Intrinsic value of New Gold - NGD

Previous Close

$2.95

  Intrinsic Value

$0.89

stock screener

  Rating & Target

str. sell

-70%

Previous close

$2.95

 
Intrinsic value

$0.89

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of NGD 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 1.7

 

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, %
  -4.07
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  684
  707
  731
  758
  786
  817
  849
  884
  921
  960
  1,002
  1,046
  1,093
  1,142
  1,195
  1,250
  1,308
  1,369
  1,434
  1,502
  1,573
  1,649
  1,728
  1,811
  1,899
  1,992
  2,089
  2,191
  2,298
  2,411
  2,530
Variable operating expenses, $m
 
  892
  923
  957
  993
  1,031
  1,073
  1,117
  1,163
  1,213
  1,266
  1,321
  1,380
  1,443
  1,509
  1,578
  1,652
  1,729
  1,811
  1,896
  1,987
  2,082
  2,182
  2,288
  2,399
  2,516
  2,638
  2,767
  2,903
  3,045
  3,195
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
  668
  892
  923
  957
  993
  1,031
  1,073
  1,117
  1,163
  1,213
  1,266
  1,321
  1,380
  1,443
  1,509
  1,578
  1,652
  1,729
  1,811
  1,896
  1,987
  2,082
  2,182
  2,288
  2,399
  2,516
  2,638
  2,767
  2,903
  3,045
  3,195
Operating income, $m
  15
  -186
  -192
  -199
  -207
  -215
  -223
  -232
  -242
  -253
  -264
  -275
  -287
  -300
  -314
  -329
  -344
  -360
  -377
  -395
  -414
  -434
  -454
  -476
  -500
  -524
  -549
  -576
  -604
  -634
  -665
EBITDA, $m
  271
  79
  82
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  193
  202
  212
  222
  233
  244
  256
  269
  282
Interest expense (income), $m
  55
  59
  62
  67
  71
  77
  82
  88
  94
  101
  108
  115
  123
  131
  140
  150
  160
  170
  181
  192
  205
  217
  231
  245
  260
  276
  292
  310
  328
  347
  367
Earnings before tax, $m
  2
  -245
  -255
  -266
  -278
  -291
  -305
  -320
  -336
  -353
  -371
  -390
  -411
  -432
  -454
  -478
  -503
  -530
  -558
  -587
  -618
  -651
  -685
  -721
  -760
  -800
  -842
  -886
  -932
  -981
  -1,033
Tax expense, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  3
  -245
  -255
  -266
  -278
  -291
  -305
  -320
  -336
  -353
  -371
  -390
  -411
  -432
  -454
  -478
  -503
  -530
  -558
  -587
  -618
  -651
  -685
  -721
  -760
  -800
  -842
  -886
  -932
  -981
  -1,033

