Intrinsic value of Newmont Mining - NEM

Previous Close

$39.11

  Intrinsic Value

$9.13

stock screener

  Rating & Target

str. sell

-77%

Previous close

$39.11

 
Intrinsic value

$9.13

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of NEM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  10.29
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  6,711
  7,040
  7,385
  7,749
  8,131
  8,532
  8,953
  9,396
  9,862
  10,350
  10,864
  11,403
  11,970
  12,565
  13,190
  13,847
  14,536
  15,260
  16,021
  16,819
  17,658
  18,539
  19,464
  20,435
  21,455
  22,526
  23,650
  24,831
  26,072
  27,374
  28,741
Variable operating expenses, $m
 
  6,646
  6,972
  7,315
  7,675
  8,054
  8,452
  8,870
  9,309
  9,771
  10,256
  10,765
  11,300
  11,861
  12,451
  13,071
  13,722
  14,406
  15,123
  15,877
  16,669
  17,500
  18,374
  19,290
  20,253
  21,264
  22,326
  23,441
  24,612
  25,841
  27,132
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
  6,776
  6,646
  6,972
  7,315
  7,675
  8,054
  8,452
  8,870
  9,309
  9,771
  10,256
  10,765
  11,300
  11,861
  12,451
  13,071
  13,722
  14,406
  15,123
  15,877
  16,669
  17,500
  18,374
  19,290
  20,253
  21,264
  22,326
  23,441
  24,612
  25,841
  27,132
Operating income, $m
  -65
  394
  414
  434
  455
  478
  501
  526
  552
  580
  608
  639
  670
  704
  739
  775
  814
  855
  897
  942
  989
  1,038
  1,090
  1,144
  1,201
  1,261
  1,324
  1,391
  1,460
  1,533
  1,610
EBITDA, $m
  1,155
  1,678
  1,760
  1,847
  1,938
  2,034
  2,134
  2,240
  2,351
  2,467
  2,589
  2,718
  2,853
  2,995
  3,144
  3,300
  3,465
  3,637
  3,819
  4,009
  4,209
  4,419
  4,639
  4,871
  5,114
  5,369
  5,637
  5,919
  6,214
  6,525
  6,851
Interest expense (income), $m
  0
  142
  159
  176
  195
  214
  235
  256
  279
  302
  327
  353
  381
  410
  440
  472
  505
  540
  577
  616
  656
  699
  744
  791
  840
  892
  947
  1,004
  1,064
  1,127
  1,194
Earnings before tax, $m
  -214
  253
  255
  257
  260
  263
  267
  270
  273
  277
  281
  285
  289
  294
  299
  304
  309
  314
  320
  326
  332
  339
  346
  353
  361
  369
  378
  386
  396
  406
  416
Tax expense, $m
  563
  68
  69
  70
  70
  71
  72
  73
  74
  75
  76
  77
  78
  79
  81
  82
  83
  85
  86
  88
  90
  92
  93
  95
  97
  100
  102
  104
  107
  110
  112
Net income, $m
  -627
  184
  186
  188
  190
  192
  195
  197
  200
  202
  205
  208
  211
  215
  218
  222
  225
  229
  234
  238
  243
  247
  253
  258
  264
  269
  276
  282
  289
  296
  304

