Intrinsic value of Nevsun Resources - NSU

Previous Close

$2.20

  Intrinsic Value

$0.77

stock screener

  Rating & Target

str. sell

-65%

Previous close

$2.20

 
Intrinsic value

$0.77

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of NSU 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, %
  -35.29
  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
  231
  236
  241
  247
  254
  262
  270
  280
  290
  300
  312
  324
  337
  351
  366
  382
  399
  416
  435
  455
  476
  498
  521
  546
  572
  599
  627
  658
  689
  723
  758
Variable operating expenses, $m
 
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
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
  169
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
Operating income, $m
  61
  52
  53
  55
  56
  58
  60
  62
  64
  66
  69
  72
  75
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  145
  152
  160
  167
EBITDA, $m
  96
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
Earnings before tax, $m
  61
  52
  53
  54
  55
  57
  58
  59
  61
  63
  65
  67
  69
  72
  74
  77
  79
  82
  86
  89
  92
  96
  100
  104
  108
  113
  118
  123
  128
  133
  139
Tax expense, $m
  30
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
Net income, $m
  11
  38
  39
  39
  40
  41
  42
  43
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102

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
  1,309
  1,133
  1,159
  1,189
  1,222
  1,259
  1,300
  1,344
  1,392
  1,444
  1,499
  1,558
  1,621
  1,689
  1,760
  1,836
  1,917
  2,002
  2,092
  2,187
  2,288
  2,394
  2,506
  2,623
  2,748
  2,878
  3,016
  3,161
  3,314
  3,474
  3,643
Adjusted assets (=assets-cash), $m
  1,110
  1,133
  1,159
  1,189
  1,222
  1,259
  1,300
  1,344
  1,392
  1,444
  1,499
  1,558
  1,621
  1,689
  1,760
  1,836
  1,917
  2,002
  2,092
  2,187
  2,288
  2,394
  2,506
  2,623
  2,748
  2,878
  3,016
  3,161
  3,314
  3,474
  3,643
Revenue / Adjusted assets
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
Average production assets, $m
  689
  703
  719
  737
  758
  781
  806
  834
  864
  896
  930
  967
  1,006
  1,048
  1,092
  1,139
  1,189
  1,242
  1,298
  1,357
  1,419
  1,485
  1,555
  1,628
  1,705
  1,786
  1,871
  1,961
  2,056
  2,156
  2,260
Working capital, $m
  201
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Total debt, $m
  0
  8
  17
  27
  39
  51
  65
  80
  97
  114
  133
  153
  175
  198
  222
  248
  276
  305
  335
  368
  402
  438
  476
  517
  559
  604
  651
  700
  752
  807
  864
Total liabilities, $m
  379
  386
  395
  405
  417
  429
  443
  458
  475
  492
  511
  531
  553
  576
  600
  626
  654
  683
  713
  746
  780
  816
  854
  895
  937
  982
  1,029
  1,078
  1,130
  1,185
  1,242
Total equity, $m
  931
  747
  764
  783
  805
  830
  857
  886
  917
  951
  988
  1,027
  1,069
  1,113
  1,160
  1,210
  1,263
  1,319
  1,379
  1,441
  1,508
  1,577
  1,651
  1,729
  1,811
  1,897
  1,988
  2,083
  2,184
  2,289
  2,401
Total liabilities and equity, $m
  1,310
  1,133
  1,159
  1,188
  1,222
  1,259
  1,300
  1,344
  1,392
  1,443
  1,499
  1,558
  1,622
  1,689
  1,760
  1,836
  1,917
  2,002
  2,092
  2,187
  2,288
  2,393
  2,505
  2,624
  2,748
  2,879
  3,017
  3,161
  3,314
  3,474
  3,643
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.050
  0.060
  0.080
  0.090
  0.110
  0.120
  0.130
  0.150
  0.160
  0.180
  0.190
  0.210
  0.220
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.360
Adjusted equity ratio
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  38
  39
  39
  40
  41
  42
  43
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
Depreciation, amort., depletion, $m
  35
  36
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  104
  109
  115
Funds from operations, $m
  -14
  74
  75
  77
  79
  81
  83
  86
  88
  91
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  166
  173
  181
  189
  198
  207
  216
Change in working capital, $m
  -59
  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 from operations, $m
  45
  74
  75
  77
  79
  81
  83
  86
  88
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  165
  173
  181
  189
  197
  206
  216
Maintenance CAPEX, $m
  0
  -35
  -36
  -36
  -37
  -38
  -40
  -41
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
New CAPEX, $m
  -248
  -14
  -16
  -18
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
Cash from investing activities, $m
  -247
  -49
  -52
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -79
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -144
  -152
  -160
  -168
  -176
  -185
  -195
  -204
  -214
Free cash flow, $m
  -202
  25
  23
  22
  21
  19
  18
  17
  16
  15
  15
  14
  13
  12
  12
  11
  10
  10
  9
  9
  8
  7
  7
  6
  6
  5
  4
  4
  3
  3
  2
Issuance/(repayment) of debt, $m
  0
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
Cash from financing (excl. dividends), $m  
  2
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  39
  42
  45
  49
  52
  55
  59
  63
  68
Total cash flow (excl. dividends), $m
  -201
  33
  32
  32
  32
  32
  32
  32
  33
  33
  34
  34
  35
  35
  36
  37
  38
  39
  40
  41
  42
  44
  46
  48
  51
  54
  56
  59
  62
  66
  69
Retained Cash Flow (-), $m
  -262
  -15
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
Prev. year cash balance distribution, $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
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
 
  218
  15
  12
  10
  8
  5
  3
  1
  -1
  -3
  -5
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
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
 