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  186
  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
  3,933
  3,861
  3,995
  4,140
  4,295
  4,462
  4,641
  4,831
  5,033
  5,248
  5,476
  5,717
  5,972
  6,242
  6,527
  6,828
  7,146
  7,481
  7,834
  8,205
  8,597
  9,009
  9,442
  9,899
  10,379
  10,884
  11,414
  11,973
  12,559
  13,176
  13,824
Adjusted assets (=assets-cash), $m
  3,747
  3,861
  3,995
  4,140
  4,295
  4,462
  4,641
  4,831
  5,033
  5,248
  5,476
  5,717
  5,972
  6,242
  6,527
  6,828
  7,146
  7,481
  7,834
  8,205
  8,597
  9,009
  9,442
  9,899
  10,379
  10,884
  11,414
  11,973
  12,559
  13,176
  13,824
Revenue / Adjusted assets
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
Average production assets, $m
  2,997
  3,096
  3,204
  3,320
  3,445
  3,578
  3,721
  3,874
  4,036
  4,208
  4,391
  4,584
  4,789
  5,006
  5,234
  5,476
  5,730
  5,999
  6,282
  6,580
  6,894
  7,224
  7,572
  7,938
  8,323
  8,728
  9,153
  9,601
  10,071
  10,566
  11,086
Working capital, $m
  235
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
  150
  158
  165
  174
  182
Total debt, $m
  890
  945
  1,012
  1,083
  1,161
  1,243
  1,332
  1,426
  1,526
  1,633
  1,746
  1,866
  1,992
  2,126
  2,268
  2,417
  2,574
  2,740
  2,915
  3,100
  3,294
  3,498
  3,713
  3,940
  4,178
  4,428
  4,692
  4,968
  5,259
  5,565
  5,887
Total liabilities, $m
  1,860
  1,915
  1,982
  2,053
  2,131
  2,213
  2,302
  2,396
  2,496
  2,603
  2,716
  2,836
  2,962
  3,096
  3,238
  3,387
  3,544
  3,710
  3,885
  4,070
  4,264
  4,468
  4,683
  4,910
  5,148
  5,398
  5,662
  5,938
  6,229
  6,535
  6,857
Total equity, $m
  2,073
  1,946
  2,013
  2,086
  2,165
  2,249
  2,339
  2,435
  2,537
  2,645
  2,760
  2,881
  3,010
  3,146
  3,290
  3,442
  3,602
  3,770
  3,948
  4,135
  4,333
  4,540
  4,759
  4,989
  5,231
  5,485
  5,753
  6,034
  6,330
  6,641
  6,968
Total liabilities and equity, $m
  3,933
  3,861
  3,995
  4,139
  4,296
  4,462
  4,641
  4,831
  5,033
  5,248
  5,476
  5,717
  5,972
  6,242
  6,528
  6,829
  7,146
  7,480
  7,833
  8,205
  8,597
  9,008
  9,442
  9,899
  10,379
  10,883
  11,415
  11,972
  12,559
  13,176
  13,825
Debt-to-equity ratio
  0.429
  0.490
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  -245
  -255
  -266
  -278
  -291
  -305
  -320
  -336
  -353
  -371
  -390
  -411
  -432
  -454
  -478
  -503
  -530
  -558
  -587
  -618
  -651
  -685
  -721
  -760
  -800
  -842
  -886
  -932
  -981
  -1,033
Depreciation, amort., depletion, $m
  256
  265
  274
  284
  294
  306
  318
  331
  345
  360
  375
  392
  409
  428
  447
  468
  490
  513
  537
  562
  589
  617
  647
  678
  711
  746
  782
  821
  861
  903
  948
Funds from operations, $m
  256
  20
  19
  18
  16
  14
  13
  11
  9
  6
  4
  1
  -1
  -4
  -7
  -10
  -14
  -17
  -21
  -25
  -29
  -34
  -38
  -43
  -48
  -54
  -59
  -65
  -72
  -78
  -85
Change in working capital, $m
  -26
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
Cash from operations, $m
  282
  18
  17
  16
  14
  12
  10
  8
  6
  4
  1
  -2
  -5
  -8
  -11
  -14
  -18
  -22
  -26
  -30
  -34
  -39
  -44
  -49
  -55
  -60
  -66
  -73
  -79
  -86
  -94
Maintenance CAPEX, $m
  0
  -256
  -265
  -274
  -284
  -294
  -306
  -318
  -331
  -345
  -360
  -375
  -392
  -409
  -428
  -447
  -468
  -490
  -513
  -537
  -562
  -589
  -617
  -647
  -678
  -711
  -746
  -782
  -821
  -861
  -903
New CAPEX, $m
  -567
  -99
  -107
  -116
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -216
  -229
  -241
  -255
  -268
  -283
  -298
  -314
  -330
  -348
  -366
  -385
  -405
  -426
  -448
  -471
  -495
  -520
Cash from investing activities, $m
  -569
  -355
  -372
  -390
  -409
  -428
  -449
  -470
  -493
  -517
  -543
  -569
  -597
  -625
  -657
  -688
  -723
  -758
  -796
  -835
  -876
  -919
  -965
  -1,013
  -1,063
  -1,116
  -1,172
  -1,230
  -1,292
  -1,356
  -1,423
Free cash flow, $m
  -287
  -337
  -355
  -374
  -394
  -416
  -439
  -462
  -487
  -514
  -541
  -571
  -601
  -633
  -667
  -703
  -740
  -780
  -821
  -865
  -911
  -959
  -1,009
  -1,062
  -1,118
  -1,176
  -1,238
  -1,303
  -1,370
  -1,442
  -1,517
Issuance/(repayment) of debt, $m
  100
  55
  66
  72
  77
  83
  88
  94
  100
  107
  113
  120
  127
  134
  141
  149
  157
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  277
  291
  306
  322
Issuance/(repurchase) of shares, $m
  10
  304
  322
  339
  357
  375
  395
  416
  438
  462
  486
  512
  539
  568
  598
  630
  663
  699
  736
  775
  816
  859
  904
  951
  1,001
  1,054
  1,109
  1,167
  1,228
  1,292
  1,359
Cash from financing (excl. dividends), $m  
  128
  359
  388
  411
  434
  458
  483
  510
  538
  569
  599
  632
  666
  702
  739
  779
  820
  865
  911
  959
  1,010
  1,063
  1,119
  1,177
  1,239
  1,304
  1,372
  1,444
  1,519
  1,598
  1,681
Total cash flow (excl. dividends), $m
  -150
  22
  34
  37
  39
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
  141
  149
  156
  164
Retained Cash Flow (-), $m
  27
  -304
  -322
  -339
  -357
  -375
  -395
  -416
  -438
  -462
  -486
  -512
  -539
  -568
  -598
  -630
  -663
  -699
  -736
  -775
  -816
  -859
  -904
  -951
  -1,001
  -1,054
  -1,109
  -1,167
  -1,228
  -1,292
  -1,359
Prev. year cash balance distribution, $m
 