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,812
  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
  21,031
  19,130
  20,069
  21,056
  22,094
  23,184
  24,330
  25,533
  26,798
  28,126
  29,521
  30,987
  32,527
  34,144
  35,843
  37,626
  39,500
  41,468
  43,534
  45,704
  47,983
  50,377
  52,890
  55,529
  58,301
  61,211
  64,267
  67,477
  70,847
  74,385
  78,101
Adjusted assets (=assets-cash), $m
  18,219
  19,130
  20,069
  21,056
  22,094
  23,184
  24,330
  25,533
  26,798
  28,126
  29,521
  30,987
  32,527
  34,144
  35,843
  37,626
  39,500
  41,468
  43,534
  45,704
  47,983
  50,377
  52,890
  55,529
  58,301
  61,211
  64,267
  67,477
  70,847
  74,385
  78,101
Revenue / Adjusted assets
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
Average production assets, $m
  6,243
  6,547
  6,869
  7,206
  7,561
  7,935
  8,327
  8,738
  9,171
  9,626
  10,103
  10,605
  11,132
  11,685
  12,267
  12,877
  13,518
  14,192
  14,899
  15,642
  16,422
  17,241
  18,101
  19,004
  19,953
  20,949
  21,995
  23,093
  24,247
  25,458
  26,729
Working capital, $m
  2,927
  711
  746
  783
  821
  862
  904
  949
  996
  1,045
  1,097
  1,152
  1,209
  1,269
  1,332
  1,399
  1,468
  1,541
  1,618
  1,699
  1,783
  1,872
  1,966
  2,064
  2,167
  2,275
  2,389
  2,508
  2,633
  2,765
  2,903
Total debt, $m
  4,615
  4,540
  5,042
  5,570
  6,125
  6,709
  7,321
  7,965
  8,642
  9,352
  10,099
  10,883
  11,707
  12,572
  13,481
  14,435
  15,438
  16,490
  17,596
  18,757
  19,976
  21,257
  22,601
  24,013
  25,496
  27,053
  28,688
  30,405
  32,208
  34,101
  36,089
Total liabilities, $m
  10,310
  10,235
  10,737
  11,265
  11,820
  12,404
  13,016
  13,660
  14,337
  15,047
  15,794
  16,578
  17,402
  18,267
  19,176
  20,130
  21,133
  22,185
  23,291
  24,452
  25,671
  26,952
  28,296
  29,708
  31,191
  32,748
  34,383
  36,100
  37,903
  39,796
  41,784
Total equity, $m
  10,721
  8,895
  9,332
  9,791
  10,274
  10,781
  11,313
  11,873
  12,461
  13,079
  13,727
  14,409
  15,125
  15,877
  16,667
  17,496
  18,368
  19,282
  20,243
  21,253
  22,312
  23,425
  24,594
  25,821
  27,110
  28,463
  29,884
  31,377
  32,944
  34,589
  36,317
Total liabilities and equity, $m
  21,031
  19,130
  20,069
  21,056
  22,094
  23,185
  24,329
  25,533
  26,798
  28,126
  29,521
  30,987
  32,527
  34,144
  35,843
  37,626
  39,501
  41,467
  43,534
  45,705
  47,983
  50,377
  52,890
  55,529
  58,301
  61,211
  64,267
  67,477
  70,847
  74,385
  78,101
Debt-to-equity ratio
  0.430
  0.510
  0.540
  0.570
  0.600
  0.620
  0.650
  0.670
  0.690
  0.720
  0.740
  0.760
  0.770
  0.790
  0.810
  0.830
  0.840
  0.860
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.434
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -627
  184
  186
  188
  190
  192
  195
  197
  200
  202
  205
  208
  211
  215
  218
  222
  225
  229
  234
  238
  243
  247
  253
  258
  264
  269
  276
  282
  289
  296
  304
Depreciation, amort., depletion, $m
  1,220
  1,284
  1,347
  1,413
  1,483
  1,556
  1,633
  1,713
  1,798
  1,887
  1,981
  2,079
  2,183
  2,291
  2,405
  2,525
  2,651
  2,783
  2,921
  3,067
