Intrinsic value of Hecla Mining - HL

Previous Close

$3.80

  Intrinsic Value

$1.91

stock screener

  Rating & Target

sell

-50%

Previous close

$3.80

 
Intrinsic value

$1.91

 
Up/down potential

-50%

 
Rating

sell

We calculate the intrinsic value of HL 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 1.5

 

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, %
  45.50
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  646
  659
  674
  691
  711
  732
  756
  782
  810
  840
  872
  906
  943
  982
  1,024
  1,068
  1,115
  1,165
  1,217
  1,272
  1,331
  1,392
  1,457
  1,526
  1,598
  1,674
  1,754
  1,839
  1,928
  2,021
  2,119
Variable operating expenses, $m
 
  163
  167
  171
  176
  182
  187
  194
  201
  208
  216
  225
  234
  244
  254
  265
  277
  289
  302
  316
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
  526
Fixed operating expenses, $m
 
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  774
  793
Total operating expenses, $m
  529
  550
  564
  578
  593
  610
  625
  643
  662
  680
  700
  721
  742
  765
  788
  812
  838
  864
  892
  920
  949
  980
  1,012
  1,045
  1,080
  1,116
  1,153
  1,192
  1,233
  1,275
  1,319
Operating income, $m
  117
  108
  110
  113
  117
  123
  130
  139
  148
  159
  172
  186
  201
  218
  236
  256
  277
  301
  326
  352
  381
  412
  445
  481
  518
  558
  601
  647
  695
  746
  801
EBITDA, $m
  234
  227
  232
  238
  246
  256
  267
  280
  295
  312
  330
  350
  372
  396
  422
  449
  479
  512
  546
  583
  622
  665
  709
  757
  808
  862
  919
  980
  1,044
  1,112
  1,185
Interest expense (income), $m
  19
  19
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  84
  89
Earnings before tax, $m
  97
  89
  90
  93
  96
  101
  107
  114
  123
  132
  143
  155
  169
  184
  200
  218
  237
  258
  280
  305
  331
  359
  389
  420
  455
  491
  530
  571
  615
  662
  712
Tax expense, $m
  27
  24
  24
  25
  26
  27
  29
  31
  33
  36
  39
  42
  46
  50
  54
  59
  64
  70
  76
  82
  89
  97
  105
  114
  123
  133
  143
  154
  166
  179
  192
Net income, $m
  70
  65
  66
  68
  70
  74
  78
  83
  89
  97
  105
  113
  123
  134
  146
  159
  173
  188
  205
  222
  241
  262
  284
  307
  332
  359
  387
  417
  449
  483
  520

