Intrinsic value of McEwen Mining - MUX

Previous Close

$2.09

  Intrinsic Value

$0.34

stock screener

  Rating & Target

str. sell

-84%

Previous close

$2.09

 
Intrinsic value

$0.34

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of MUX 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 0.7

 

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, %
  -17.81
  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
  60
  61
  63
  64
  66
  68
  70
  73
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  124
  129
  135
  142
  148
  156
  163
  171
  179
  188
  197
Variable operating expenses, $m
 
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  159
  165
  173
  180
  188
  197
  206
  216
  226
  236
  247
  259
  272
  285
  298
  313
  328
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
  46
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  159
  165
  173
  180
  188
  197
  206
  216
  226
  236
  247
  259
  272
  285
  298
  313
  328
Operating income, $m
  14
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
EBITDA, $m
  14
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
Earnings before tax, $m
  17
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Tax expense, $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
Net income, $m
  21
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  498
  460
  471
  483
  496
  511
  528
  546
  565
  586
  609
  633
  659
  686
  715
  746
  779
  813
  850
  888
  929
  972
  1,018
  1,066
  1,116
  1,169
  1,225
  1,284
  1,346
  1,411
  1,480
Adjusted assets (=assets-cash), $m
  452
  460
  471
  483
  496
  511
  528
  546
  565
  586
  609
  633
  659
  686
  715
  746
  779
  813
  850
  888
  929
  972
  1,018
  1,066
  1,116
  1,169
  1,225
  1,284
  1,346
  1,411
  1,480
Revenue / Adjusted assets
  0.133
  0.133
  0.134
  0.133
  0.133
  0.133
  0.133
  0.134
  0.133
  0.133
  0.133
  0.133
  0.134
  0.133
  0.133
  0.133
  0.134
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  15
  15
  15
  16
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  48
Working capital, $m
  58
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Total debt, $m
  0
  1
  2
  4
  6
  7
  9
  12
  14
  17
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  64
  69
  75
  81
  88
  94
  102
  109
  117
  126
Total liabilities, $m
  55
  56
  57
  59
  61
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  181
Total equity, $m
  443
  404
  413
  424
  436
  449
  464
  479
  496
  515
  535
  556
  578
  602
  628
  655
  684
  714
  746
  780
  816
  854
  894
  936
  980
  1,027
  1,076
  1,127
  1,182
  1,239
  1,299
Total liabilities and equity, $m
  498
  460
  470
  483
  497
  511
  528
  546
  565
  587
  609
  633
  658
  686
  715
  746
  779
  813
  850
  888
  929
  973
  1,018
  1,066
  1,116
  1,170
  1,225
  1,284
  1,346
  1,411
  1,480
Debt-to-equity ratio
  0.000
  0.000
  0.010
  0.010
  0.010
  0.020
  0.020
  0.020
  0.030
  0.030
  0.040
  0.040
  0.040
  0.050
  0.050
  0.050
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.080
  0.080
  0.080
  0.090
  0.090
  0.090
  0.090
  0.090
  0.100
Adjusted equity ratio
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878
  0.878

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Depreciation, amort., depletion, $m
  0
  1
  2
  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
Funds from operations, $m
  43
  -39
  -40
  -41
  -43
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -131
Change in working capital, $m
  18
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Cash from operations, $m
  25
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -132
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -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
New CAPEX, $m
  -7
  0
  0
  0
  0
  0
  -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
Cash from investing activities, $m
  -10
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
Free cash flow, $m
  15
  -41
  -42
  -44
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
  -120
  -126
  -133
  -139
Issuance/(repayment) of debt, $m
  -3
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
Issuance/(repurchase) of shares, $m
  3
  48
  51
  54
  56
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
Cash from financing (excl. dividends), $m  
  0
  49
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  138
  145
  152
  159
  168
  176
  185
  194
  204
Total cash flow (excl. dividends), $m
  15
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Retained Cash Flow (-), $m
  -25
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
Prev. year cash balance distribution, $m
 
  46
  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
 
  6
  -41
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
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
 
  6
  -38
  -37
  -36
  -35
  -33
  -32
  -31
  -29
  -28
  -26
  -25
  -23
  -21
  -19
  -17
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  92.8
  85.9
  79.3
  73.1
  67.2
  61.8
  56.7
  52.0
  47.7
  43.6
  39.9
  36.4
  33.3
  30.4
  27.7
  25.2
  23.0
  20.9
  19.1
  17.4
  15.8
  14.4
  13.1
  11.9
  10.8
  9.8
  8.9
  8.1
  7.3
  6.7

McEwen Mining Inc. is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company's segments include Mexico, Minera Santa Cruz S.A. (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project. The MSC segment includes properties, such as the San Jose mine and other concessions located around the mine. The Company's properties in Nevada segment include Gold Bar project and exploration properties. The Gold Bar project is a proposed mine project. The Los Azules segment includes various properties, such as Los Azules project, Chonchones project, Laganoso project, La Cerrada project and Other Argentina properties. The Los Azules copper project is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile.

