Intrinsic value of Hecla Mining - HL

Previous Close

$4.86

  Intrinsic Value

$4.75

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

+4077%

Previous close

$4.86

 
Intrinsic value

$4.75

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

+4077%

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

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 1.9

 

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
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  646
  705
  767
  832
  899
  969
  1,041
  1,116
  1,195
  1,276
  1,360
  1,448
  1,540
  1,635
  1,734
  1,838
  1,946
  2,058
  2,175
  2,298
  2,426
  2,559
  2,699
  2,845
  2,998
  3,158
  3,326
  3,501
  3,684
  3,877
  4,078
Variable operating expenses, $m
 
  175
  190
  206
  223
  240
  258
  277
  296
  316
  337
  359
  382
  406
  430
  456
  483
  510
  539
  570
  602
  635
  669
  706
  744
  783
  825
  868
  914
  961
  1,011
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
  562
  587
  613
  640
  668
  696
  726
  757
  788
  821
  855
  890
  927
  964
  1,003
  1,044
  1,085
  1,129
  1,174
  1,221
  1,270
  1,320
  1,373
  1,428
  1,484
  1,543
  1,604
  1,669
  1,735
  1,804
Operating income, $m
  117
  143
  180
  218
  259
  301
  345
  390
  438
  487
  539
  593
  650
  709
  770
  835
  902
  972
  1,046
  1,124
  1,205
  1,290
  1,379
  1,473
  1,571
  1,674
  1,782
  1,896
  2,016
  2,142
  2,274
EBITDA, $m
  234
  256
  303
  352
  403
  456
  511
  569
  629
  692
  757
  825
  896
  970
  1,048
  1,129
  1,213
  1,302
  1,395
  1,492
  1,593
  1,700
  1,811
  1,928
  2,051
  2,180
  2,315
  2,457
  2,606
  2,762
  2,927
Interest expense (income), $m
  19
  19
  22
  25
  28
  32
  35
  39
  43
  47
  51
  55
  60
  64
  69
  74
  79
  85
  91
  97
  103
  109
  116
  123
  131
  138
  146
  155
  164
  173
  183
Earnings before tax, $m
  97
  124
  158
  194
  230
  269
  309
  351
  395
  441
  488
  538
  590
  644
  701
  760
  823
  888
  956
  1,027
  1,102
  1,181
  1,263
  1,349
  1,440
  1,536
  1,636
  1,741
  1,852
  1,969
  2,091
Tax expense, $m
  27
  34
  43
  52
  62
  73
  84
  95
  107
  119
  132
  145
  159
  174
  189
  205
  222
  240
  258
  277
  298
  319
  341
  364
  389
  415
  442
  470
  500
  531
  565
Net income, $m
  70
  91
  115
  141
  168
  196
  226
  256
  288
  322
  357
  393
  431
  470
  512
  555
  600
  648
  698
  750
  804
  862
  922
  985
  1,051
  1,121
  1,194
  1,271
  1,352
  1,437
  1,526

