Intrinsic value of New Gold - NGD

Previous Close

$3.47

  Intrinsic Value

$1.02

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

+17%

Previous close

$3.47

 
Intrinsic value

$1.02

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

+17%

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

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 1.8

 

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
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  684
  750
  820
  892
  967
  1,045
  1,126
  1,211
  1,299
  1,390
  1,485
  1,583
  1,686
  1,792
  1,903
  2,019
  2,139
  2,265
  2,396
  2,533
  2,675
  2,825
  2,980
  3,143
  3,313
  3,491
  3,678
  3,873
  4,077
  4,291
  4,515
Variable operating expenses, $m
 
  948
  1,035
  1,126
  1,221
  1,320
  1,423
  1,529
  1,640
  1,755
  1,875
  1,999
  2,129
  2,264
  2,404
  2,550
  2,702
  2,861
  3,026
  3,199
  3,379
  3,567
  3,764
  3,970
  4,185
  4,410
  4,645
  4,891
  5,149
  5,419
  5,702
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
  948
  1,035
  1,126
  1,221
  1,320
  1,423
  1,529
  1,640
  1,755
  1,875
  1,999
  2,129
  2,264
  2,404
  2,550
  2,702
  2,861
  3,026
  3,199
  3,379
  3,567
  3,764
  3,970
  4,185
  4,410
  4,645
  4,891
  5,149
  5,419
  5,702
Operating income, $m
  15
  -197
  -216
  -235
  -254
  -275
  -296
  -318
  -342
  -366
  -390
  -416
  -443
  -471
  -501
  -531
  -563
  -596
  -630
  -666
  -704
  -743
  -784
  -827
  -871
  -918
  -967
  -1,019
  -1,072
  -1,129
  -1,187
EBITDA, $m
  271
  84
  91
  99
  108
  117
  126
  135
  145
  155
  166
  177
  188
  200
  212
  225
  239
  253
  267
  282
  298
  315
  332
  351
  370
  389
  410
  432
  455
  479
  504
Interest expense (income), $m
  55
  59
  70
  83
  96
  109
  123
  137
  153
  168
  185
  202
  219
  238
  257
  276
  297
  319
  341
  365
  389
  415
  441
  469
  498
  529
  561
  594
  629
  665
  704
Earnings before tax, $m
  2
  -256
  -286
  -317
  -350
  -384
  -419
  -456
  -494
  -534
  -575
  -618
  -662
  -709
  -757
  -807
  -860
  -914
  -971
  -1,031
  -1,093
  -1,157
  -1,225
  -1,296
  -1,370
  -1,447
  -1,528
  -1,612
  -1,701
  -1,794
  -1,891
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
  -256
  -286
  -317
  -350
  -384
  -419
  -456
  -494
  -534
  -575
  -618
  -662
  -709
  -757
  -807
  -860
  -914
  -971
  -1,031
  -1,093
  -1,157
  -1,225
  -1,296
  -1,370
  -1,447
  -1,528
  -1,612
  -1,701
  -1,794
  -1,891

