Intrinsic value of Taseko Mines - TGB

Previous Close

$1.88

  Intrinsic Value

$6.09

stock screener

  Rating & Target

str. buy

+224%

Previous close

$1.88

 
Intrinsic value

$6.09

 
Up/down potential

+224%

 
Rating

str. buy

We calculate the intrinsic value of TGB 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, %
  -8.88
  41.50
  37.85
  34.57
  31.61
  28.95
  26.55
  24.40
  22.46
  20.71
  19.14
  17.73
  16.45
  15.31
  14.28
  13.35
  12.52
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
Revenue, $m
  195
  276
  380
  512
  674
  869
  1,099
  1,367
  1,675
  2,021
  2,408
  2,835
  3,302
  3,807
  4,351
  4,932
  5,549
  6,201
  6,889
  7,611
  8,367
  9,156
  9,980
  10,838
  11,730
  12,658
  13,623
  14,625
  15,667
  16,749
  17,875
Variable operating expenses, $m
 
  55
  76
  102
  134
  172
  218
  271
  332
  401
  477
  561
  654
  754
  861
  976
  1,098
  1,228
  1,364
  1,507
  1,656
  1,812
  1,975
  2,145
  2,322
  2,506
  2,697
  2,895
  3,101
  3,315
  3,538
Fixed operating expenses, $m
 
  180
  185
  190
  194
  199
  204
  209
  214
  220
  225
  231
  237
  243
  249
  255
  261
  268
  274
  281
  288
  296
  303
  311
  318
  326
  334
  343
  351
  360
  369
Total operating expenses, $m
  214
  235
  261
  292
  328
  371
  422
  480
  546
  621
  702
  792
  891
  997
  1,110
  1,231
  1,359
  1,496
  1,638
  1,788
  1,944
  2,108
  2,278
  2,456
  2,640
  2,832
  3,031
  3,238
  3,452
  3,675
  3,907
Operating income, $m
  -19
  41
  120
  221
  346
  497
  677
  887
  1,128
  1,401
  1,706
  2,043
  2,411
  2,811
  3,241
  3,700
  4,189
  4,706
  5,251
  5,823
  6,422
  7,048
  7,701
  8,382
  9,090
  9,826
  10,592
  11,387
  12,214
  13,074
  13,967
EBITDA, $m
  20
  96
  196
  322
  479
  670
  895
  1,158
  1,460
  1,802
  2,183
  2,605
  3,065
  3,565
  4,103
  4,677
  5,288
  5,935
  6,615
  7,331
  8,079
  8,862
  9,678
  10,528
  11,413
  12,333
  13,290
  14,284
  15,317
  16,391
  17,508
Interest expense (income), $m
  17
  17
  28
  42
  60
  82
  108
  139
  176
  217
  264
  316
  374
  437
  506
  579
  658
  741
  829
  922
  1,020
  1,122
  1,229
  1,340
  1,456
  1,577
  1,703
  1,833
  1,969
  2,109
  2,256
Earnings before tax, $m
  -34
  23
  92
  179
  286
  415
  569
  748
  953
  1,184
  1,442
  1,727
  2,037
  2,374
  2,735
  3,121
  3,532
  3,965
  4,422
  4,901
  5,402
  5,926
  6,472
  7,041
  7,633
  8,249
  8,889
  9,554
  10,246
  10,964
  11,711
Tax expense, $m
  -11
  6
  25
  48
  77
  112
  154
  202
  257
  320
  389
  466
  550
  641
  739
  843
  954
  1,071
  1,194
  1,323
  1,459
  1,600
  1,748
  1,901
  2,061
  2,227
  2,400
  2,580
  2,766
  2,960
  3,162
Net income, $m
  -23
  17
  67
  130
  209
  303
  415
  546
  695
  864
  1,053
  1,260
  1,487
  1,733
  1,997
  2,279
  2,578
  2,894
  3,228
  3,577
  3,944
  4,326
  4,725
  5,140
  5,572
  6,022
  6,489
  6,975
  7,479
  8,004
  8,549

