558
  665
  778
  899
  1,027
  1,161
  1,302
  1,450
  1,604
  1,764
  1,932
  2,106
  2,287
  2,476
  2,672
  2,877
  3,089
  3,310
  3,541
  3,781
  4,031
  4,292
  4,565
  4,849
Issuance/(repayment) of debt, $m
  0
  100
  109
  118
  128
  137
  146
  154
  163
  171
  179
  188
  196
  204
  212
  221
  230
  239
  248
  258
  268
  279
  290
  301
  314
  327
  341
  355
  370
  387
  404
Issuance/(repurchase) of shares, $m
  3
  173
  143
  101
  50
  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 from financing (excl. dividends), $m  
  -9
  273
  252
  219
  178
  137
  146
  154
  163
  171
  179
  188
  196
  204
  212
  221
  230
  239
  248
  258
  268
  279
  290
  301
  314
  327
  341
  355
  370
  387
  404
Total cash flow (excl. dividends), $m
  355
  355
  393
  428
  461
  504
  605
  712
  827
  949
  1,078
  1,214
  1,357
  1,506
  1,662
  1,825
  1,994
  2,170
  2,354
  2,545
  2,744
  2,951
  3,166
  3,391
  3,624
  3,868
  4,122
  4,386
  4,663
  4,951
  5,253
Retained Cash Flow (-), $m
  -225
  -542
  -598
  -650
  -701
  -751
  -800
  -848
  -895
  -941
  -986
  -1,031
  -1,076
  -1,121
  -1,167
  -1,214
  -1,262
  -1,311
  -1,363
  -1,416
  -1,472
  -1,530
  -1,592
  -1,656
  -1,724
  -1,796
  -1,871
  -1,951
  -2,035
  -2,124
  -2,217
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
 
  329
  -205
  -223
  -240
  -247
  -196
  -136
  -67
  9
  93
  184
  281
  385
  495
  611
  732
  859
  992
  1,129
  1,272
  1,421
  1,575
  1,734
  1,900
  2,072
  2,250
  2,435
  2,628
  2,828
  3,036
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
 
  316
  -187
  -194
  -198
  -192
  -142
  -92
  -42
  5
  49
  87
  120
  146
  166
  179
  186
  187
  183
  174
  162
  147
  131
  114
  97
  81
  66
  52
  41
  31
  23
Current shareholders' claim on cash, %
  100
  97.9
  96.4
  95.5
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2

Randgold Resources Limited explores for and develops gold deposits in Sub-Saharan Africa. It holds interests in the Morila gold mine, the Loulo gold mine, and the Gounkoto gold mine, which are located in Mali, West Africa; Tongon mine situated within the Nielle exploitation permit in the north of Côte d’Ivoire; and Kibali mine located in the Democratic Republic of Congo. The company was founded in 1995 and is based in St. Helier, the Channel Islands.

FINANCIAL RATIOS  of  Randgold Resources ADR (GOLD)

Valuation Ratios
P/E Ratio 36.6
Price to Sales 7.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.4
Price to Free Cash Flow 25.9
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 18.3% 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 10 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 96.711 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 $9.3 billion.

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COMPANY NEWS

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▶ Randgold posts 2Q profit   [Aug-04-17 09:02PM  Associated Press]
▶ [$$] Lombard: Indiana Bristow keeps Randgold on course   [Aug-03-17 01:30PM  Financial Times]
▶ Randgold Resources Limited: Total Voting Rights   [Jul-31-17 03:42AM  Marketwired]
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▶ Why Mining Stocks Swung Higher on Tuesday, July 25   [Jul-27-17 02:05PM  Market Realist]
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▶ Bear of the Day: Yamana Gold (AUY)   [Jul-11-17 06:36AM  Zacks]
▶ Mining Stocks Followed Precious Metals on July 3   [Jul-05-17 06:05PM  Market Realist]
▶ Randgold Resources: Total Voting Rights   [03:32AM  Marketwired]
▶ Congo Should Enforce Mining Code, Randgold Boss Says   [Jun-28-17 07:00PM  Bloomberg]
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▶ How Miners Correlations to Precious Metals Are Trending   [May-31-17 10:41AM  Market Realist]
▶ How Mining Stocks Have Moved in May   [May-30-17 05:29PM  Market Realist]
▶ [$$] Randgold chief cashes in as metal value rises   [May-26-17 11:54AM  Financial Times]
▶ How Correlations of Mining Stocks Are Moving in May 2017   [May-24-17 04:28PM  Market Realist]
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▶ Analyzing the Correlation Trends of Miners in May 2017   [May-19-17 05:06PM  Market Realist]
▶ Randgold Resources: Holding(s) in Company   [10:58AM  Marketwired]
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▶ How Miners Correlate with Gold   [May-12-17 04:27PM  Market Realist]
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▶ Gauging the Aftermath of the Monday Gold Slump   [May-04-17 02:05PM  Market Realist]
▶ Randgold posts 1Q profit   [05:10AM  Associated Press]
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▶ Reading the Mining Stocks Falling RSI Numbers   [09:11AM  Market Realist]
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▶ Randgold Resources: Total Voting Rights   [Apr-28-17 07:37AM  Marketwired]
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▶ Understanding Mining Correlation Trends So Far in 2017   [Apr-24-17 09:08AM  Market Realist]
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Stock chart of GOLD 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.

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