Intrinsic value of Turquoise Hill Resources - TRQ

Previous Close

$3.22

  Intrinsic Value

$1.10

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

-60%

Previous close

$3.22

 
Intrinsic value

$1.10

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

-60%

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

We calculate the intrinsic value of TRQ 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 6.4

 

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, %
  -26.42
  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
  1,203
  1,227
  1,255
  1,288
  1,324
  1,364
  1,408
  1,456
  1,508
  1,564
  1,624
  1,688
  1,756
  1,829
  1,907
  1,989
  2,076
  2,169
  2,266
  2,369
  2,478
  2,593
  2,714
  2,842
  2,976
  3,118
  3,267
  3,424
  3,589
  3,763
  3,946
Variable operating expenses, $m
 
  877
  898
  921
  946
  975
  1,007
  1,041
  1,078
  1,118
  1,161
  1,207
  1,256
  1,308
  1,363
  1,422
  1,485
  1,551
  1,620
  1,694
  1,772
  1,854
  1,941
  2,032
  2,128
  2,229
  2,336
  2,448
  2,566
  2,691
  2,822
Fixed operating expenses, $m
 
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
Total operating expenses, $m
  1,182
  1,215
  1,245
  1,276
  1,310
  1,348
  1,390
  1,433
  1,480
  1,530
  1,583
  1,640
  1,700
  1,763
  1,829
  1,900
  1,975
  2,053
  2,135
  2,222
  2,313
  2,408
  2,509
  2,614
  2,725
  2,841
  2,963
  3,091
  3,225
  3,366
  3,514
Operating income, $m
  21
  11
  11
  12
  13
  15
  19
  23
  28
  34
  40
  48
  57
  66
  77
  89
  102
  116
  131
  148
  166
  185
  205
  228
  251
  277
  304
  333
  364
  397
  432
EBITDA, $m
  21
  661
  676
  693
  714
  737
  764
  793
  826
  861
  900
  942
  987
  1,035
  1,087
  1,142
  1,201
  1,264
  1,331
  1,402
  1,477
  1,557
  1,642
  1,732
  1,827
  1,928
  2,034
  2,146
  2,264
  2,390
  2,522
Interest expense (income), $m
  118
  236
  240
  245
  251
  257
  264
  272
  280
  290
  300
  310
  321
  334
  346
  360
  375
  390
  406
  424
  442
  461
  481
  503
  525
  549
  574
  601
  628
  658
  688
Earnings before tax, $m
  -4
  -224
  -229
  -233
  -238
  -242
  -246
  -249
  -253
  -256
  -259
  -262
  -265
  -267
  -269
  -271
  -273
  -274
  -275
  -276
  -276
  -276
  -276
  -275
  -274
  -272
  -270
  -267
  -264
  -260
  -256
Tax expense, $m
  -111
  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
  211
  -224
  -229
  -233
  -238
  -242
  -246
  -249
  -253
  -256
  -259
  -262
  -265
  -267
  -269
  -271
  -273
  -274
  -275
  -276
  -276
  -276
  -276
  -275
  -274
  -272
  -270
  -267
  -264
  -260
  -256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,418
  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
  12,460
  11,257
  11,516
  11,812
  12,145
  12,513
  12,917
  13,357
  13,833
  14,346
  14,896
  15,485
  16,114
  16,783
  17,494
  18,249
  19,049
  19,895
  20,790
  21,736
  22,735
  23,789
  24,900
  26,072
  27,306
  28,606
  29,975
  31,415
  32,931
  34,526
  36,203
Adjusted assets (=assets-cash), $m
  11,042
  11,257
  11,516
  11,812
  12,145
  12,513
  12,917
  13,357
  13,833
  14,346
  14,896
  15,485
  16,114
  16,783
  17,494
  18,249
  19,049
  19,895
  20,790
  21,736
  22,735
  23,789
  24,900
  26,072
  27,306
  28,606
  29,975
  31,415
  32,931
  34,526
  36,203
Revenue / Adjusted assets
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
Average production assets, $m
  6,369
  6,496
  6,645
  6,816
  7,008
  7,220
  7,454
  7,707
  7,982
  8,278
  8,596
  8,936
  9,298
  9,685
  10,095
  10,530
  10,992
  11,480
  11,997
  12,543
  13,119
  13,727
  14,369
  15,045
  15,757
  16,507
  17,297
  18,128
  19,003
  19,923
  20,891
Working capital, $m
  2,434
  614
  628
  644
  662
  682
  704
  728
  754
  782
  812
  844
  878
  915
  953
  995
  1,038
  1,084
  1,133
  1,185
  1,239
  1,296
  1,357
  1,421
  1,488
  1,559
  1,634
  1,712
  1,795
  1,882
  1,973
Total debt, $m
  4,139
  4,211
  4,299
  4,399
  4,511
  4,635
  4,772
  4,921
  5,082
  5,255
  5,441
  5,640
  5,852
  6,079
  6,319
  6,574
  6,844
  7,131
  7,433
  7,753
  8,090
  8,447
  8,822
  9,218
  9,635
  10,075
  10,537
  11,024
  11,537
  12,076
  12,643
Total liabilities, $m
  3,733
  3,805
  3,893
  3,993
  4,105