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  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
  703
  899
  1,239
  1,667
  2,194
  2,829
  3,581
  4,454
  5,455
  6,584
  7,845
  9,235
  10,755
  12,401
  14,172
  16,064
  18,074
  20,200
  22,440
  24,791
  27,253
  29,825
  32,508
  35,301
  38,209
  41,231
  44,373
  47,638
  51,032
  54,558
  58,224
Adjusted assets (=assets-cash), $m
  636
  899
  1,239
  1,667
  2,194
  2,829
  3,581
  4,454
  5,455
  6,584
  7,845
  9,235
  10,755
  12,401
  14,172
  16,064
  18,074
  20,200
  22,440
  24,791
  27,253
  29,825
  32,508
  35,301
  38,209
  41,231
  44,373
  47,638
  51,032
  54,558
  58,224
Revenue / Adjusted assets
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
Average production assets, $m
  564
  798
  1,100
  1,480
  1,948
  2,512
  3,179
  3,955
  4,843
  5,846
  6,965
  8,199
  9,549
  11,010
  12,582
  14,262
  16,047
  17,935
  19,923
  22,011
  24,197
  26,480
  28,862
  31,342
  33,923
  36,607
  39,397
  42,296
  45,308
  48,439
  51,694
Working capital, $m
  81
  37
  51
  68
  90
  116
  146
  182
  223
  269
  320
  377
  439
  506
  579
  656
  738
  825
  916
  1,012
  1,113
  1,218
  1,327
  1,441
  1,560
  1,684
  1,812
  1,945
  2,084
  2,228
  2,377
Total debt, $m
  296
  466
  701
  998
  1,362
  1,802
  2,322
  2,926
  3,619
  4,400
  5,272
  6,235
  7,286
  8,426
  9,651
  10,960
  12,351
  13,823
  15,372
  17,000
  18,703
  20,483
  22,339
  24,273
  26,284
  28,376
  30,550
  32,810
  35,158
  37,598
  40,135
Total liabilities, $m
  452
  622
  857
  1,154
  1,518
  1,958
  2,478
  3,082
  3,775
  4,556
  5,428
  6,391
  7,442
  8,582
  9,807
  11,116
  12,507
  13,979
  15,528
  17,156
  18,859
  20,639
  22,495
  24,429
  26,440
  28,532
  30,706
  32,966
  35,314
  37,754
  40,291
Total equity, $m
  251
  277
  382
  514
  676
  871
  1,103
  1,372
  1,680
  2,028
  2,416
  2,844
  3,312
  3,820
  4,365
  4,948
  5,567
  6,222
  6,911
  7,636
  8,394
  9,186
  10,012
  10,873
  11,768
  12,699
  13,667
  14,673
  15,718
  16,804
  17,933
Total liabilities and equity, $m
  703
  899
  1,239
  1,668
  2,194
  2,829
  3,581
  4,454
  5,455
  6,584
  7,844
  9,235
  10,754
  12,402
  14,172
  16,064
  18,074
  20,201
  22,439
  24,792
  27,253
  29,825
  32,507
  35,302
  38,208
  41,231
  44,373
  47,639
  51,032
  54,558
  58,224
Debt-to-equity ratio
  1.179
  1.680
  1.840
  1.940
  2.020
  2.070
  2.110
  2.130
  2.150
  2.170
  2.180
  2.190
  2.200
  2.210
  2.210
  2.220
  2.220
  2.220
  2.220
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.240
  2.240
  2.240
  2.240
  2.240
Adjusted equity ratio
  0.289
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -23
  17
  67
  130
  209
  303
  415
  546
  695
  864
  1,053
  1,260
  1,487
  1,733
  1,997
  2,279
  2,578
  2,894
  3,228
  3,577
  3,944
  4,326
  4,725
  5,140
  5,572
  6,022
  6,489
  6,975
  7,479
  8,004
  8,549
Depreciation, amort., depletion, $m
  39
  55
  76
  102
  134
  172
  218
  271
  332
  401
  477
  562
  654
  754
  862
  977
  1,099
  1,228
  1,365
  1,508
  1,657
  1,814
  1,977
  2,147
  2,324
  2,507
  2,698
  2,897
  3,103
  3,318
  3,541
Funds from operations, $m
  22
  72
  143
  232
  342
  476
  634
  817
  1,028
  1,265
  1,530
  1,822
  2,141
  2,487
  2,859
  3,255
  3,677
  4,123
  4,592
  5,085
  5,601
  6,140
  6,702
  7,287
  7,896
  8,529
  9,187
  9,872
  10,583
  11,322
  12,090
Change in working capital, $m
  -3
  11
  14
  17
  22
  26
  31
  36
  41
  46
  51
  57
  62
  67
  72
  77
  82
  87
  91
  96
  101
  105
  110
  114
  119
  123
  128
  133
  139
  144
  150
Cash from operations, $m
  25
  61
  129
  215
  321
  450
  603
  782
  987
  1,219
  1,479
  1,765
  2,079
  2,420
  2,786
  3,178
  3,595
  4,036
  4,501
  4,989
  5,500
  6,035
  6,592
  7,173
  7,777
  8,406
  9,059
  9,738
  10,444
  11,178
  11,940
Maintenance CAPEX, $m
  0
  -39
  -55
  -75
  -101
  -133
  -172
  -218
  -271
  -332
  -400
  -477
  -562
  -654
  -754
  -862
  -977
  -1,099
  -1,228
  -1,365
  -1,508
  -1,657
  -1,814
  -1,977
  -2,147
  -2,324
  -2,507
  -2,698
  -2,897
  -3,103
  -3,318
New CAPEX, $m
  -14
  -234
  -302
  -380
  -468
  -564
  -667
  -776
  -888
  -1,003
  -1,119
  -1,235
  -1,349
  -1,462
  -1,572
  -1,680
  -1,785
  -1,888
  -1,988
  -2,088
  -2,186
  -2,284
  -2,382
  -2,480
  -2,581
  -2,684
  -2,790
  -2,899
  -3,012
  -3,131
  -3,255
Cash from investing activities, $m
  -14
  -273
  -357
  -455
  -569
  -697
  -839
  -994
  -1,159
  -1,335
  -1,519
  -1,712
  -1,911
  -2,116
  -2,326
  -2,542
  -2,762
  -2,987
  -3,216
  -3,453
  -3,694
  -3,941
  -4,196
  -4,457
  -4,728
  -5,008
  -5,297
  -5,597
  -5,909
  -6,234
  -6,573
Free cash flow, $m
  11
  -211
  -228
  -241
  -248
  -248
  -236
  -212
  -172
  -116
  -41
  54
  168
  304
  460
  637
  833
  1,049
  1,284
  1,537
  1,807
  2,094
  2,397
  2,716
  3,049
  3,398
  3,762
  4,141
  4,535
  4,943
  5,368
Issuance/(repayment) of debt, $m
  25
  182
  235
  296
  365
  440
  520
  605
  692
  782
  872
  962
  1,052
  1,139
  1,225
  1,309
  1,391
  1,471
  1,550
  1,627
  1,704
  1,780
  1,856
  1,933
  2,012
  2,092
  2,174
  2,259
  2,348
  2,440
  2,537
Issuance/(repurchase) of shares, $m
  0
  64
  38
  2
  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 financing (excl. dividends), $m  
  5
  246
  273
  298
  365
  440
  520
  605
  692
  782
  872
  962
  1,052
  1,139
  1,225
  1,309
  1,391
  1,471
  1,550
  1,627
  1,704
  1,780
  1,856
  1,933
  2,012
  2,092
  2,174
  2,259
  2,348
  2,440
  2,537
Total cash flow (excl. dividends), $m
  15
  34
  45
  57
  116
  192
  284
  393
  520
  666
  831
  1,016
  1,220
  1,443
  1,685
  1,946
  2,224
  2,521
  2,834
  3,164
  3,511
  3,874
  4,253
  4,649
  5,061
  5,490
  5,936
  6,400
  6,883
  7,384
  7,905
Retained Cash Flow (-), $m
  23
  -81
  -105
  -132
  -162
  -196
  -231
  -269
  -308
  -348
  -388
  -428
  -468
  -507
  -545
  -583
  -619
  -655
  -690
  -724
  -758
  -792
  -826
  -861
  -895
  -931
  -968
  -1,006
  -1,045
  -1,086
  -1,129
Prev. year cash balance distribution, $m
 