FINANCIAL RATIOS  of  McEwen Mining (MUX)

Valuation Ratios
P/E Ratio 29.8
Price to Sales 10.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 25
Price to Free Cash Flow 34.8
Growth Rates
Sales Growth Rate -17.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 600%
Cap. Spend. - 3 Yr. Gr. Rate 11.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. -14.3%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -17.4%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -17.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 38.8%
EBITDA Margin 28.3%
EBITDA Margin - 3 Yr. Avg. -321.5%
Operating Margin 23.3%
Oper. Margin - 3 Yr. Avg. -318.3%
Pre-Tax Margin 28.3%
Pre-Tax Margin - 3 Yr. Avg. -321.5%
Net Profit Margin 35%
Net Profit Margin - 3 Yr. Avg. -228.6%
Effective Tax Rate -23.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 14.3%

MUX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MUX stock intrinsic value calculation we used $60 million for the last fiscal year's total revenue generated by McEwen Mining. The default revenue input number comes from 2016 income statement of McEwen 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 MUX 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 MUX is calculated based on our internal credit rating of McEwen 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 McEwen 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 MUX stock the variable cost ratio is equal to 166.7%.

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 MUX 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 McEwen Mining.

Corporate tax rate of 27% is the nominal tax rate for McEwen 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 MUX 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 MUX are equal to 24.2%.

Life of production assets of 10 years is the average useful life of capital assets used in McEwen 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 MUX is equal to 20%. 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 - $443 million for McEwen 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 330.277 million for McEwen 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 McEwen Mining at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ McEwen Mining Reports Q3 2017 Production Results   [Oct-18-17 04:43PM  GlobeNewswire]
▶ McEwen Mining CEO Sees Gold Becoming Cheap Versus Stocks   [Oct-11-17 04:13PM  Bloomberg Video]
▶ McEwen Mining Conference Call Reminder   [Oct-10-17 06:00AM  GlobeNewswire]
▶ McEwen Mining Completes Purchase of Black Fox Complex   [Oct-06-17 04:45PM  GuruFocus.com]
▶ 3 Value Stocks for Bold Investors   [Sep-28-17 02:30PM  Motley Fool]
▶ Primero Provides an Operations and Corporate Update   [Sep-21-17 06:50AM  Marketwired]
▶ McEwen Mining Announces Bought Deal of $40.5 Million   [Sep-18-17 05:03PM  GlobeNewswire]
▶ McEwen Mining Buys Primero's Black Fox Complex   [Aug-30-17 04:34PM  GuruFocus.com]
▶ TNR Gold Provides Update of Activities   [Aug-28-17 10:48AM  Newsfile]
▶ McEwen Mining to Acquire Black Fox From Primero   [Aug-10-17 06:56AM  GlobeNewswire]
▶ Gold Climbs As North Korea Concerns Increase   [Aug-09-17 05:11PM  Zacks]
▶ McEwen Mining Announces Revised Record Date   [Aug-07-17 07:15AM  GlobeNewswire]
▶ McEwen Mining Posted 2nd Quarter Financial Figures   [Aug-06-17 12:30PM  GuruFocus.com]
▶ McEwen reports 2Q loss   [Aug-02-17 11:13PM  Associated Press]
▶ McEwen Mining Reports Quarterly Production   [Jul-14-17 05:49PM  GuruFocus.com]
▶ McEwen Mining Reports Q2 2017 Production Results   [Jul-13-17 05:10PM  GlobeNewswire]
▶ ETFs with exposure to McEwen Mining, Inc. : July 3, 2017   [Jul-03-17 03:29PM  Capital Cube]
▶ ETFs with exposure to McEwen Mining, Inc. : June 22, 2017   [Jun-22-17 04:03PM  Capital Cube]
▶ Why McEwen Mining Inc. Stock Fell 14% in May   [Jun-07-17 11:29AM  Motley Fool]
▶ Gold Climbs Amid More World Turmoil   [Jun-06-17 02:21PM  Zacks]
▶ McEwen Mining Announces Results of the Annual Meeting   [May-31-17 03:53PM  GlobeNewswire]
▶ 2 Mining ETFs and Stocks to Buy Now   [May-16-17 11:37AM  Zacks]
▶ McEwen Mining Closes 1st Quarter With a Loss   [May-05-17 02:01PM  GuruFocus.com]
▶ Global Market Uncertainty, Resurrected   [Apr-19-17 07:37AM  Market Realist]
▶ McEwen Mining Reports Q1 2017 Production Results   [Apr-18-17 04:56PM  GlobeNewswire]
▶ Why Gold's Rally May Not Be Over   [10:50AM  TheStreet.com]
▶ Why McEwen Mining Inc. Shares Fell Nearly 13% in March   [Apr-06-17 08:50AM  Motley Fool]
▶ McEwen Mining Inc. Releases 2016 results   [Mar-04-17 07:18PM  GuruFocus.com]
▶ Why McEwen Mining Inc's Shares Plunged 10% Today   [Mar-02-17 04:40PM  Motley Fool]
▶ McEwen reports 4Q loss   [Mar-01-17 06:04PM  Associated Press]
Financial statements of MUX
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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