Intrinsic value of Golden Star Resources - GSS

Previous Close

$0.71

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-127%

Previous close

$0.71

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-127%

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

We calculate the intrinsic value of GSS 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 0.3

 

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, %
  -13.33
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  221
  250
  281
  313
  347
  383
  421
  460
  500
  543
  587
  633
  681
  730
  782
  836
  891
  949
  1,010
  1,072
  1,138
  1,206
  1,277
  1,351
  1,428
  1,509
  1,593
  1,681
  1,773
  1,869
  1,969
Variable operating expenses, $m
 
  327
  367
  410
  454
  501
  550
  601
  655
  710
  768
  828
  891
  955
  1,023
  1,093
  1,166
  1,242
  1,320
  1,403
  1,488
  1,577
  1,670
  1,767
  1,868
  1,973
  2,083
  2,198
  2,319
  2,444
  2,576
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
  263
  327
  367
  410
  454
  501
  550
  601
  655
  710
  768
  828
  891
  955
  1,023
  1,093
  1,166
  1,242
  1,320
  1,403
  1,488
  1,577
  1,670
  1,767
  1,868
  1,973
  2,083
  2,198
  2,319
  2,444
  2,576
Operating income, $m
  -42
  -77
  -86
  -96
  -107
  -118
  -130
  -142
  -154
  -167
  -181
  -195
  -210
  -225
  -241
  -257
  -275
  -292
  -311
  -330
  -350
  -371
  -393
  -416
  -440
  -465
  -491
  -518
  -546
  -576
  -607
EBITDA, $m
  -21
  -56
  -63
  -71
  -78
  -86
  -95
  -104
  -113
  -122
  -132
  -143
  -153
  -164
  -176
  -188
  -201
  -214
  -227
  -241
  -256
  -272
  -288
  -304
  -322
  -340
  -359
  -379
  -399
  -421
  -444
Interest expense (income), $m
  7
  7
  5
  7
  9
  11
  13
  16
  19
  21
  24
  27
  30
  33
  36
  40
  43
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  93
  99
  105
  111
Earnings before tax, $m
  -42
  -84
  -91
  -103
  -116
  -129
  -143
  -158
  -173
  -188
  -205
  -222
  -240
  -258
  -277
  -297
  -318
  -339
  -362
  -385
  -409
  -434
  -461
  -488
  -517
  -547
  -578
  -611
  -645
  -680
  -718
Tax expense, $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
  0
Net income, $m
  -40
  -84
  -91
  -103
  -116
  -129
  -143
  -158
  -173
  -188
  -205
  -222
  -240
  -258
  -277
  -297
  -318
  -339
  -362
  -385
  -409
  -434
  -461
  -488
  -517
  -547
  -578
  -611
  -645
  -680
  -718

