Intrinsic value of Gold Resource - GORO

Previous Close

$3.62

  Intrinsic Value

$18.13

stock screener

  Rating & Target

str. buy

+401%

  Value-price divergence*

+84%

Previous close

$3.62

 
Intrinsic value

$18.13

 
Up/down potential

+401%

 
Rating

str. buy

 
Value-price divergence*

+84%

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

We calculate the intrinsic value of GORO 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, %
  -10.75
  41.20
  37.58
  34.32
  31.39
  28.75
  26.38
  24.24
  22.31
  20.58
  19.02
  17.62
  16.36
  15.22
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.11
  6.89
  6.71
Revenue, $m
  83
  117
  161
  217
  285
  366
  463
  575
  704
  848
  1,010
  1,188
  1,382
  1,593
  1,819
  2,060
  2,317
  2,588
  2,874
  3,173
  3,487
  3,815
  4,157
  4,513
  4,884
  5,269
  5,669
  6,085
  6,518
  6,967
  7,434
Variable operating expenses, $m
 
  59
  82
  110
  144
  185
  234
  291
  356
  429
  511
  601
  699
  806
  920
  1,042
  1,172
  1,310
  1,454
  1,606
  1,765
  1,930
  2,103
  2,284
  2,471
  2,666
  2,869
  3,079
  3,298
  3,525
  3,762
Fixed operating expenses, $m
 
  35
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
Total operating expenses, $m
  75
  94
  118
  147
  182
  223
  273
  331
  397
  471
  555
  646
  745
  853
  968
  1,091
  1,222
  1,362
  1,507
  1,660
  1,821
  1,987
  2,162
  2,344
  2,532
  2,729
  2,934
  3,145
  3,366
  3,595
  3,833
Operating income, $m
  8
  23
  44
  70
  103
  143
  189
  244
  306
  377
  455
  542
  637
  740
  850
  969
  1,094
  1,227
  1,367
  1,513
  1,667
  1,828
  1,995
  2,169
  2,351
  2,540
  2,736
  2,940
  3,152
  3,372
  3,601
EBITDA, $m
  21
  30
  54
  84
  120
  165
  217
  279
  349
  428
  517
  614
  721
  837
  961
  1,094
  1,235
  1,384
  1,541
  1,706
  1,879
  2,060
  2,248
  2,444
  2,648
  2,860
  3,081
  3,310
  3,548
  3,796
  4,053
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
Earnings before tax, $m
  9
  23
  44
  70
  102
  142
  188
  242
  304
  374
  452
  538
  632
  734
  843
  960
  1,085
  1,216
  1,355
  1,500
  1,653
  1,812
  1,978
  2,151
  2,330
  2,517
  2,712
  2,914
  3,124
  3,342
  3,569
Tax expense, $m
  5
  6
  12
  19
  28
  38
  51
  65
  82
  101
  122
  145
  171
  198
  228
  259
  293
  328
  366
  405
  446
  489
  534
  581
  629
  680
  732
  787
  843
  902
  964
Net income, $m
  4
  17
  32
  51
  75
  103
  137
  177
  222
  273
  330
  393
  461
  536
  616
  701
  792
  888
  989
  1,095
  1,206
  1,323
  1,444
  1,570
  1,701
  1,838
  1,980
  2,127
  2,280
  2,440
  2,605

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  118
  147
  202
  271
  357
  459
  580
  721
  882
  1,063
  1,265
  1,488
  1,732
  1,996
  2,279
  2,582
  2,903
  3,243
  3,601
  3,977
  4,370
  4,781
  5,209
  5,656
  6,120
  6,602
  7,104
  7,626
  8,167
  8,730
  9,316
Adjusted assets (=assets-cash), $m
  104
  147
  202
  271
  357
  459
  580
  721
  882
  1,063
  1,265
  1,488
  1,732
  1,996
  2,279
  2,582
  2,903
  3,243
  3,601
  3,977
  4,370
  4,781
  5,209
  5,656
  6,120
  6,602
  7,104
  7,626
  8,167
  8,730
  9,316
Revenue / Adjusted assets
  0.798
  0.796
  0.797
  0.801
  0.798
  0.797
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
  0.798
Average production assets, $m
  51
  71
  98
  132
  173
  223
  282
  350
  428
  516
  614
  722
  840
  968
  1,106
  1,253
  1,409
  1,574
  1,747
  1,929
  2,120
  2,320
  2,527
  2,744
  2,969
  3,203
  3,447
  3,700
  3,963
  4,236
  4,520
Working capital, $m
  20
  8
  12
  16
  20
  26
  33
  41
  51
  61
  73
  86
  100
  115
  131
  148
  167
  186
  207
  228
  251
  275
  299
  325
  352
  379
  408
  438
  469
  502
  535
Total debt, $m
  0
  5
  10
  18
  27
  38
  51
  65
  82
  102
  123
  147
  173
  201
  231
  263
  297
  333
  371
  411
  452
  496
  541
  588
  638
  689
  742
  797
  855
  914
  976
Total liabilities, $m
  11
  16
  21
  29
  38
  49
  62
  76
  93
  113
  134
  158
  184
  212
  242
  274
  308
  344
  382
  422
  463
  507
  552
  599
  649
  700
  753
  808
  866
  925
  987
Total equity, $m
  107
  131
  181
  243
  319
  410
  519
  644
  788
  950
  1,131
  1,331
  1,548
  1,784
  2,037
  2,308
  2,595
  2,899
  3,219
  3,555
  3,907
  4,274
  4,657
  5,056
  5,471
  5,903
  6,351
  6,817
  7,302
  7,805
  8,328
Total liabilities and equity, $m
  118
  147
  202
  272
  357
  459
  581
  720
  881
  1,063
  1,265
  1,489
  1,732
  1,996
  2,279
  2,582
  2,903
  3,243
  3,601
  3,977
  4,370
  4,781
  5,209
  5,655
  6,120
  6,603
  7,104
  7,625
  8,168
  8,730
  9,315
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.070
  0.080
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Adjusted equity ratio
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894
  0.894