  4,229
  4,366
  4,515
  4,676
  4,849
  5,035
  5,234
  5,446
  5,673
  5,913
  6,168
  6,438
  6,725
  7,027
  7,347
  7,684
  8,041
  8,416
  8,812
  9,229
  9,669
  10,131
  10,618
  11,131
  11,670
  12,237
Total equity, $m
  8,727
  7,452
  7,624
  7,820
  8,040
  8,283
  8,551
  8,842
  9,157
  9,497
  9,861
  10,251
  10,667
  11,110
  11,581
  12,081
  12,610
  13,171
  13,763
  14,389
  15,051
  15,748
  16,484
  17,259
  18,076
  18,937
  19,843
  20,797
  21,800
  22,856
  23,967
Total liabilities and equity, $m
  12,460
  11,257
  11,517
  11,813
  12,145
  12,512
  12,917
  13,357
  13,833
  14,346
  14,896
  15,485
  16,113
  16,783
  17,494
  18,249
  19,048
  19,896
  20,790
  21,736
  22,735
  23,789
  24,900
  26,071
  27,305
  28,606
  29,974
  31,415
  32,931
  34,526
  36,204
Debt-to-equity ratio
  0.474
  0.570
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  211
  -224
  -229
  -233
  -238
  -242
  -246
  -249
  -253
  -256
  -259
  -262
  -265
  -267
  -269
  -271
  -273
  -274
  -275
  -276
  -276
  -276
  -276
  -275
  -274
  -272
  -270
  -267
  -264
  -260
  -256
Depreciation, amort., depletion, $m
  0
  650
  665
  682
  701
  722
  745
  771
  798
  828
  860
  894
  930
  968
  1,009
  1,053
  1,099
  1,148
  1,200
  1,254
  1,312
  1,373
  1,437
  1,504
  1,576
  1,651
  1,730
  1,813
  1,900
  1,992
  2,089
Funds from operations, $m
  62
  425
  436
  448
  463
  480
  500
  521
  545
  572
  600
  632
  665
  701
  740
  782
  826
  874
  924
  978
  1,036
  1,096
  1,161
  1,229
  1,302
  1,378
  1,459
  1,545
  1,636
  1,732
  1,833
Change in working capital, $m
  -169
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  75
  79
  83
  87
  91
Cash from operations, $m
  231
  413
  421
  432
  445
  460
  478
  497
  519
  544
  570
  599
  631
  665
  701
  741
  783
  828
  876
  927
  981
  1,039
  1,100
  1,165
  1,234
  1,307
  1,385
  1,467
  1,553
  1,645
  1,742
Maintenance CAPEX, $m
  0
  -637
  -650
  -665
  -682
  -701
  -722
  -745
  -771
  -798
  -828
  -860
  -894
  -930
  -968
  -1,009
  -1,053
  -1,099
  -1,148
  -1,200
  -1,254
  -1,312
  -1,373
  -1,437
  -1,504
  -1,576
  -1,651
  -1,730
  -1,813
  -1,900
  -1,992
New CAPEX, $m
  -326
  -128
  -149
  -171
  -192
  -212
  -233
  -254
  -275
  -296
  -318
  -340
  -363
  -386
  -410
  -435
  -461
  -488
  -517
  -546
  -576
  -608
  -641
  -676
  -712
  -750
  -790
  -831
  -875
  -920
  -968
Cash from investing activities, $m
  -4,286
  -765
  -799
  -836
  -874
  -913
  -955
  -999
  -1,046
  -1,094
  -1,146
  -1,200
  -1,257
  -1,316
  -1,378
  -1,444
  -1,514
  -1,587
  -1,665
  -1,746
  -1,830
  -1,920
  -2,014
  -2,113
  -2,216
  -2,326
  -2,441
  -2,561
  -2,688
  -2,820
  -2,960
Free cash flow, $m
  -4,055
  -351
  -378
  -403
  -428
  -453
  -477
  -502
  -526
  -550
  -575
  -600
  -625
  -651
  -677
  -704
  -732
  -760
  -789
  -819
  -850
  -881
  -914
  -947
  -982
  -1,018
  -1,056
  -1,094
  -1,134
  -1,176
  -1,218
Issuance/(repayment) of debt, $m
  4,288
  72
  88
  100
  112
  124
  137
  149
  161
  173
  186
  199
  212
  226
  240
  255
  270
  286
  303
  320
  338
  356
  376
  396
  417
  439
  463
  487
  512
  539
  567
Issuance/(repurchase) of shares, $m
  0
  368
  400
  429
  458
  486
  513
  541
  568
  596
  624
  652
  681
  710
  740
  771
  802
  835
  868
  902
  938
  974
  1,012
  1,051
  1,091
  1,133
  1,176
  1,221
  1,268
  1,316
  1,366
Cash from financing (excl. dividends), $m  
  4,129
  440
  488
  529
  570
  610
  650
  690
  729
  769
  810
  851
  893
  936
  980
  1,026
  1,072
  1,121
  1,171
  1,222
  1,276
  1,330
  1,388
  1,447
  1,508
  1,572
  1,639
  1,708
  1,780
  1,855
  1,933
Total cash flow (excl. dividends), $m
  74
  89
  110
  126
  142
  157
  172
  187
  203
  219
  235
  251
  268
  285
  303
  322
  341
  361
  382
  403
  426
  449
  474
  499
  526
  554
  583
  614
  646
  680
  715
Retained Cash Flow (-), $m
  -212
  -368
  -400
  -429
  -458
  -486
  -513
  -541
  -568
  -596
  -624
  -652
  -681
  -710
  -740
  -771
  -802
  -835
  -868
  -902
  -938
  -974
  -1,012
  -1,051
  -1,091
  -1,133
  -1,176
  -1,221
  -1,268
  -1,316
  -1,366
Prev. year cash balance distribution, $m
 