  3,220
  3,381
  3,549
  3,726
  3,912
  4,108
  4,313
  4,528
  4,754
  4,992
  5,241
Funds from operations, $m
  1,783
  1,468
  1,533
  1,601
  1,673
  1,748
  1,827
  1,910
  1,998
  2,090
  2,186
  2,288
  2,394
  2,506
  2,623
  2,747
  2,876
  3,012
  3,155
  3,305
  3,463
  3,628
  3,802
  3,984
  4,176
  4,377
  4,588
  4,810
  5,043
  5,288
  5,545
Change in working capital, $m
  -490
  33
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
  114
  119
  125
  132
  138
Cash from operations, $m
  2,273
  1,435
  1,498
  1,564
  1,634
  1,708
  1,785
  1,866
  1,951
  2,040
  2,134
  2,233
  2,337
  2,446
  2,560
  2,680
  2,806
  2,939
  3,078
  3,224
  3,378
  3,539
  3,708
  3,886
  4,073
  4,269
  4,475
  4,691
  4,918
  5,156
  5,407
Maintenance CAPEX, $m
  0
  -1,224
  -1,284
  -1,347
  -1,413
  -1,483
  -1,556
  -1,633
  -1,713
  -1,798
  -1,887
  -1,981
  -2,079
  -2,183
  -2,291
  -2,405
  -2,525
  -2,651
  -2,783
  -2,921
  -3,067
  -3,220
  -3,381
  -3,549
  -3,726
  -3,912
  -4,108
  -4,313
  -4,528
  -4,754
  -4,992
New CAPEX, $m
  -1,133
  -305
  -321
  -338
  -355
  -373
  -392
  -412
  -433
  -455
  -478
  -502
  -527
  -553
  -581
  -611
  -641
  -673
  -707
  -743
  -780
  -819
  -860
  -903
  -949
  -996
  -1,046
  -1,098
  -1,153
  -1,211
  -1,272
Cash from investing activities, $m
  -80
  -1,529
  -1,605
  -1,685
  -1,768
  -1,856
  -1,948
  -2,045
  -2,146
  -2,253
  -2,365
  -2,483
  -2,606
  -2,736
  -2,872
  -3,016
  -3,166
  -3,324
  -3,490
  -3,664
  -3,847
  -4,039
  -4,241
  -4,452
  -4,675
  -4,908
  -5,154
  -5,411
  -5,681
  -5,965
  -6,264
Free cash flow, $m
  2,193
  -94
  -107
  -120
  -134
  -148
  -163
  -179
  -195
  -213
  -231
  -250
  -270
  -290
  -312
  -336
  -360
  -385
  -412
  -440
  -469
  -500
  -532
  -566
  -602
  -639
  -679
  -720
  -763
  -809
  -857
Issuance/(repayment) of debt, $m
  -1,312
  491
  503
  528
  555
  583
  613
  644
  676
  711
  747
  784
  824
  865
  909
  954
  1,002
  1,053
  1,106
  1,161
  1,219
  1,280
  1,345
  1,412
  1,483
  1,557
  1,635
  1,717
  1,803
  1,893
  1,988
Issuance/(repurchase) of shares, $m
  0
  236
  251
  271
  292
  315
  338
  363
  388
  415
  444
  473
  505
  537
  572
  608
  646
  686
  727
  771
  817
  865
  916
  969
  1,025
  1,084
  1,145
  1,210
  1,278
  1,349
  1,424
Cash from financing (excl. dividends), $m  
  -1,734
  727
  754
  799
  847
  898
  951
  1,007
  1,064
  1,126
  1,191
  1,257
  1,329
  1,402
  1,481
  1,562
  1,648
  1,739
  1,833
  1,932
  2,036
  2,145
  2,261
  2,381
  2,508
  2,641
  2,780
  2,927
  3,081
  3,242
  3,412
Total cash flow (excl. dividends), $m
  460
  633
  646
  679
  713
  750
  788
  828
  870
  914
  960
  1,008
  1,059
  1,112
  1,168
  1,227
  1,288
  1,353
  1,421
  1,492
  1,567
  1,646
  1,728
  1,815
  1,906
  2,001
  2,102
  2,207
  2,317
  2,434
  2,555
Retained Cash Flow (-), $m
  629
  -420
  -437
  -459
  -482
  -507
  -533
  -560
  -588
  -618
  -649
  -682
  -716
  -752
  -790
  -830
  -871
  -915
  -961
  -1,009
  -1,060
  -1,113
  -1,169
  -1,227
  -1,289
  -1,353
  -1,421
  -1,492
  -1,567
  -1,645
  -1,728
Prev. year cash balance distribution, $m
 