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  299
  338
  380
  424
  470
  518
  569
  622
  677
  735
  795
  857
  921
  988
  1,058
  1,131
  1,206
  1,285
  1,366
  1,451
  1,539
  1,632
  1,728
  1,828
  1,932
  2,041
  2,155
  2,274
  2,399
  2,529
  2,665
Adjusted assets (=assets-cash), $m
  277
  338
  380
  424
  470
  518
  569
  622
  677
  735
  795
  857
  921
  988
  1,058
  1,131
  1,206
  1,285
  1,366
  1,451
  1,539
  1,632
  1,728
  1,828
  1,932
  2,041
  2,155
  2,274
  2,399
  2,529
  2,665
Revenue / Adjusted assets
  0.798
  0.740
  0.739
  0.738
  0.738
  0.739
  0.740
  0.740
  0.739
  0.739
  0.738
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
Average production assets, $m
  183
  207
  232
  259
  288
  317
  348
  381
  414
  450
  486
  524
  564
  605
  648
  692
  738
  786
  836
  888
  942
  998
  1,057
  1,118
  1,182
  1,249
  1,319
  1,392
  1,468
  1,547
  1,631
Working capital, $m
  -61
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
Total debt, $m
  135
  87
  125
  164
  206
  250
  295
  343
  393
  444
  498
  554
  612
  673
  735
  801
  869
  939
  1,012
  1,089
  1,168
  1,251
  1,338
  1,428
  1,522
  1,620
  1,723
  1,830
  1,942
  2,059
  2,182
Total liabilities, $m
  351
  304
  342
  381
  423
  467
  512
  560
  610
  661
  715
  771
  829
  890
  952
  1,018
  1,086
  1,156
  1,229
  1,306
  1,385
  1,468
  1,555
  1,645
  1,739
  1,837
  1,940
  2,047
  2,159
  2,276
  2,399
Total equity, $m
  -53
  34
  38
  42
  47
  52
  57
  62
  68
  73
  79
  86
  92
  99
  106
  113
  121
  128
  137
  145
  154
  163
  173
  183
  193
  204
  216
  227
  240
  253
  267
Total liabilities and equity, $m
  298
  338
  380
  423
  470
  519
  569
  622
  678
  734
  794
  857
  921
  989
  1,058
  1,131
  1,207
  1,284
  1,366
  1,451
  1,539
  1,631
  1,728
  1,828
  1,932
  2,041
  2,156
  2,274
  2,399
  2,529
  2,666
Debt-to-equity ratio
  -2.547
  2.580
  3.290
  3.880
  4.380
  4.810
  5.190
  5.510
  5.800
  6.050
  6.270
  6.470
  6.640
  6.800
  6.950
  7.080
  7.200
  7.310
  7.410
  7.500
  7.590
  7.670
  7.740
  7.810
  7.880
  7.940
  7.990
  8.050
  8.100
  8.140
  8.190
Adjusted equity ratio
  -0.271
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -84
  -91
  -103
  -116
  -129
  -143
  -158
  -173
  -188
  -205
  -222
  -240
  -258
  -277
  -297
  -318
  -339
  -362
  -385
  -409
  -434
  -461
  -488
  -517
  -547
  -578
  -611
  -645
  -680
  -718
Depreciation, amort., depletion, $m
  21
  21
  23
  26
  29
  32
  35
  38
  41
  45
  49
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
Funds from operations, $m
  35
  -64
  -68
  -77
  -87
  -97
  -108
  -119
  -131
  -143
  -156
  -169
  -183
  -198
  -212
  -228
  -244
  -261
  -278
  -296
  -315
  -335
  -355
  -376
  -399
  -422
  -446
  -472
  -498
  -526
  -555
Change in working capital, $m
  -18
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  53
  -61
  -65
  -74
  -84
  -94
  -104
  -116
  -127
  -139
  -152
  -165
  -178
  -193
  -207
  -223
  -238
  -255
  -272
  -290
  -308
  -328
  -348
  -369
  -391
  -414
  -438
  -463
  -489
  -516
  -545
Maintenance CAPEX, $m
  0
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
New CAPEX, $m
  -84
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
Cash from investing activities, $m
  -86
  -42
  -46
  -50
  -54
  -59
  -63
  -67
  -72
  -76
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -150
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -227
  -238
Free cash flow, $m
  -33
  -103
  -111
  -124
  -138
  -152
  -167
  -183
  -199
  -216
  -233
  -252
  -270
  -290
  -310
  -332
  -354
  -377
  -401
  -425
  -451
  -478
  -507
  -536
  -567
  -599
  -632
  -667
  -704
  -743
  -783
Issuance/(repayment) of debt, $m
  -26
  -48
  37
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  73
  76
  80
  83
  86
  90
  94
  98
  103
  107
  112
  117
  122
Issuance/(repurchase) of shares, $m
  45
  171
  95
  108
  120
  134
  148
  163
  178
  194
  211
  228
  246
  265
  284
  304
  325
  347
  370
  393
  418
  444
  470
  498
  527
  558
  589
  623
  657
  693
  731
Cash from financing (excl. dividends), $m  
  20
  123
  132
  148
  162
  178
  194
  211
  228
  246
  265
  284
  304
  325
  347
  369
  393
  418
  443
  469
  498
  527
  556
  588
  621
  656
  692
  730
  769
  810
  853
Total cash flow (excl. dividends), $m
  -13
  21
  22
  23
  24
  25
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
Retained Cash Flow (-), $m
  -12
  -171
  -95
  -108
  -120
  -134
  -148
  -163
  -178
  -194
  -211
  -228
  -246
  -265
  -284
  -304
  -325
  -347
  -370
  -393
  -418
  -444
  -470
  -498
  -527
  -558
  -589
  -623
  -657
  -693
  -731
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
 