  1,418
  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
 
  1,139
  -290
  -303
  -316
  -329
  -341
  -353
  -365
  -377
  -389
  -401
  -413
  -425
  -437
  -449
  -461
  -474
  -486
  -499
  -512
  -525
  -538
  -552
  -565
  -579
  -593
  -607
  -622
  -636
  -651
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  1,071
  -255
  -248
  -239
  -227
  -214
  -200
  -185
  -169
  -153
  -137
  -121
  -105
  -91
  -77
  -64
  -53
  -43
  -34
  -27
  -20
  -15
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.6
  87.1
  80.9
  74.9
  69.2
  63.8
  58.7
  54.0
  49.6
  45.5
  41.7
  38.2
  35.0
  32.1
  29.4
  27.0
  24.7
  22.7
  20.8
  19.1
  17.6
  16.1
  14.8
  13.7
  12.6
  11.6
  10.7
  9.9
  9.1
  8.4

Turquoise Hill Resources Ltd. is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company's principal material mineral resource property. The Company's Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes). The Company's Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia's capital city, and 80 kilometers north of the Mongolia-China border. The Company's Mineralization on the property consists of porphyry-style copper, gold, silver and molybdenum contained in a linear structural trend (the Oyu Tolgoi Trend) of deposits throughout this trend. They include, from south to north, the Heruga Deposit, the Oyut deposit and the Hugo Dummett deposits (Hugo South, Hugo North and Hugo North Extension).