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  17
  32
  51
  75
  103
  137
  177
  222
  273
  330
  393
  461
  536
  616
  701
  792
  888
  989
  1,095
  1,206
  1,323
  1,444
  1,570
  1,701
  1,838
  1,980
  2,127
  2,280
  2,440
  2,605
Depreciation, amort., depletion, $m
  13
  7
  10
  13
  17
  22
  28
  35
  43
  52
  61
  72
  84
  97
  111
  125
  141
  157
  175
  193
  212
  232
  253
  274
  297
  320
  345
  370
  396
  424
  452
Funds from operations, $m
  19
  24
  42
  64
  92
  126
  165
  212
  265
  324
  391
  465
  545
  632
  726
  826
  933
  1,045
  1,164
  1,288
  1,418
  1,555
  1,696
  1,844
  1,998
  2,158
  2,324
  2,497
  2,677
  2,863
  3,057
Change in working capital, $m
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
Cash from operations, $m
  18
  21
  39
  60
  87
  120
  158
  204
  255
  314
  380
  452
  531
  617
  710
  809
  914
  1,026
  1,143
  1,267
  1,396
  1,531
  1,672
  1,819
  1,971
  2,130
  2,295
  2,467
  2,646
  2,831
  3,024
Maintenance CAPEX, $m
  0
  -5
  -7
  -10
  -13
  -17
  -22
  -28
  -35
  -43
  -52
  -61
  -72
  -84
  -97
  -111
  -125
  -141
  -157
  -175
  -193
  -212
  -232
  -253
  -274
  -297
  -320
  -345
  -370
  -396
  -424
New CAPEX, $m
  -15
  -21
  -27
  -34
  -41
  -50
  -59
  -68
  -78
  -88
  -98
  -108
  -118
  -128
  -138
  -147
  -156
  -165
  -174
  -182
  -191
  -199
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
Cash from investing activities, $m
  -15
  -26
  -34
  -44
  -54
  -67
  -81
  -96
  -113
  -131
  -150
  -169
  -190
  -212
  -235
  -258
  -281
  -306
  -331
  -357
  -384
  -411
  -440
  -469
  -499
  -531
  -563
  -598
  -633
  -669
  -708
Free cash flow, $m
  3
  -4
  5
  17
  33
  53
  77
  107
  142
  183
  230
  282
  341
  405
  476
  552
  633
  720
  812
  910
  1,012
  1,120
  1,232
  1,349
  1,472
  1,599
  1,732
  1,870
  2,013
  2,162
  2,316
Issuance/(repayment) of debt, $m
  -1
  5
  6
  7
  9
  11
  13
  15
  17
  19
  21
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
Issuance/(repurchase) of shares, $m
  0
  21
  17
  11
  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
Cash from financing (excl. dividends), $m  
  0
  26
  23
  18
  10
  11
  13
  15
  17
  19
  21
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
Total cash flow (excl. dividends), $m
  3
  22
  28
  35
  43
  64
  90
  122
  159
  202
  251
  306
  367
  433
  506
  584
  667
  756
  850
  949
  1,054
  1,163
  1,277
  1,397
  1,521
  1,650
  1,785
  1,925
  2,070
  2,221
  2,378
Retained Cash Flow (-), $m
  -18
  -38
  -49
  -62
  -76
  -92
  -108
  -126
  -144
  -162
  -181
  -199
  -218
  -236
  -253
  -271
  -287
  -304
  -320
  -336
  -352
  -367
  -383
  -399
  -415
  -432
  -449
  -466
  -484
  -503
  -523
Prev. year cash balance distribution, $m
 