  2,246
  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
 
  2,459
  209
  220
  231
  243
  255
  268
  282
  296
  311
  326
  343
  360
  378
  397
  417
  438
  460
  483
  508
  533
  560
  588
  617
  648
  681
  715
  750
  788
  827
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
 
  2,357
  191
  191
  190
  188
  185
  181
  176
  170
  163
  155
  146
  137
  127
  117
  106
  95
  85
  74
  64
  55
  46
  39
  31
  25
  20
  15
  12
  9
  6
Current shareholders' claim on cash, %
  100
  98.6
  97.2
  95.7
  94.3
  92.8
  91.4
  89.9
  88.4
  86.9
  85.4
  83.9
  82.5
  81.0
  79.5
  78.0
  76.6
  75.1
  73.7
  72.3
  70.9
  69.5
  68.1
  66.8
  65.5
  64.1
  62.8
  61.6
  60.3
  59.0
  57.8

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company's segments include North America, South America, Asia Pacific and Africa. The Company's North America segment consists primarily of Carlin, Phoenix, Twin Creeks and Long Canyon in the state of Nevada, and Cripple Creek &Victor (CC&V) in the state of Colorado, in the United States. The Company's South America segment consists primarily of Yanacocha in Peru and Merian in Suriname. The Company's Asia Pacific segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia. The Company's Africa segment consists primarily of Ahafo and Akyem in Ghana. As of December 31, 2016, it had gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles (59,000 square kilometers).

FINANCIAL RATIOS  of  Newmont Mining (NEM)

Valuation Ratios
P/E Ratio -33.1
Price to Sales 3.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate -9.8%
Financial Strength
Quick Ratio 5
Current Ratio 0.5
LT Debt to Equity 37.8%
Total Debt to Equity 43%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.7%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital -3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -5.7%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 43.8%
Gross Margin - 3 Yr. Avg. 42.5%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin -3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin -9.3%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate -263.1%
Eff/ Tax Rate - 3 Yr. Avg. -35.2%
Payout Ratio -10.7%

NEM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEM stock intrinsic value calculation we used $6711 million for the last fiscal year's total revenue generated by Newmont Mining. The default revenue input number comes from 2016 income statement of Newmont 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 NEM stock valuation model: a) initial revenue growth rate of 4.9% 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 NEM is calculated based on our internal credit rating of Newmont 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 Newmont 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 NEM stock the variable cost ratio is equal to 94.4%.

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 NEM 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 Newmont Mining.

Corporate tax rate of 27% is the nominal tax rate for Newmont 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 NEM 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 NEM are equal to 93%.

Life of production assets of 5.1 years is the average useful life of capital assets used in Newmont 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 NEM is equal to 10.1%. 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 - $10721 million for Newmont 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 533.316 million for Newmont 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 Newmont Mining at the current share price and the inputted number of shares is $20.9 billion.

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COMPANY NEWS

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▶ Newmont Mining details one effect of new GOP tax plan   [Dec-26-17 08:49AM  American City Business Journals]
▶ How Newmont Mining Plans to Generate Free Cash Flow in 2018   [Dec-22-17 10:31AM  Market Realist]
▶ Correlation Study of the Top Miners and Gold   [07:43AM  Market Realist]
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▶ 3 Gold Stock Rallies Destined to Fail   [Dec-18-17 11:11AM  InvestorPlace]
▶ Where Newmont Mining Ranks among Gold Miners Today   [Dec-14-17 04:10PM  Market Realist]
▶ Rating the Moving Average Prices of Mining Stocks Today   [Dec-13-17 11:58AM  Market Realist]
▶ Investing in Gold: Newmont Mining   [Dec-08-17 03:03PM  GuruFocus.com]
▶ Newmont Mining CEO: We'll keep an eye on bitcoin   [Dec-06-17 01:40PM  CNBC Videos]
▶ Newmont Enhances Long-term Growth Position in Guiana Shield   [Dec-05-17 04:33PM  Business Wire]
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Financial statements of NEM
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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