Intrinsic value of Great Panther Silver - GPL

Previous Close

$1.28

  Intrinsic Value

$0.08

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-96%

Previous close

$1.28

 
Intrinsic value

$0.08

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-96%

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

We calculate the intrinsic value of GPL 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, %
  9.52
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  46
  50
  55
  60
  65
  70
  75
  81
  86
  92
  99
  105
  112
  119
  126
  134
  142
  150
  159
  168
  177
  187
  197
  208
  219
  231
  243
  256
  269
  284
  298
Variable operating expenses, $m
 
  59
  64
  70
  76
  82
  88
  95
  101
  108
  116
  123
  131
  140
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
  316
  333
  350
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
  40
  59
  64
  70
  76
  82
  88
  95
  101
  108
  116
  123
  131
  140
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
  316
  333
  350
Operating income, $m
  6
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
EBITDA, $m
  10
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
Earnings before tax, $m
  -2
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
Tax expense, $m
  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
Net income, $m
  -3
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  42
  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
  66
  26
  29
  31
  34
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
Adjusted assets (=assets-cash), $m
  24
  26
  29
  31
  34
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
Revenue / Adjusted assets
  1.917
  1.923
  1.897
  1.935
  1.912
  1.944
  1.923
  1.929
  1.911
  1.917
  1.941
  1.909
  1.931
  1.919
  1.909
  1.914
  1.919
  1.923
  1.916
  1.931
  1.924
  1.928
  1.913
  1.926
  1.921
  1.925
  1.913
  1.910
  1.908
  1.919
  1.910
Average production assets, $m
  12
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
Working capital, $m
  49
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
Total debt, $m
  0
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
Total liabilities, $m
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
Total equity, $m
  57
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
Total liabilities and equity, $m
  66
  26
  29
  31
  34
  37
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  114
  120
  127
  133
  141
  147
  155
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.170
  0.200
  0.230
  0.260
  0.280
  0.300
  0.320
  0.340
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
Adjusted equity ratio
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625
  0.625

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
Depreciation, amort., depletion, $m
  4
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
Funds from operations, $m
  8
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
Change in working capital, $m
  -2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  10
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Maintenance CAPEX, $m
  0
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
New CAPEX, $m
  -3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from investing activities, $m
  -15
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
Free cash flow, $m
  -5
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Issuance/(repurchase) of shares, $m
  26
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
Cash from financing (excl. dividends), $m  
  26
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  53
  56
  58
  61
Total cash flow (excl. dividends), $m
  21
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Retained Cash Flow (-), $m
  -28
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
Prev. year cash balance distribution, $m
 
  42
  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
 
  33
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
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
 
  31
  -9
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  84.9
  72.1
  61.4
  52.2
  44.5
  38.0
  32.4
  27.7
  23.6
  20.2
  17.3
  14.8
  12.7
  10.8
  9.3
  8.0
  6.8
  5.8
  5.0
  4.3
  3.7
  3.2
  2.7
  2.3
  2.0
  1.7
  1.5
  1.3
  1.1
  0.9

Great Panther Silver Ltd (Great Panther) is a Canada-based silver mining and precious metals producer and exploration company. The Company owns two producing mining operations: the Topia Mine and the Guanajuato Mine Complex (GMC). Its segments include GMC, Topia, Exploration and Corporate. The GMC operations produce silver and gold. The Topia operations produce silver, gold, lead and zinc. The Exploration segment includes its exploration and evaluation assets of Santa Rosa, El Horcon, the Coricancha Mine Complex (CMC) and the Guadalupe de los Reyes gold-silver project (GDLR Project). The Corporate segment provides financial, human resources and technical support to the Company's mining operations and exploration activities. The GMC consists of its Guanajuato Mine, San Ignacio Mine, the Cata processing plant, and the associated infrastructure. The Topia Mine is located in the Sierra Madre Mountains in the state of Durango in northwestern Mexico.

FINANCIAL RATIOS  of  Great Panther Silver (GPL)

Valuation Ratios
P/E Ratio -71.2
Price to Sales 4.6
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 30.5
Growth Rates
Sales Growth Rate 9.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -21.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -5.8%
Ret/ On Assets - 3 Yr. Avg. -18.2%
Return On Total Capital -7%
Ret/ On T. Cap. - 3 Yr. Avg. -21.6%
Return On Equity -7%
Return On Equity - 3 Yr. Avg. -21.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 9.8%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. -3.7%
Operating Margin 13%
Oper. Margin - 3 Yr. Avg. -19.5%
Pre-Tax Margin -4.3%
Pre-Tax Margin - 3 Yr. Avg. -24.6%
Net Profit Margin -6.5%
Net Profit Margin - 3 Yr. Avg. -26.1%
Effective Tax Rate -50%
Eff/ Tax Rate - 3 Yr. Avg. -18.1%
Payout Ratio 0%

GPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPL stock intrinsic value calculation we used $46 million for the last fiscal year's total revenue generated by Great Panther Silver. The default revenue input number comes from 2016 income statement of Great Panther Silver. 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 GPL stock valuation model: a) initial revenue growth rate of 9.5% 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 GPL is calculated based on our internal credit rating of Great Panther Silver, 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 Great Panther Silver.
    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 GPL stock the variable cost ratio is equal to 117.4%.

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 GPL 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 Great Panther Silver.

Corporate tax rate of 27% is the nominal tax rate for Great Panther Silver. 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 GPL 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 GPL are equal to 26.1%.

Life of production assets of 3 years is the average useful life of capital assets used in Great Panther Silver 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 GPL is equal to 15.2%. 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 - $57 million for Great Panther Silver - 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 169.855 million for Great Panther Silver 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 Great Panther Silver at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
ASM Avino Silver&G 1.48 0.93  sell
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PAAS Pan American S 16.98 2.29  str.sell

COMPANY NEWS

▶ Great Panther Silver Appoints Two New Vice Presidents   [Aug-15-17 08:30AM  PR Newswire]
▶ Great Panther posts 2Q profit   [Aug-04-17 03:17AM  Associated Press]
▶ Pan Andean Signs LOI with Great Panther Silver   [Aug-03-17 09:00AM  Newsfile]
▶ Great Panther Silver Appoints New CEO   [Aug-01-17 10:16PM  PR Newswire]
▶ Great Panther Silver Appoints New CEO   [10:16PM  CNW Group]
▶ Top 3 Silver Stocks as of July 2017   [Jul-12-17 04:41PM  Investopedia]
▶ Great Panther posts 1Q profit   [May-03-17 06:55PM  Associated Press]
▶ Great Panther Silver Limited Appoints Board Director   [Apr-13-17 08:30AM  CNW Group]
▶ Great Panther Silver announces management changes   [Apr-05-17 08:30AM  PR Newswire]
▶ 3 Top Silver Stocks to Buy in 2017   [Mar-25-17 08:10AM  Motley Fool]
▶ 3 Top Silver Stocks to Buy in 2017   [08:10AM  at Motley Fool]
▶ Bitcoin Crash Creates Golden Opportunity   [Mar-11-17 07:33PM  Zacks]
▶ Great Panther reports 4Q loss   [Feb-27-17 07:55PM  Associated Press]
▶ 4 Stocks Under $4 That Could Double   [Feb-09-17 11:05AM  at Motley Fool]
▶ Top 3 Silver Stocks for 2017   [Jan-26-17 12:57PM  at Investopedia]
▶ The 3 Biggest Surprises From Silver Stocks in 2016   [Jan-13-17 10:55AM  at Motley Fool]
▶ 3 Top Silver Stocks to Buy in 2017   [Dec-29-16 10:07AM  at Motley Fool]
▶ 9 Reasons Not to Fear Falling Silver Prices   [Dec-02-16 12:32PM  at Motley Fool]
▶ Here's Why Great Panther Silver Ltd's Stock Is Sinking Today   [Dec-01-16 11:37AM  at Motley Fool]
▶ 3 Things Great Panther Silver Ltd's CEO Wants You to Know   [Nov-15-16 01:24PM  at Motley Fool]
▶ 3 Terrible Reasons to Buy Great Panther Silver Ltd.   [Oct-31-16 10:18AM  at Motley Fool]
▶ These Small-Cap Gold and Silver Miners Could Triple By 2020   [Oct-26-16 12:15PM  at Motley Fool]
▶ Is Great Panther Silver Ltds Slumping Production a Concern?   [Oct-14-16 09:58AM  at Motley Fool]
▶ Great Panther Silver Ltd's Stock Explained in 4 Charts   [Oct-05-16 01:29PM  at Motley Fool]
▶ 5 Top Silver Stocks to Buy   [Sep-26-16 09:10AM  at Motley Fool]
▶ Why Silver Mining Stocks Are Scorching Hot Right Now   [Aug-20-16 12:00PM  at Motley Fool]
▶ Top 5 Silver Stocks of 2016 (SLW, GPL)   [Aug-19-16 06:08PM  at Investopedia]
▶ Great Panther Silver Resumes Operations at Topia Mine   [Aug-12-16 08:30AM  PR Newswire]
Financial statements of GPL
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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