  55
  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
 
  9
  -59
  -75
  -46
  -4
  52
  124
  212
  318
  443
  588
  752
  936
  1,140
  1,363
  1,605
  1,866
  2,144
  2,440
  2,752
  3,082
  3,427
  3,788
  4,166
  4,559
  4,969
  5,395
  5,837
  6,298
  6,776
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  8
  -51
  -58
  -32
  -2
  29
  61
  90
  116
  138
  153
  161
  163
  159
  150
  137
  121
  104
  86
  69
  54
  41
  30
  21
  15
  10
  6
  4
  2
  1
Current shareholders' claim on cash, %
  100
  84.0
  77.8
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6

Taseko Mines Limited is a mining company. The Company is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada and the State of Arizona, the United States. Its projects represent a range of metals, including gold, copper and niobium. The Company's operating asset is the Gibraltar Mine, which is a copper-molybdenum mine located in south-central British Columbia. Gibraltar is an open pit copper mine. The Company also owns the New Prosperity gold-copper, Aley niobium, Florence copper and Harmony gold projects. The Harmony gold project is located on Graham Island off British Columbia's west coast. The Aley niobium project is located in northern British Columbia, 140 kilometers north of Mackenzie. The Florence copper project is located midway between Phoenix and Tucson near the community of Florence.