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
  2,375
  2,584
  2,801
  3,027
  3,261
  3,505
  3,759
  4,022
  4,296
  4,581
  4,877
  5,185
  5,506
  5,840
  6,188
  6,551
  6,929
  7,324
  7,737
  8,168
  8,618
  9,088
  9,580
  10,095
  10,633
  11,197
  11,787
  12,405
  13,053
  13,731
Adjusted assets (=assets-cash), $m
  2,173
  2,375
  2,584
  2,801
  3,027
  3,261
  3,505
  3,759
  4,022
  4,296
  4,581
  4,877
  5,185
  5,506
  5,840
  6,188
  6,551
  6,929
  7,324
  7,737
  8,168
  8,618
  9,088
  9,580
  10,095
  10,633
  11,197
  11,787
  12,405
  13,053
  13,731
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
  1,035
  1,129
  1,229
  1,332
  1,439
  1,551
  1,667
  1,787
  1,913
  2,043
  2,178
  2,319
  2,465
  2,618
  2,777
  2,942
  3,115
  3,295
  3,483
  3,679
  3,884
  4,098
  4,321
  4,555
  4,800
  5,056
  5,324
  5,605
  5,899
  6,207
  6,529
Working capital, $m
  176
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
Total debt, $m
  513
  590
  675
  764
  856
  952
  1,051
  1,155
  1,262
  1,374
  1,490
  1,611
  1,736
  1,867
  2,004
  2,146
  2,294
  2,448
  2,609
  2,778
  2,953
  3,137
  3,329
  3,530
  3,740
  3,959
  4,189
  4,430
  4,682
  4,947
  5,223
Total liabilities, $m
  892
  969
  1,054
  1,143
  1,235
  1,331
  1,430
  1,534
  1,641
  1,753
  1,869
  1,990
  2,115
  2,246
  2,383
  2,525
  2,673
  2,827
  2,988
  3,157
  3,332
  3,516
  3,708
  3,909
  4,119
  4,338
  4,568
  4,809
  5,061
  5,326
  5,602
Total equity, $m
  1,480
  1,406
  1,530
  1,658
  1,792
  1,931
  2,075
  2,225
  2,381
  2,543
  2,712
  2,887
  3,070
  3,259
  3,457
  3,663
  3,878
  4,102
  4,336
  4,580
  4,835
  5,102
  5,380
  5,671
  5,976
  6,295
  6,629
  6,978
  7,344
  7,727
  8,129
Total liabilities and equity, $m
  2,372
  2,375
  2,584
  2,801
  3,027
  3,262
  3,505
  3,759
  4,022
  4,296
  4,581
  4,877
  5,185
  5,505
  5,840
  6,188
  6,551
  6,929
  7,324
  7,737
  8,167
  8,618
  9,088
  9,580
  10,095
  10,633
  11,197
  11,787
  12,405
  13,053
  13,731
Debt-to-equity ratio
  0.347
  0.420
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
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
  91
  115
  141
  168
  196
  226
  256
  288
  322
  357
  393
  431
  470
  512
  555
  600
  648
  698
  750
  804
  862
  922
  985
  1,051
  1,121
  1,194
  1,271
  1,352
  1,437
  1,526
Depreciation, amort., depletion, $m
  117
  113
  123
  133
  144
  155
  167
  179
  191
  204
  218
  232
  247
  262
  278
  294
  311
  329
  348
  368
  388
  410
  432
  456
  480
  506
  532
  560
  590
  621
  653
Funds from operations, $m
  248
  204
  238
  274
  312
  351
  392
  435
  480
  526
  574
  625
  677
  732
  789
  849
  912
  977
  1,046
  1,118
  1,193
  1,272
  1,354
  1,441
  1,531
  1,627
  1,727
  1,832
  1,942
  2,058
  2,179
Change in working capital, $m
  23
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  225
  205
  240
  276
  314
  353
  394
  437
  482
  528
  577
  627
  680
  735
  792
  852
  915
  980
  1,049
  1,121
  1,196
  1,275
  1,358
  1,444
  1,535
  1,631
  1,731
  1,836
  1,947
  2,063
  2,185
Maintenance CAPEX, $m
  0
  -103
  -113
  -123
  -133
  -144
  -155
  -167
  -179
  -191
  -204
  -218
  -232
  -247
  -262
  -278
  -294
  -311
  -329
  -348
  -368
  -388
  -410
  -432
  -456
  -480
  -506
  -532
  -560
  -590
  -621
New CAPEX, $m
  -165
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -323
Cash from investing activities, $m
  -199
  -198
  -212
  -226
  -240
  -256
  -271
  -288
  -304
  -321
  -339
  -359
  -379
  -400
  -421
  -444
  -467
  -491
  -517
  -544
  -573
  -602
  -634
  -666
  -701
  -736
  -774
  -813
  -854
  -898
  -944
Free cash flow, $m
  26
  7
  28
  50
  73
  98
  123
  150
  178
  207
  237
  268
  301
  336
  371
  409
  448
  489
  532
  577
  623
  673
  724
  778
  835
  895
  957
  1,023
  1,092
  1,165
  1,241
Issuance/(repayment) of debt, $m
  -11
  83
  85
  89
  92
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  277
Issuance/(repurchase) of shares, $m
  4
  28
  8
  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
  111
  93
  89
  92
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  277
Total cash flow (excl. dividends), $m
  19
  118
  121
  139
  165
  194
  223
  253
  285
  318
  353
  389
  427
  466
  508
  551
  596
  643
  693
  745
  799
  856
  916
  979
  1,045
  1,115
  1,187
  1,264
  1,344
  1,429
  1,518
Retained Cash Flow (-), $m
  -141
  -119
  -123
  -129
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -190
  -198
  -206
  -215
  -224
  -234
  -244
  -255
  -266
  -279
  -291
  -305
  -319
  -334
  -349
  -366
  -383
  -402
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
 