FINANCIAL RATIOS  of  Turquoise Hill Resources (TRQ)

Valuation Ratios
P/E Ratio 30.7
Price to Sales 5.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 28.1
Price to Free Cash Flow -68.2
Growth Rates
Sales Growth Rate -26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 181%
Cap. Spend. - 3 Yr. Gr. Rate -21.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 47.4%
Total Debt to Equity 47.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -28.5%
Ret/ On Assets - 3 Yr. Avg. -8%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 28.4%
Gross Margin - 3 Yr. Avg. 32.6%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 23.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin -0.3%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 17.5%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 2775%
Eff/ Tax Rate - 3 Yr. Avg. 900.9%
Payout Ratio 0%

TRQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRQ stock intrinsic value calculation we used $1203 million for the last fiscal year's total revenue generated by Turquoise Hill Resources. The default revenue input number comes from 2016 income statement of Turquoise Hill 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 TRQ 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 6.3%, whose default value for TRQ is calculated based on our internal credit rating of Turquoise Hill 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 Turquoise Hill 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 TRQ stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $330 million in the base year in the intrinsic value calculation for TRQ 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 5.7% for Turquoise Hill Resources.

Corporate tax rate of 27% is the nominal tax rate for Turquoise Hill 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 TRQ 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 TRQ are equal to 529.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Turquoise Hill 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 TRQ is equal to 50%. 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 - $8727 million for Turquoise Hill 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 1980.65 million for Turquoise Hill 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 Turquoise Hill Resources at the current share price and the inputted number of shares is $6.4 billion.

RELATED COMPANIES Price Int.Val. Rating
RIO Rio Tinto ADR 48.13 6.24  str.sell
TGB Taseko Mines 2.23 15.06  str.buy

COMPANY NEWS

▶ Why Turquoise Hill Resources Analyst Ratings Matter   [Oct-11-17 10:37AM  Market Realist]
▶ Copper Producers to Benefit From Hurricanes   [01:10PM  GuruFocus.com]
▶ Turquoise Hill appoints new Chief Financial Officer   [Sep-11-17 05:00PM  Marketwired]
▶ Analysts Rate Southern Copper amid Rising Copper Prices   [Aug-29-17 12:35PM  Market Realist]
▶ Are Markets Still a Little Bearish on Freeport?   [Aug-22-17 07:36AM  Market Realist]
▶ Turquoise Hill posts 2Q profit   [Jul-31-17 10:13PM  Associated Press]
▶ Turquoise Hill announces second quarter 2017 production   [Jul-17-17 05:00PM  Marketwired]
▶ These Factors Hit Rio Tintos Earnings Most   [Jun-02-17 10:36AM  Market Realist]
▶ Turquoise Hill posts 1Q profit   [May-15-17 07:18PM  Associated Press]
▶ Freeport McMoRan: A Look at Wall Street Ratings   [May-05-17 02:05PM  Market Realist]
▶ Teck Resources 1Q17 Earnings: Everything You Need to Know   [Apr-26-17 12:35PM  Market Realist]
▶ Turquoise Hill announces first quarter 2017 production   [Apr-19-17 05:00PM  Marketwired]
▶ Turquoise Hill posts 4Q profit   [Mar-27-17 05:58PM  Associated Press]
▶ Recent Changes to Rio Tintos Earnings Estimates   [Mar-22-17 07:36AM  Market Realist]
▶ A Comparative Analysis of Copper Miners Leverage Ratios   [Mar-17-17 07:35AM  Market Realist]
▶ Freeport or Glencore: Which Company Looks Set for 2017?   [Mar-16-17 07:36AM  Market Realist]
▶ Turquoise Hill announces retirement of CFO   [Feb-27-17 07:30AM  Marketwired]
▶ Freeport-McMoRans Management: Its Litmus Test for 2017   [Feb-16-17 09:06AM  Market Realist]
▶ Turquoise Hill announces fourth quarter 2016 production   [Jan-16-17 04:15PM  Marketwired]
▶ FCX Investor Notes: Could Grasberg Make Headlines in 2017?   [Jan-10-17 07:36AM  at Market Realist]
▶ Turquoise Hill appoints Maryse Saint-Laurent as director   [Jan-04-17 05:00PM  Marketwired]
▶ Oyu Tolgoi resumes concentrate shipments   [08:16AM  Marketwired]
Financial statements of TRQ
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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