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  199
  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
  2,372
  2,219
  2,270
  2,328
  2,393
  2,466
  2,546
  2,632
  2,726
  2,827
  2,936
  3,052
  3,176
  3,308
  3,448
  3,596
  3,754
  3,921
  4,097
  4,284
  4,481
  4,688
  4,907
  5,138
  5,381
  5,638
  5,907
  6,191
  6,490
  6,804
  7,135
Adjusted assets (=assets-cash), $m
  2,173
  2,219
  2,270
  2,328
  2,393
  2,466
  2,546
  2,632
  2,726
  2,827
  2,936
  3,052
  3,176
  3,308
  3,448
  3,596
  3,754
  3,921
  4,097
  4,284
  4,481
  4,688
  4,907
  5,138
  5,381
  5,638
  5,907
  6,191
  6,490
  6,804
  7,135
Revenue / Adjusted assets
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
Average production assets, $m
  949
  967
  990
  1,015
  1,044
  1,075
  1,110
  1,148
  1,189
  1,233
  1,280
  1,331
  1,385
  1,442
  1,503
  1,568
  1,637
  1,709
  1,786
  1,868
  1,954
  2,044
  2,140
  2,240
  2,346
  2,458
  2,576
  2,699
  2,830
  2,967
  3,111
Working capital, $m
  165
  -28
  -29
  -30
  -31
  -31
  -33
  -34
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
Total debt, $m
  513
  526
  547
  571
  598
  627
  660
  695
  733
  775
  819
  866
  917
  970
  1,028
  1,088
  1,153
  1,221
  1,293
  1,369
  1,449
  1,534
  1,623
  1,717
  1,817
  1,921
  2,031
  2,147
  2,269
  2,397
  2,532
Total liabilities, $m
  892
  905
  926
  950
  977
  1,006
  1,039
  1,074
  1,112
  1,154
  1,198
  1,245
  1,296
  1,349
  1,407
  1,467
  1,532
  1,600
  1,672
  1,748
  1,828
  1,913
  2,002
  2,096
  2,196
  2,300
  2,410
  2,526
  2,648
  2,776
  2,911
Total equity, $m
  1,480
  1,313
  1,344
  1,378
  1,417
  1,460
  1,507
  1,558
  1,614
  1,674
  1,738
  1,807
  1,880
  1,958
  2,041
  2,129
  2,222
  2,321
  2,426
  2,536
  2,652
  2,775
  2,905
  3,042
  3,186
  3,337
  3,497
  3,665
  3,842
  4,028
  4,224
Total liabilities and equity, $m
  2,372
  2,218
  2,270
  2,328
  2,394
  2,466
  2,546
  2,632
  2,726
  2,828
  2,936
  3,052
  3,176
  3,307
  3,448
  3,596
  3,754
  3,921
  4,098
  4,284
  4,480
  4,688
  4,907
  5,138
  5,382
  5,637
  5,907
  6,191
  6,490
  6,804
  7,135
Debt-to-equity ratio
  0.347
  0.400
  0.410
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
Adjusted equity ratio
  0.590
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  65
  66
  68
  70
  74
  78
  83
  89
  97
  105
  113
  123
  134
  146
  159
  173
  188
  205
  222
  241
  262
  284
  307
  332
  359
  387
  417
  449
  483
  520
Depreciation, amort., depletion, $m
  117
  119
  122
  125
  129
  133
  137
  142
  147
  152
  158
  164
  171
  178
  186
  194
  202
  211
  221
  231
  241
  252
  264
  277
  290
  303
  318
  333
  349
  366
  384
Funds from operations, $m
  248
  185
  188
  193
  199
  206
  215
  225
  236
  249
  263
  278
  294
  312
  332
  353
  375
  399
  425
  453
  483
  514
  548
  584
  622
  662
  705
  750
  799
  850
  904
Change in working capital, $m
  23
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  225
  185
  189
  194
  200
  207
  216
  226
  237
  250
  264
  279
  296
  314
  333
  354
  377
  401
  427
  455
  485
  517
  551
  586
  625
  665
  708
  754
  802
  854
  908
Maintenance CAPEX, $m
  0
  -117
  -119
  -122
  -125
  -129
  -133
  -137
  -142
  -147
  -152
  -158
  -164
  -171
  -178
  -186
  -194
  -202
  -211
  -221
  -231
  -241
  -252
  -264
  -277
  -290
  -303
  -318
  -333
  -349
  -366
New CAPEX, $m
  -165
  -19
  -22
  -25
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
Cash from investing activities, $m
  -199
  -136
  -141
  -147
  -154
  -161
  -168
  -175
  -183
  -191
  -199
  -209
  -218
  -228
  -239
  -251
  -263
  -275
  -288
  -302
  -317
  -332
  -347
  -365
  -383
  -402
  -421
  -442
  -463
  -486
  -510
Free cash flow, $m
  26
  49
  47
  46
  46
  47
  49
  51
  55
  59
  64
  71
  78
  85
  94
  104
  115
  127
  140
  154
  169
  185
  203
  222
  242
  264
  287
  312
  339
  367
  398
Issuance/(repayment) of debt, $m
  -11
  19
  21
  24
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
Issuance/(repurchase) of shares, $m
  4
  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 from financing (excl. dividends), $m  
  -8
  19
  21
  24
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
Total cash flow (excl. dividends), $m
  19
  68
  68
  70
  73
  77
  81
  87
  93
  100
  109
  118
  128
  139
  151
  165
  179
  195
  211
  230
  249
  270
  292
  316
  341
  368
  397
  428
  461
  496
  532
Retained Cash Flow (-), $m
  -141
  -26
  -30
  -35
  -39
  -43
  -47
  -51
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
Prev. year cash balance distribution, $m
 
  193
  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
 
  235
  38
  35
  34
  34
  34
  35
  38
  41
  44
  49
  55
  61
  68
  77
  86
  96
  107
  119
  132
  147
  162
  179
  197
  217
  238
  260
  284
  309
  337
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
 
  225
  34
  31
  28
  26
  25
  24
  23
  23
  23
  23
  23
  23
  23
  23
  22
  21
  20
  18
  17
  15
  13
  12
  10
  8
  7
  6
  4
  3
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Hecla Mining Company is engaged in discovering, acquiring, developing and producing silver, gold, lead and zinc. The Company and its subsidiaries provide precious and base metals to the United States and around the world. It produces lead, zinc and bulk concentrates, which it markets to custom smelters and brokers, and unrefined bullion bars (dore) containing gold and silver. Its segments include the Greens Creek, Lucky Friday, Casa Berardi and San Sebastian units. It is focused on its San Sebastian project; North Idaho's Silver Valley; Greens Creek unit on Alaska's Admiralty Island; the silver-producing district near Durango, Mexico; the Abitibi region of north-western Quebec, Canada; the Rock Creek and Montanore projects in northwestern Montana and the Creede district of Southwestern Colorado. It produces zinc, lead and bulk flotation concentrates at its Greens Creek unit and lead and zinc flotation concentrates at its Lucky Friday unit.