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
  4,100
  4,479
  4,873
  5,284
  5,711
  6,155
  6,616
  7,096
  7,594
  8,112
  8,651
  9,211
  9,794
  10,401
  11,032
  11,691
  12,377
  13,093
  13,840
  14,620
  15,434
  16,286
  17,175
  18,106
  19,079
  20,097
  21,163
  22,279
  23,448
  24,672
Adjusted assets (=assets-cash), $m
  3,747
  4,100
  4,479
  4,873
  5,284
  5,711
  6,155
  6,616
  7,096
  7,594
  8,112
  8,651
  9,211
  9,794
  10,401
  11,032
  11,691
  12,377
  13,093
  13,840
  14,620
  15,434
  16,286
  17,175
  18,106
  19,079
  20,097
  21,163
  22,279
  23,448
  24,672
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
  3,288
  3,592
  3,908
  4,237
  4,580
  4,936
  5,306
  5,690
  6,090
  6,505
  6,937
  7,386
  7,854
  8,340
  8,847
  9,375
  9,925
  10,499
  11,098
  11,724
  12,377
  13,060
  13,773
  14,519
  15,299
  16,116
  16,971
  17,866
  18,803
  19,785
Working capital, $m
  235
  54
  59
  64
  70
  75
  81
  87
  93
  100
  107
  114
  121
  129
  137
  145
  154
  163
  173
  182
  193
  203
  215
  226
  239
  251
  265
  279
  294
  309
  325
Total debt, $m
  890
  1,064
  1,251
  1,447
  1,651
  1,863
  2,083
  2,312
  2,550
  2,797
  3,054
  3,321
  3,599
  3,888
  4,189
  4,502
  4,829
  5,169
  5,524
  5,895
  6,281
  6,686
  7,108
  7,549
  8,010
  8,493
  8,998
  9,527
  10,080
  10,660
  11,267
Total liabilities, $m
  1,860
  2,034
  2,221
  2,417
  2,621
  2,833
  3,053
  3,282
  3,520
  3,767
  4,024
  4,291
  4,569
  4,858
  5,159
  5,472
  5,799
  6,139
  6,494
  6,865
  7,251
  7,656
  8,078
  8,519
  8,980
  9,463
  9,968
  10,497
  11,050
  11,630
  12,237
Total equity, $m
  2,073
  2,067
  2,257
  2,456
  2,663
  2,878
  3,102
  3,335
  3,576
  3,828
  4,089
  4,360
  4,642
  4,936
  5,242
  5,560
  5,892
  6,238
  6,599
  6,975
  7,368
  7,779
  8,208
  8,656
  9,125
  9,616
  10,129
  10,666
  11,229
  11,818
  12,435
Total liabilities and equity, $m
  3,933
  4,101
  4,478
  4,873
  5,284
  5,711
  6,155
  6,617
  7,096
  7,595
  8,113
  8,651
  9,211
  9,794
  10,401
  11,032
  11,691
  12,377
  13,093
  13,840
  14,619
  15,435
  16,286
  17,175
  18,105
  19,079
  20,097
  21,163
  22,279
  23,448
  24,672
Debt-to-equity ratio
  0.429
  0.510
  0.550
  0.590
  0.620
  0.650
  0.670
  0.690
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
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
  -256
  -286
  -317
  -350
  -384
  -419
  -456
  -494
  -534
  -575
  -618
  -662
  -709
  -757
  -807
  -860
  -914
  -971
  -1,031
  -1,093
  -1,157
  -1,225
  -1,296
  -1,370
  -1,447
  -1,528
  -1,612
  -1,701
  -1,794
  -1,891
Depreciation, amort., depletion, $m
  256
  281
  307
  334
  362
  391
  422
  453
  486
  521
  556
  593
  631
  671
  713
  756
  801
  848
  897
  949
  1,002
  1,058
  1,116
  1,177
  1,241
  1,308
  1,377
  1,450
  1,527
  1,607
  1,691
Funds from operations, $m
  256
  25
  21
  17
  12
  8
  3
  -2
  -8
  -13
  -19
  -25
  -31
  -38
  -44
  -51
  -59
  -66
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -139
  -150
  -162
  -174
  -187
  -200
Change in working capital, $m
  -26
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
Cash from operations, $m
  282
  20
  16
  12
  7
  2
  -3
  -9
  -14
  -20
  -26
  -32
  -39
  -45
  -52
  -60
  -67
  -75
  -83
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -164
  -176
  -189
  -202
  -216
Maintenance CAPEX, $m
  0
  -256
  -281
  -307
  -334
  -362
  -391
  -422
  -453
  -486
  -521
  -556
  -593
  -631
  -671
  -713
  -756
  -801
  -848
  -897
  -949
  -1,002
  -1,058
  -1,116
  -1,177
  -1,241
  -1,308
  -1,377
  -1,450
  -1,527
  -1,607
New CAPEX, $m
  -567
  -291
  -303
  -316
  -329
  -343
  -356
  -370
  -385
  -400
  -415
  -432
  -449
  -467
  -487
  -507
  -528
  -550
  -574
  -599
  -625
  -653
  -683
  -713
  -746
  -780
  -817
  -855
  -895
  -937
  -982
Cash from investing activities, $m
  -569
  -547
  -584
  -623
  -663
  -705
  -747
  -792
  -838
  -886
  -936
  -988
  -1,042
  -1,098
  -1,158
  -1,220
  -1,284
  -1,351
  -1,422
  -1,496
  -1,574
  -1,655
  -1,741
  -1,829
  -1,923
  -2,021
  -2,125
  -2,232
  -2,345
  -2,464
  -2,589
Free cash flow, $m
  -287
  -527
  -568
  -612
  -656
  -703
  -751
  -800
  -852
  -906
  -962
  -1,020
  -1,081
  -1,144
  -1,210
  -1,279
  -1,351
  -1,427
  -1,506
  -1,588
  -1,675
  -1,766
  -1,860
  -1,960
  -2,064
  -2,173
  -2,288
  -2,408
  -2,534
  -2,666
  -2,805
Issuance/(repayment) of debt, $m
  100
  174
  188
  196
  204
  212
  220
  229
  238
  247
  257
  267
  278
  289
  301
  313
  327
  340
  355
  371
  387
  404
  422
  441
  461
  483
  505
  529
  554
  580
  607
Issuance/(repurchase) of shares, $m
  10
  436
  477
  516
  557
  599
  643
  688
  736
  785
  836
  889
  945
  1,003
  1,063
  1,126
  1,192
  1,260
  1,332
  1,407
  1,486
  1,568
  1,654
  1,744
  1,839
  1,937
  2,041
  2,150
  2,263
  2,383
  2,508
Cash from financing (excl. dividends), $m  
  128
  610
  665
  712
  761
  811
  863
  917
  974
  1,032
  1,093
  1,156
  1,223
  1,292
  1,364
  1,439
  1,519
  1,600
  1,687
  1,778
  1,873
  1,972
  2,076
  2,185
  2,300
  2,420
  2,546
  2,679
  2,817
  2,963
  3,115
Total cash flow (excl. dividends), $m
  -150
  82
  96
  100
  104
  108
  113
  117
  122
  126
  131
  137
  142
  148
  154
  160
  167
  174
  181
  189
  198
  206
  216
  225
  236
  247
  258
  270
  283
  296
  310
Retained Cash Flow (-), $m
  27
  -436
  -477
  -516
  -557
  -599
  -643
  -688
  -736
  -785
  -836
  -889
  -945
  -1,003
  -1,063
  -1,126
  -1,192
  -1,260
  -1,332
  -1,407
  -1,486
  -1,568
  -1,654
  -1,744
  -1,839
  -1,937
  -2,041
  -2,150
  -2,263
  -2,383
  -2,508
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
 