  192
  -3
  10
  32
  55
  78
  103
  129
  156
  184
  214
  245
  277
  310
  345
  381
  419
  459
  501
  544
  590
  638
  688
  740
  796
  854
  915
  979
  1,046
  1,116
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
 
  184
  -2
  9
  26
  42
  57
  70
  81
  90
  97
  102
  104
  105
  104
  101
  97
  91
  85
  77
  69
  61
  53
  45
  38
  31
  25
  20
  15
  11
  8
Current shareholders' claim on cash, %
  100
  98.3
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

Hecla Mining Company, together with its subsidiaries, discovers, acquires, develops, produces, and markets precious and base metal deposits worldwide. The company offers unrefined gold and silver bullion bars to precious metals traders; and lead, zinc, and bulk concentrates to custom smelters and brokers. It owns 100% interests in the Greens Creek mine located on Admiralty Island in Southeast Alaska; the Lucky Friday unit located in the Coeur dÂ’Alene mining district in northern Idaho; the Casa Berardi mine located in the Abitibi region of north-western Quebec, Canada; and the San Sebastian unit located in the state of Durango, Mexico. The company was founded in 1891 and is based in Coeur d'Alene, Idaho.

FINANCIAL RATIOS  of  Hecla Mining (HL)

Valuation Ratios
P/E Ratio 27.4
Price to Sales 3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 32
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 0.2
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 9.2% 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 160.1%.

Life of production assets of 10 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 -2.6%. 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 - $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 394.643 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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RGLD Royal Gold 87.01 8.55  str.sell
GPL Great Panther 1.34 0.09  str.sell