  186
  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
 
  -96
  -288
  -302
  -317
  -333
  -350
  -368
  -387
  -407
  -428
  -451
  -475
  -500
  -526
  -554
  -583
  -614
  -646
  -680
  -716
  -754
  -794
  -836
  -880
  -926
  -975
  -1,026
  -1,079
  -1,136
  -1,195
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  -91
  -261
  -258
  -254
  -249
  -243
  -236
  -227
  -217
  -206
  -194
  -181
  -167
  -153
  -138
  -123
  -109
  -95
  -82
  -69
  -58
  -48
  -38
  -30
  -24
  -18
  -13
  -10
  -7
  -5
Current shareholders' claim on cash, %
  100
  83.8
  69.8
  58.1
  48.2
  39.8
  32.9
  27.1
  22.3
  18.3
  14.9
  12.2
  10.0
  8.1
  6.6
  5.4
  4.4
  3.5
  2.9
  2.3
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

New Gold Inc. is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile. Its development projects include Rainy River and Blackwater projects, which are located in Canada. Its Rainy River project is a gold project located approximately 65 kilometers northwest of Fort Frances in northwestern Ontario, Canada. The Rainy River comprises approximately 192 square kilometers of various rights and claims. The Blackwater Project is located approximately 160 kilometers southwest of the city of Prince George in central British Columbia, Canada and 110 kilometers southwest of the town of Vanderhoof. The Blackwater project covers an area of over 1,000 square kilometers.

FINANCIAL RATIOS  of  New Gold (NGD)

Valuation Ratios
P/E Ratio 505.1
Price to Sales 2.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow -5.3
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.4%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 42.9%
Total Debt to Equity 42.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. -4.2%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -6.9%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76.5%
Gross Margin - 3 Yr. Avg. 77.1%
EBITDA Margin 45.8%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. -23.8%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. -33.1%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -31.2%
Effective Tax Rate -50%
Eff/ Tax Rate - 3 Yr. Avg. -10.5%
Payout Ratio 0%

NGD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGD stock intrinsic value calculation we used $684 million for the last fiscal year's total revenue generated by New Gold. The default revenue input number comes from 2016 income statement of New Gold. 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 NGD stock valuation model: a) initial revenue growth rate of 3.3% 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 4.9%, whose default value for NGD is calculated based on our internal credit rating of New Gold, 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 New Gold.
    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 NGD stock the variable cost ratio is equal to 126.3%.

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 NGD 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 6.6% for New Gold.

Corporate tax rate of 27% is the nominal tax rate for New Gold. 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 NGD 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 NGD are equal to 438.2%.