  -167
  -381
  -416
  -453
  -491
  -530
  -572
  -614
  -659
  -705
  -753
  -803
  -855
  -909
  -966
  -1,025
  -1,086
  -1,151
  -1,218
  -1,288
  -1,362
  -1,438
  -1,519
  -1,603
  -1,691
  -1,783
  -1,879
  -1,981
  -2,087
  -2,198
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
 
  -159
  -344
  -355
  -363
  -368
  -369
  -366
  -360
  -351
  -339
  -323
  -306
  -286
  -264
  -241
  -217
  -193
  -169
  -146
  -125
  -105
  -86
  -70
  -55
  -43
  -33
  -25
  -18
  -13
  -9
Current shareholders' claim on cash, %
  100
  78.6
  61.8
  48.7
  38.4
  30.4
  24.0
  19.1
  15.1
  12.0
  9.6
  7.6
  6.1
  4.8
  3.9
  3.1
  2.5
  2.0
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1

New Gold Inc., an intermediate gold mining company, engages in the development and operation of mineral properties. It explores for gold, silver, and copper deposits. The company’s operating properties include the New Afton project located to the northeast of Vancouver in the south-central interior of British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; the Peak mines located in New South Wales, Australia; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico. It also holds 100% interests in the Rainy River project located in Ontario, Canada; and the Blackwater project located in south-central British Columbia, Canada. The company was founded in 1980 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  New Gold (NGD)

Valuation Ratios
P/E Ratio 594.2
Price to Sales 2.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow -6.3
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 9.7% 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 506.944 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 $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
EGO Eldorado Gold 1.89 1.26  sell
GG Goldcorp 13.03 3.97  str.sell
RGLD Royal Gold 87.34 8.55  str.sell
IAG IAMGOLD 5.64 1.22  str.sell

COMPANY NEWS

▶ 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]
▶ Why Transocean, Rite Aid, and New Gold Slumped Today   [Jan-30-17 06:00PM  at Motley Fool]
▶ 3 Gold Miners That Would Remain Profitable at $900 Per Ounce   [Dec-20-16 08:37AM  at Motley Fool]
▶ Do Hedge Funds Love New Gold Inc. (USA) (NGD)?   [Dec-05-16 03:59AM  at Insider Monkey]
Stock chart of NGD 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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