  -151
  -74
  -85
  -96
  -109
  -122
  -135
  -149
  -164
  -180
  -196
  -212
  -230
  -248
  -266
  -286
  -306
  -327
  -349
  -372
  -395
  -420
  -446
  -473
  -501
  -530
  -560
  -592
  -625
  -660
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  -139
  -62
  -64
  -66
  -66
  -65
  -63
  -60
  -56
  -51
  -46
  -41
  -35
  -30
  -25
  -21
  -16
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  13.1
  3.4
  0.9
  0.2
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground development project, and a carbon-in-leach processing plant located northeast of the town of Tarkwa, Ghana; and Bogoso gold mining and processing operation located near the town of Prestea, Ghana. It also holds interests in various gold exploration projects in Ghana and other parts of West Africa, and in South America, as well as holds and manages exploration properties in Brazil. The company was founded in 1984 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Golden Star Resources (GSS)

Valuation Ratios
P/E Ratio -6
Price to Sales 1.1
Price to Book -4.5
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow -7.7
Growth Rates
Sales Growth Rate -13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.4%
Cap. Spend. - 3 Yr. Gr. Rate -4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -188.7%
Total Debt to Equity -254.7%
Interest Coverage -5
Management Effectiveness
Return On Assets -12.3%
Ret/ On Assets - 3 Yr. Avg. -20.3%
Return On Total Capital -55.9%
Ret/ On T. Cap. - 3 Yr. Avg. -64.1%
Return On Equity 67.8%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 13.1%
Gross Margin - 3 Yr. Avg. 0.5%
EBITDA Margin -6.3%
EBITDA Margin - 3 Yr. Avg. -12.2%
Operating Margin -19%
Oper. Margin - 3 Yr. Avg. -25.2%
Pre-Tax Margin -19%
Pre-Tax Margin - 3 Yr. Avg. -25%
Net Profit Margin -18.1%
Net Profit Margin - 3 Yr. Avg. -22.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

GSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSS stock intrinsic value calculation we used $221 million for the last fiscal year's total revenue generated by Golden Star Resources. The default revenue input number comes from 2016 income statement of Golden Star Resources. 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 GSS stock valuation model: a) initial revenue growth rate of 13.1% 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 8.6%, whose default value for GSS is calculated based on our internal credit rating of Golden Star Resources, 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 Golden Star Resources.
    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 GSS stock the variable cost ratio is equal to 130.8%.

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 GSS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Golden Star Resources.

Corporate tax rate of 27% is the nominal tax rate for Golden Star Resources. 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 GSS 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 GSS are equal to 82.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Golden Star Resources 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 GSS is equal to -10%. 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 - $-53 million for Golden Star Resources - 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 455.107 million for Golden Star Resources 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 Golden Star Resources at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RGLD Royal Gold 86.25 8.55  str.sell

COMPANY NEWS

▶ Golden Star posts 2Q profit   [Aug-01-17 11:48PM  Associated Press]
▶ Top 5 Gold Penny Stocks for 2017   [Jul-12-17 04:26PM  Investopedia]
▶ Gold Mining Stock Outlook - May 2017   [May-25-17 04:54PM  Zacks]
▶ Golden Star posts 1Q profit   [May-04-17 05:02AM  Associated Press]
▶ Golden Star Reports First Quarter 2017 Results   [May-03-17 04:35PM  CNW Group]
▶ Golden Star Announces a Project Update   [Apr-03-17 06:55AM  PR Newswire]
▶ Golden Star Enters into Financing Facility   [Mar-30-17 06:55AM  PR Newswire]
▶ Golden Star Announces its Exploration Strategy for 2017   [Mar-23-17 06:55AM  PR Newswire]
▶ Top 5 Gold Penny Stocks for 2017   [Jan-24-17 10:36AM  at Investopedia]
▶ 3 Types of Gold Stocks You're Best Off Avoiding Right Now   [Jan-18-17 09:26AM  at Motley Fool]
▶ Is Seneca Foods Corp (SENEA) A Good Stock to Buy?   [Dec-15-16 01:30AM  at Insider Monkey]
▶ Golden Star Third Quarter 2016 Results Conference Call   [Oct-25-16 06:55AM  PR Newswire]
▶ Golden Star Announces Repayment in Full of Ecobank Loan   [Aug-17-16 06:55AM  PR Newswire]
▶ Here's Why Golden Star Resources Ltd. Is Plunging Today   [Jul-25-16 11:47AM  at Motley Fool]
▶ Golden Star Second Quarter 2016 Results Conference Call   [Jul-05-16 09:30AM  PR Newswire]
▶ Golden Star Announces Election of Directors   [May-05-16 06:34PM  PR Newswire]
Stock chart of GSS Financial statements of GSS
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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