Life of production assets of 11.7 years is the average useful life of capital assets used in New Gold 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 NGD is equal to 7.2%. 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 - $2073 million for New Gold - 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 583.562 million for New Gold 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 New Gold at the current share price and the inputted number of shares is $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
EGO Eldorado Gold 1.29 1.10  sell
GG Goldcorp 12.37 3.86  str.sell
RGLD Royal Gold 84.07 8.69  str.sell
IAG IAMGOLD 5.50 1.18  str.sell

COMPANY NEWS

▶ ETFs with exposure to New Gold, Inc. : December 13, 2017   [Dec-13-17 01:47PM  Capital Cube]
▶ New Gold Announces Sale of Peak Mines for $58 Million   [Nov-20-17 05:59PM  PR Newswire]
▶ ETFs with exposure to New Gold, Inc. : November 10, 2017   [Nov-10-17 12:43PM  Capital Cube]
▶ ETFs with exposure to New Gold, Inc. : October 30, 2017   [Oct-30-17 12:06PM  Capital Cube]
▶ Inside the Palladium Market and the Gold-Palladium Spread   [Oct-26-17 12:08PM  Market Realist]
▶ New Gold, Inc. to Host Earnings Call   [07:15AM  ACCESSWIRE]
▶ New Gold Announces Completion of Schedule 2 Amendment   [Sep-28-17 07:00AM  PR Newswire]
▶ Why Kirkland Lake Gold Is A Buy   [Sep-20-17 09:34AM  Forbes]
▶ What Caused Gold to Rise to Its 1-Year High?   [Sep-13-17 09:07AM  Market Realist]
▶ Could Hurricane Harvey Spin the Precious Metals Market?   [Sep-06-17 07:38AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : August 22, 2017   [Aug-22-17 04:11PM  Capital Cube]
▶ Why IAMGOLDs Valuation Could Climb Higher in 2017 and Beyond   [Aug-15-17 09:06AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : August 11, 2017   [Aug-11-17 06:06PM  Capital Cube]
▶ Investor Network: New Gold, Inc. to Host Earnings Call   [Jul-27-17 08:00AM  ACCESSWIRE]
▶ New Gold meets 2Q profit forecasts   [01:00AM  Associated Press]
▶ ETFs with exposure to New Gold, Inc. : July 24, 2017   [Jul-24-17 05:35PM  Capital Cube]
▶ How Mining Stocks Performed on July 17   [09:37AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : July 14, 2017   [Jul-14-17 03:51PM  Capital Cube]
▶ [$$] Three Gold Stocks Ready to Outperform   [Jun-27-17 11:18AM  Barrons.com]
▶ ETFs with exposure to New Gold, Inc. : June 15, 2017   [Jun-15-17 02:45PM  Capital Cube]
▶ How Royal Gold, Inc. Makes Most of Its Money   [Jun-08-17 04:15PM  Motley Fool]
▶ Gold Mining Stock Outlook - May 2017   [May-25-17 04:54PM  Zacks]
▶ Gold and Other Precious Metals Fell on May 18   [May-22-17 11:29AM  Market Realist]
▶ A Look at Technical Indicators for Mining Stocks   [May-19-17 03:23PM  Market Realist]
▶ How Gold and Metals Reacted to US Economic Data   [May-18-17 12:35PM  Market Realist]
▶ Could Mining Stocks See a Revival?   [07:37AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : May 15, 2017   [May-15-17 04:14PM  Capital Cube]
▶ ETFs with exposure to New Gold, Inc. : May 1, 2017   [May-01-17 04:10PM  Capital Cube]
▶ Here's Why New Gold Inc.'s Stock Is Dropping Today   [Apr-27-17 12:22PM  Motley Fool]
▶ New Gold meets 1Q profit forecasts   [Apr-26-17 05:56PM  Associated Press]
▶ Analyzing Miners RSI Levels As of April 18   [Apr-19-17 12:00PM  Market Realist]
▶ New Gold Reports Fatality at its Peak Mines   [Apr-04-17 08:35AM  CNW Group]
▶ What's in Franco-Nevada's U.S. Portfolio?   [Mar-10-17 10:37AM  Motley Fool]
▶ New Gold Announces US$150 Million Bought Deal Financing   [Feb-22-17 04:43PM  PR Newswire]
▶ How Much Would an Interest Rate Hike Push Gold?   [Feb-20-17 07:37AM  Market Realist]
▶ Why New Gold Stock Dropped Nearly 19% on Tuesday   [Jan-31-17 12:50PM  at Motley Fool]
Financial statements of NGD
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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