COMPANY NEWS

▶ How Miners Are Moving amid Precious Metal Changes   [Aug-07-17 05:06PM  Market Realist]
▶ How Are Miners Volatility Numbers Moving?   [12:01PM  Market Realist]
▶ Hecla Mining Reports 2nd Quarter   [Aug-04-17 01:10PM  GuruFocus.com]
▶ Hecla Mining reports 2Q loss   [01:35AM  Associated Press]
▶ Hecla Reports Second Quarter 2017 Results   [Aug-03-17 03:00AM  Business Wire]
▶ Hecla Secures San Sebastian Mill Through 2020   [Aug-02-17 04:24PM  Business Wire]
▶ 2 Stocks to Avoid (and 1 to Buy)   [08:11AM  Motley Fool]
▶ How the Gold-Silver Spread Is Trending   [09:12AM  Market Realist]
▶ Inside the Mining Correlation Upward Trend   [Jul-28-17 07:25PM  Market Realist]
▶ How Market Volatility Could Steer Gold   [02:05PM  Market Realist]
▶ Why Most Mining Stocks Are Looking at Year-to-Date Losses   [Jul-26-17 04:29PM  Market Realist]
▶ Why Silver Miners Stock Performance Has Diverged in 2017   [Jul-25-17 05:06PM  Market Realist]
▶ Hecla Mining to Release 2nd-Quarter Figures   [Jul-24-17 04:38PM  GuruFocus.com]
▶ Miners Had Mixed Performances Last Week   [11:52AM  Market Realist]
▶ Hecla Mining Company: Time to Move On?   [Jul-22-17 10:42AM  Motley Fool]
▶ Charting the Ratings and Potential Upsides for Silver Miners   [Jul-19-17 02:15PM  Market Realist]
▶ How Silver Miners Are Performing amid the Silver Slump   [Jul-18-17 01:05PM  Market Realist]
▶ How Precious Metal Miners Are Moving in July 2017   [Jul-14-17 12:12PM  Market Realist]
▶ How Mining Stock Volatility Is Trending   [07:40AM  Market Realist]
▶ Analyzing Correlation Trends among Precious Metals   [Jul-12-17 07:41AM  Market Realist]
▶ Miners: Why Theyre Rock-Bottoming with Precious Metals   [Jul-11-17 11:36AM  Market Realist]
▶ Hecla Mining Allocates Shares to Directors   [Jul-07-17 04:55PM  GuruFocus.com]
▶ How Relative Strength Levels Revived along with Prices   [Jul-06-17 03:14PM  Market Realist]
▶ How Did Market Volatility Impact Gold?   [10:22AM  Market Realist]
▶ Will Corporate Earnings Downgrade Strengthen Golds Outlook?   [Jul-05-17 05:36PM  Market Realist]
▶ Why Precious Metal Miners Keep Falling   [Jun-29-17 02:35PM  Market Realist]
▶ Hecla to Offer Senior Notes   [02:16PM  Business Wire]
▶ Why Mining Stocks Relative Strength Levels Keep Falling   [Jun-27-17 04:03PM  Market Realist]
▶ ETFs with exposure to Hecla Mining Co. : June 26, 2017   [Jun-26-17 04:07PM  Capital Cube]
▶ A Look at the Gold-Silver Ratio in June 2017   [Jun-23-17 03:35PM  Market Realist]
▶ The Top Dividend Stock in Silver Mining   [Jun-20-17 12:30PM  Motley Fool]
▶ Why Mining Stocks Kept Plummeting Last Week   [Jun-19-17 05:51PM  Market Realist]
▶ ETFs with exposure to Hecla Mining Co. : June 15, 2017   [Jun-15-17 02:11PM  Capital Cube]
▶ Hecla Mining Co. Value Analysis (NYSE:HL) : June 14, 2017   [Jun-14-17 02:06PM  Capital Cube]
▶ Where Mining Stocks Look to Be Headed in June   [12:58PM  Market Realist]
▶ How Are Mining Stock Technicals Moving?   [11:06AM  Market Realist]
▶ The Brightest Day for Mining This WeekSo Far   [Jun-09-17 07:37AM  Market Realist]
▶ How Have Mining Stocks Performed This Year?   [Jun-06-17 03:00PM  Market Realist]
▶ How the Feds Decision Could Affect Gold   [11:35AM  Market Realist]
▶ A Look at Technical Indicators for Silver Miners   [Jun-05-17 07:36AM  Market Realist]
▶ Silver Miners Free Cash Flow Upsides and Downsides   [Jun-02-17 10:36AM  Market Realist]
▶ Which Silver Miners Still Need to Work on Financial Health?   [Jun-01-17 10:37AM  Market Realist]
▶ How Mining Stocks Have Moved in May   [May-30-17 05:29PM  Market Realist]
▶ Behind Coeur Minings and Peers Valuations   [09:06AM  Market Realist]
▶ Why Are Coeurs Analysts Projecting Higher Margins?   [May-29-17 10:36AM  Market Realist]
▶ Inside Coeurs Cost Expectations for 2017   [May-26-17 10:37AM  Market Realist]
▶ The 4 Best Dividend Stocks in Silver   [10:07AM  Motley Fool]
▶ Coeur Minings Performance Reversal Ambitions   [07:37AM  Market Realist]
▶ Mining Stock Health: Your May Checkup Results   [May-25-17 02:36PM  Market Realist]
▶ Hecla Declares Preferred Dividend   [06:30AM  Business Wire]
▶ Volatility for Precious Metal Miners: Movement Going Forward   [May-24-17 04:28PM  Market Realist]
▶ The 3 Best Silver Mining Stocks to Buy in 2017   [May-23-17 09:31AM  Motley Fool]
▶ Could Gold Investors Dump Gold for Equity Markets?   [May-22-17 07:36AM  Market Realist]
▶ Analyzing the Correlation Trends of Miners in May 2017   [May-19-17 05:06PM  Market Realist]
▶ Analyzing Silvers Fundamentals   [May-18-17 07:37AM  Market Realist]
▶ How Hecla Mining Company Makes Most of Its Money   [May-16-17 11:13AM  Motley Fool]
Stock chart of HL 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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