  14
  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
 
  -3
  -21
  -27
  -33
  -28
  -18
  -4
  16
  40
  70
  107
  149
  198
  252
  313
  380
  452
  530
  614
  702
  796
  894
  998
  1,106
  1,219
  1,336
  1,459
  1,586
  1,718
  1,855
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
 
  -2
  -20
  -23
  -27
  -22
  -13
  -2
  10
  23
  37
  51
  64
  75
  85
  92
  96
  98
  98
  94
  89
  82
  74
  65
  56
  47
  39
  31
  25
  19
  14
Current shareholders' claim on cash, %
  100
  89.4
  83.7
  81.1
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9

Gold Resource Corporation explores for and produces gold and silver in Mexico. It holds 100% interest in six potential gold and silver properties at its producing Oaxaca, Mexico Mining Unit, producing gold, silver, copper, lead, and zinc; and three exploration properties at its Nevada mining unit. The company’s flagship property is the El Aguila project comprising 17 mining concessions aggregating approximately 30,074 hectares located in the State of Oaxaca. Gold Resource Corporation was founded in 1998 and is headquartered in Colorado Springs, Colorado.

FINANCIAL RATIOS  of  Gold Resource (GORO)

Valuation Ratios
P/E Ratio 51.2
Price to Sales 2.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 68.3
Growth Rates
Sales Growth Rate -10.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.4%
Cap. Spend. - 3 Yr. Gr. Rate 13.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 26.5%
Gross Margin - 3 Yr. Avg. 34.4%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 26.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 16.2%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 55.6%
Eff/ Tax Rate - 3 Yr. Avg. 59.1%
Payout Ratio 50%

GORO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GORO stock intrinsic value calculation we used $83 million for the last fiscal year's total revenue generated by Gold Resource. The default revenue input number comes from 2016 income statement of Gold Resource. 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 GORO stock valuation model: a) initial revenue growth rate of 41.2% 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 GORO is calculated based on our internal credit rating of Gold Resource, 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 Gold Resource.
    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 GORO stock the variable cost ratio is equal to 50.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for GORO 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 Gold Resource.

Corporate tax rate of 27% is the nominal tax rate for Gold Resource. 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 GORO 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 GORO are equal to 60.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Gold Resource 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 GORO is equal to 7.2%. 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 - $107 million for Gold Resource - 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 57.342 million for Gold Resource 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 Gold Resource at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
NEM Newmont Mining 35.83 12.52  str.sell
RGLD Royal Gold 86.25 8.55  str.sell

COMPANY NEWS

▶ Gold Resource posts 2Q profit   [Aug-02-17 12:05AM  Associated Press]
▶ Gold Resource Corporation Second Quarter Conference Call   [Jul-31-17 05:00PM  Marketwired]
▶ Gold Resource Corporation Declares July Monthly Dividend   [Jul-25-17 04:15PM  Marketwired]
▶ ETFs with exposure to Gold Resource Corp. : June 29, 2017   [Jun-29-17 03:02PM  Capital Cube]
▶ Gold Resource Corporation Declares June Monthly Dividend   [Jun-26-17 04:46PM  Marketwired]
▶ Gold Resource Corporation Declares May Monthly Dividend   [May-25-17 08:00AM  Marketwired]
▶ ETFs with exposure to Gold Resource Corp. : May 9, 2017   [May-09-17 04:39PM  Capital Cube]
▶ Gold Resource posts 1Q profit   [May-03-17 05:02AM  Associated Press]
▶ Gold Resource Corporation First Quarter Conference Call   [May-01-17 06:34PM  Marketwired]
▶ ETFs with exposure to Gold Resource Corp. : April 7, 2017   [Apr-07-17 04:41PM  Capital Cube]
▶ Is Gold Resource Corporation (GORO) A Good Stock to Buy?   [Dec-16-16 10:53PM  at Insider Monkey]
▶ Is Sturm, Ruger's Dividend in Danger?   [Dec-10-16 06:22PM  at Motley Fool]
▶ Gold Resource Corporation Third Quarter Conference Call   [Nov-01-16 08:00AM  Marketwired]
▶ Gold Resource Gets Final Permit For Alta Gracia (GORO)   [Oct-13-16 08:35AM  at Investopedia]
▶ Gold Resource Corporation Second Quarter Conference Call   [Aug-01-16 07:23PM  Marketwired]
▶ Gold Resource Corporation Declares July Monthly Dividend   [Jul-27-16 04:15PM  Marketwired]
Stock chart of GORO Financial statements of GORO
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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