FINANCIAL RATIOS  of  Taseko Mines (TGB)

Valuation Ratios
P/E Ratio -18.1
Price to Sales 2.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 37.9
Growth Rates
Sales Growth Rate -8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -28.1%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 113.1%
Total Debt to Equity 117.9%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.6%
Ret/ On Assets - 3 Yr. Avg. -3.2%
Return On Total Capital -4.2%
Ret/ On T. Cap. - 3 Yr. Avg. -6.7%
Return On Equity -8.8%
Return On Equity - 3 Yr. Avg. -12.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0.5%
Gross Margin - 3 Yr. Avg. 0.9%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 4.9%
Operating Margin -9.7%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin -17.4%
Pre-Tax Margin - 3 Yr. Avg. -19.6%
Net Profit Margin -11.8%
Net Profit Margin - 3 Yr. Avg. -16.3%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 17.8%
Payout Ratio 0%

TGB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGB stock intrinsic value calculation we used $195 million for the last fiscal year's total revenue generated by Taseko Mines. The default revenue input number comes from 2016 income statement of Taseko Mines. 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 TGB stock valuation model: a) initial revenue growth rate of 41.5% 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 8%, whose default value for TGB is calculated based on our internal credit rating of Taseko Mines, 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 Taseko Mines.
    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 TGB stock the variable cost ratio is equal to 20%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $176 million in the base year in the intrinsic value calculation for TGB 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% for Taseko Mines.

Corporate tax rate of 27% is the nominal tax rate for Taseko Mines. 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 TGB 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 TGB are equal to 289.2%.

Life of production assets of 14.6 years is the average useful life of capital assets used in Taseko Mines 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 TGB is equal to 13.3%. 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 - $251 million for Taseko Mines - 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 227.906 million for Taseko Mines 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 Taseko Mines at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Taseko to Release Q3 2017 Results   [Oct-24-17 08:30AM  CNW Group]
▶ Taseko Announces New Board Appointment   [Oct-11-17 08:30AM  PR Newswire]
▶ Taseko to Release Q2 2017 Results   [Jul-31-17 04:30PM  PR Newswire]
▶ Taseko to Release Q2 2017 Results   [04:30PM  CNW Group]
▶ Taseko Updates Operating Status of Gibraltar   [Jul-17-17 10:07AM  PR Newswire]
▶ Taseko Updates Operating Status of Gibraltar   [Jul-12-17 04:39PM  CNW Group]
▶ What Does Franco-Nevada Own in Canada?   [Jul-06-17 10:52AM  Motley Fool]
▶ Taseko Reports Annual General Meeting Voting Results   [Jun-09-17 08:00AM  PR Newswire]
▶ Why Taseko Mines Limited Stock Jumped Over 13% in May   [Jun-06-17 11:29AM  Motley Fool]
▶ Taseko to Release First Quarter 2017 Results   [May-01-17 05:00PM  PR Newswire]
▶ Gibraltar Signs Long-Term Labour Agreement   [Apr-12-17 12:08PM  PR Newswire]
▶ Taseko Closes Gibraltar Mine Silver Stream   [Mar-03-17 04:30PM  PR Newswire]
▶ Penny Stocks to Watch for March 2017 (MOBL)   [Mar-02-17 05:21PM  at Investopedia]
▶ Taseko to Release Year End 2016 Results   [Feb-16-17 06:40PM  PR Newswire]
▶ Taseko Reports Improving Operating and Financial Results   [Oct-27-16 05:45PM  PR Newswire]
▶ Taseko to Release Third Quarter 2016 Results   [Oct-24-16 04:48PM  PR Newswire]
▶ Taseko expands land package at Gibraltar   [Aug-09-16 08:00AM  PR Newswire]
▶ Taseko to Release Second Quarter 2016 Results   [Jul-21-16 04:30PM  PR Newswire]
▶ Taseko Reports Annual General Meeting Voting Results   [Jul-13-16 04:30PM  PR Newswire]
▶ Taseko announces new board appointment   [May-16-16 07:30AM  PR Newswire]
▶ Taseko Reports First Quarter 2016 Results   [May-12-16 06:52PM  PR Newswire]
▶ Taseko: Florence Copper Achieves Important Milestone   [Apr-14-16 03:00PM  PR Newswire]
▶ Taseko: dissidents' lawsuit is wholly without merit   [Apr-13-16 09:47PM  PR Newswire]
▶ Taseko directors acquire shares   [Mar-09-16 07:30AM  PR Newswire]
Financial statements of TGB
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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