FINANCIAL RATIOS  of  Hecla Mining (HL)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 2.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 25
Growth Rates
Sales Growth Rate 45.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 33
Current Ratio 0.1
LT Debt to Equity 34.3%
Total Debt to Equity 34.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. -0%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. -0%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 29.7%
Gross Margin - 3 Yr. Avg. 18.5%
EBITDA Margin 36.1%
EBITDA Margin - 3 Yr. Avg. 29.8%
Operating Margin 18.1%
Oper. Margin - 3 Yr. Avg. 4.9%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. -63.8%
Payout Ratio 5.7%

HL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HL stock intrinsic value calculation we used $646 million for the last fiscal year's total revenue generated by Hecla Mining. The default revenue input number comes from 2016 income statement of Hecla Mining. 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 HL stock valuation model: a) initial revenue growth rate of 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 HL is calculated based on our internal credit rating of Hecla Mining, 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 Hecla Mining.
    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 HL stock the variable cost ratio is equal to 24.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $378 million in the base year in the intrinsic value calculation for HL 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 3.7% for Hecla Mining.

Corporate tax rate of 27% is the nominal tax rate for Hecla Mining. 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 HL 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 HL are equal to 146.8%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Hecla Mining 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 HL is equal to -4.3%. 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 - $1480 million for Hecla Mining - 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 400 million for Hecla Mining 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 Hecla Mining at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

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▶ Analyzing Mining Stocks Technical Indicators   [Dec-06-17 07:32AM  Market Realist]
▶ Why Precious Metal Mining Stocks Rose on Monday, December 4   [Dec-05-17 02:27PM  Market Realist]
▶ Are Silver Miners Still out of Favor in 2017?   [Dec-04-17 12:29PM  Market Realist]
▶ Coeur Mining: What Could Lead to Cost Improvement in 2018   [Dec-01-17 02:10PM  Market Realist]
▶ Montana lets mine work proceed but warns revocation possible   [Nov-29-17 07:44PM  Associated Press]
▶ How Miners Correlations to Gold Are Trending   [05:37PM  Market Realist]
▶ Mining Stocks: Understanding Correlation   [Nov-17-17 02:51PM  Market Realist]
▶ A Quick Look at Miners Recent Performance   [Nov-16-17 09:02AM  Market Realist]
▶ Gold Fell Due to Economic Numbers and the US Dollar   [Nov-10-17 07:34AM  Market Realist]
▶ Hecla Mining Co. to Host Earnings Call   [09:10AM  ACCESSWIRE]
▶ Hecla Mining beats 3Q profit forecasts   [05:03AM  Associated Press]
▶ Hecla Reports Third Quarter 2017 Results   [03:00AM  Business Wire]
▶ The Top 3 Silver Penny Stocks for 2017   [Nov-05-17 08:19AM  Investopedia]
▶ A Look at Mining Stocks Price Movement   [Nov-01-17 02:50PM  Market Realist]
▶ Silver Mining Stock Technicals as of Last Week   [Oct-31-17 10:18AM  Market Realist]
▶ Are Gold and Silver Walking Hand-in-Hand?   [Oct-26-17 12:08PM  Market Realist]
▶ ETFs with exposure to Hecla Mining Co. : October 25, 2017   [Oct-25-17 10:00AM  Capital Cube]
▶ Are Mining Stocks Moving with Precious Metals?   [Oct-24-17 01:15PM  Market Realist]
▶ Silver mine opponents ask Montana to suspend permits   [Oct-23-17 06:47PM  Associated Press]
▶ Mining Shares Directional Move in October   [02:06PM  Market Realist]
▶ Are Global Fears Controlling Precious Metals?   [Oct-18-17 12:22PM  Market Realist]
▶ How Mining Stocks Are Performing   [Oct-11-17 03:03PM  Market Realist]
▶ Why Analysts Expect Hecla Minings Margins to Narrow in 2017   [Oct-10-17 10:41AM  Market Realist]
▶ A Look at the Technicals of Silver Miners   [Oct-05-17 11:22AM  Market Realist]
▶ Precious Metals in September: A Review   [Oct-03-17 02:12PM  Market Realist]
▶ Reading the Ups and Downs of Mining Stocks in September 2017   [Oct-02-17 05:22PM  Market Realist]
▶ Reading Miners Gold Correlation Trends   [Sep-29-17 06:03PM  Market Realist]
▶ Here Are the Indicators for the Ups and Downs of Miners   [Sep-26-17 01:32PM  Market Realist]
▶ Analyzing the Correlation of Mining Stocks   [Sep-22-17 03:06PM  Market Realist]
▶ Which Silver Miners Look Undervalued?   [01:36PM  Market Realist]
▶ Which Miners Have an Upward Scaling Correlation to Gold?   [Sep-18-17 07:39AM  Market Realist]
▶ Analyzing the Miners Crucial Indicators in September   [Sep-13-17 07:41AM  Market Realist]
▶ New Strong Sell Stocks for September 8th   [Sep-08-17 08:05AM  Zacks]
▶ What Miners Volatility Metrics Indicate   [Sep-07-17 02:33PM  Market Realist]
▶ What Are the Technical Indicators of Mining Stocks?   [Sep-06-17 01:19PM  Market Realist]
▶ These Silver Miners Keep Improving Costs   [07:37AM  Market Realist]
Financial statements of HL
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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