  209
  14
  11
  8
  6
  4
  2
  1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.5
  99.2
  98.9
  98.5
  98.0
  97.5
  96.9

Nevsun Resources Ltd. is a base metals company. The Company's two principal properties are the Timok Project in Serbia, which hosts the copper-gold Cukaru Peki deposit on the Brestovac-Metovnica Exploration Permit (the B-M Permit) and the Bisha Property in Eritrea, which hosts the copper-zinc-gold Bisha deposit and includes satellite volcanogenic massive sulphides (VMS) deposits at Harena, Northwest, Hambok and Asheli. The Company's principal mining operation is the Bisha Mine, which is located on the Bisha Property. The Timok Project is located in eastern Serbia near the Bor Mining and Smelting complex. The Timok project is located within the central zone of the Timok Magmatic Complex (TMC), in the Serbian section of the East European Carpathian-Balkan Arc. In addition, the Company owns the New Mogoraib River Exploration License, which covers an area of 630 square kilometers and the Tabakin Exploration License covering 184 square kilometers both adjacent to the Bisha Mining License.

FINANCIAL RATIOS  of  Nevsun Resources (NSU)

Valuation Ratios
P/E Ratio 60.3
Price to Sales 2.9
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate -35.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 191.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
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 1%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 1.4%
Return On Equity - 3 Yr. Avg. 6.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 39.8%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 41.6%
EBITDA Margin - 3 Yr. Avg. 44.8%
Operating Margin 26.8%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 26.4%
Pre-Tax Margin - 3 Yr. Avg. 33.1%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 49.2%
Eff/ Tax Rate - 3 Yr. Avg. 44.2%
Payout Ratio 309.1%

NSU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NSU stock intrinsic value calculation we used $231 million for the last fiscal year's total revenue generated by Nevsun Resources. The default revenue input number comes from 2016 income statement of Nevsun Resources. 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 NSU 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 NSU is calculated based on our internal credit rating of Nevsun Resources, 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 Nevsun Resources.
    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 NSU stock the variable cost ratio is equal to 77.9%.

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 NSU 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 Nevsun Resources.

Corporate tax rate of 27% is the nominal tax rate for Nevsun Resources. 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 NSU 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 NSU are equal to 298.3%.

Life of production assets of 19.7 years is the average useful life of capital assets used in Nevsun Resources 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 NSU is equal to 0.9%. 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 - $931 million for Nevsun Resources - 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 302.161 million for Nevsun Resources 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 Nevsun Resources at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Nevsun Resources Declares Quarterly Dividend   [Dec-13-17 11:42AM  GuruFocus.com]
▶ Nevsun Declares Fourth Quarterly Dividend of 2017   [Dec-12-17 07:50AM  CNW Group]
▶ Nevsun posts 3Q loss   [05:01AM  Associated Press]
▶ Audi's Keogh Says Consumer Confidence Driving Sales   [Oct-03-17 11:43AM  Bloomberg Video]
▶ Nevsun Resources Declares Quarterly Dividend   [Sep-14-17 12:28PM  GuruFocus.com]
▶ Copper Producers to Benefit From Hurricanes   [Sep-13-17 01:10PM  GuruFocus.com]
▶ Nevsun Declares Third Quarterly Dividend of 2017   [Sep-12-17 05:10PM  PR Newswire]
▶ Nevsun reports 2Q loss   [Aug-09-17 11:14PM  Associated Press]
▶ Nevsun Reports New Lower Zone Drill Results at Timok   [Jun-29-17 07:50AM  PR Newswire]
▶ Nevsun Resources Appoints New Board Chair   [Jun-26-17 07:50AM  PR Newswire]
▶ Nevsun Declares Second Quarterly Dividend of 2017   [Jun-01-17 05:30PM  PR Newswire]
▶ Nevsun Resources Appoints New CEO   [May-08-17 07:50AM  PR Newswire]
▶ Nevsun Resources Appoints New CEO   [07:50AM  CNW Group]
▶ ETFs with exposure to Nevsun Resources Ltd. : May 5, 2017   [May-05-17 04:24PM  Capital Cube]
▶ Nevsun posts 1Q loss   [Apr-27-17 07:30PM  Associated Press]
▶ Star Cars of the Shanghai Auto Show 2017   [Apr-19-17 11:17PM  MarketWatch]
▶ Nevsun Announces Q1 2017 Financial Results Release Date   [Apr-03-17 07:50AM  PR Newswire]
▶ How 4D mapping could change the way we live and work   [Mar-23-17 04:47PM  MarketWatch]
▶ 14 Metals Stock Picks: More From Zinc & Iron Ore   [Mar-16-17 03:10PM  Barrons.com]
▶ Nevsun Declares First Quarterly Dividend of 2017   [Feb-24-17 05:10PM  PR Newswire]
▶ Super Bowl 2017: The Most Buzzed-About Ads   [Feb-03-17 09:02PM  at MarketWatch]
▶ Dan Neils Ode to the Audi R8   [Dec-22-16 06:13PM  at MarketWatch]
▶ Is Wabash National Corporation (WNC) a Good Stock to Buy?   [Dec-14-16 06:41AM  at Insider Monkey]
▶ How Nevsun Resources (USA) (NSU) Stacks Up Against Its Peers   [Dec-13-16 09:16PM  at Insider Monkey]
▶ Nevsun Declares Fourth Quarterly Dividend of 2016   [Dec-09-16 05:50PM  PR Newswire]
▶ Nevsun Reports Upper Zone Drill Results at Timok   [Dec-07-16 07:50AM  PR Newswire]
▶ Nevsun Reports Lower Zone Drill Results at Timok   [Nov-22-16 07:50AM  PR Newswire]
Financial statements of NSU
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.