Intrinsic value of Grupo Aeroportuario del Sureste ADR - ASR

Previous Close

$178.45

  Intrinsic Value

$9.67

stock screener

  Rating & Target

str. sell

-95%

Previous close

$178.45

 
Intrinsic value

$9.67

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of ASR 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 49.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  479
  490
  503
  517
  533
  550
  569
  589
  611
  634
  659
  686
  715
  745
  777
  811
  847
  885
  926
  968
  1,013
  1,060
  1,110
  1,163
  1,218
  1,276
  1,338
  1,402
  1,470
  1,542
Variable operating expenses, $m
  260
  264
  268
  273
  278
  284
  290
  297
  304
  312
  223
  232
  242
  252
  263
  274
  286
  299
  313
  327
  342
  358
  375
  393
  412
  431
  452
  474
  497
  521
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
  260
  264
  268
  273
  278
  284
  290
  297
  304
  312
  223
  232
  242
  252
  263
  274
  286
  299
  313
  327
  342
  358
  375
  393
  412
  431
  452
  474
  497
  521
Operating income, $m
  220
  227
  235
  245
  255
  266
  279
  292
  307
  322
  437
  454
  473
  493
  515
  537
  561
  586
  613
  641
  671
  702
  735
  770
  807
  845
  886
  928
  973
  1,021
EBITDA, $m
  425
  435
  446
  459
  473
  488
  505
  523
  542
  563
  585
  609
  634
  661
  689
  720
  751
  785
  821
  859
  899
  941
  985
  1,031
  1,081
  1,132
  1,187
  1,244
  1,304
  1,367
Interest expense (income), $m
  5
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
Earnings before tax, $m
  208
  215
  223
  232
  242
  253
  265
  277
  291
  306
  419
  436
  454
  473
  493
  515
  537
  561
  587
  613
  642
  671
  703
  736
  771
  807
  846
  886
  929
  974
Tax expense, $m
  56
  58
  60
  63
  65
  68
  71
  75
  79
  83
  113
  118
  123
  128
  133
  139
  145
  152
  158
  166
  173
  181
  190
  199
  208
  218
  228
  239
  251
  263
Net income, $m
  152
  157
  163
  169
  177
  184
  193
  202
  212
  223
  306
  318
  332
  345
  360
  376
  392
  410
  428
  448
  468
  490
  513
  537
  563
  589
  617
  647
  678
  711

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,292
  1,322
  1,356
  1,394
  1,436
  1,483
  1,533
  1,588
  1,647
  1,710
  1,777
  1,850
  1,926
  2,008
  2,095
  2,186
  2,284
  2,386
  2,495
  2,610
  2,731
  2,858
  2,993
  3,134
  3,284
  3,441
  3,606
  3,780
  3,963
  4,156
Adjusted assets (=assets-cash), $m
  1,292
  1,322
  1,356
  1,394
  1,436
  1,483
  1,533
  1,588
  1,647
  1,710
  1,777
  1,850
  1,926
  2,008
  2,095
  2,186
  2,284
  2,386
  2,495
  2,610
  2,731
  2,858
  2,993
  3,134
  3,284
  3,441
  3,606
  3,780
  3,963
  4,156
Revenue / Adjusted assets
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
  0.371
Average production assets, $m
  1,078
  1,103
  1,131
  1,163
  1,198
  1,237
  1,279
  1,325
  1,374
  1,427
  1,483
  1,543
  1,607
  1,675
  1,748
  1,824
  1,905
  1,991
  2,082
  2,177
  2,278
  2,385
  2,497
  2,615
  2,740
  2,871
  3,009
  3,154
  3,307
  3,467
Working capital, $m
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
Total debt, $m
  218
  225
  233
  243
  253
  264
  276
  290
  304
  319
  336
  353
  372
  392
  413
  435
  459
  484
  510
  538
  567
  598
  631
  666
  702
  740
  780
  822
  867
  914
Total liabilities, $m
  314
  321
  329
  339
  349
  360
  373
  386
  400
  416
  432
  449
  468
  488
  509
  531
  555
  580
  606
  634
  664
  695
  727
  762
  798
  836
  876
  919
  963
  1,010
Total equity, $m
  978
  1,001
  1,026
  1,055
  1,087
  1,122
  1,161
  1,202
  1,247
  1,294
  1,346
  1,400
  1,458
  1,520
  1,586
  1,655
  1,729
  1,807
  1,889
  1,975
  2,067
  2,164
  2,265
  2,373
  2,486
  2,605
  2,730
  2,861
  3,000
  3,146
Total liabilities and equity, $m
  1,292
  1,322
  1,355
  1,394
  1,436
  1,482
  1,534
  1,588
  1,647
  1,710
  1,778
  1,849
  1,926
  2,008
  2,095
  2,186
  2,284
  2,387
  2,495
  2,609
  2,731
  2,859
  2,992
  3,135
  3,284
  3,441
  3,606
  3,780
  3,963
  4,156
Debt-to-equity ratio
  0.220
  0.230
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
Adjusted equity ratio
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  152
  157
  163
  169
  177
  184
  193
  202
  212
  223
  306
  318
  332
  345
  360
  376
  392
  410
  428
  448
  468
  490
  513
  537
  563
  589
  617
  647
  678
  711
Depreciation, amort., depletion, $m
  206
  208
  211
  214
  218
  222
  226
  230
  235
  240
  148
  154
  161
  168
  175
  182
  191
  199
  208
  218
  228
  238
  250
  262
  274
  287
  301
  315
  331
  347
Funds from operations, $m
  358
  365
  374
  383
  394
  406
  419
  433
  448
  464
  454
  473
  492
  513
  535
  558
  583
  609
  636
  666
  696
  729
  763
  799
  837
  876
  918
  962
  1,009
  1,058
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  358
  366
  374
  384
  395
  407
  420
  434
  449
  465
  456
  474
  494
  514
  536
  560
  585
  611
  638
  668
  698
  731
  765
  801
  839
  879
  921
  965
  1,012
  1,061
Maintenance CAPEX, $m
  -106
  -108
  -110
  -113
  -116
  -120
  -124
  -128
  -132
  -137
  -143
  -148
  -154
  -161
  -168
  -175
  -182
  -191
  -199
  -208
  -218
  -228
  -238
  -250
  -262
  -274
  -287
  -301
  -315
  -331
New CAPEX, $m
  -20
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
Cash from investing activities, $m
  -126
  -133
  -138
  -145
  -151
  -159
  -166
  -174
  -181
  -190
  -199
  -208
  -218
  -229
  -240
  -252
  -263
  -277
  -290
  -304
  -319
  -334
  -350
  -368
  -387
  -405
  -425
  -446
  -468
  -492
Free cash flow, $m
  232
  233
  236
  239
  243
  248
  254
  260
  267
  275
  257
  265
  275
  285
  297
  308
  321
  334
  349
  364
  380
  397
  414
  433
  453
  474
  496
  519
  544
  570
Issuance/(repayment) of debt, $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
Total cash flow (excl. dividends), $m
  238
  240
  244
  248
  254
  260
  266
  273
  281
  290
  273
  283
  294
  305
  318
  331
  345
  359
  375
  392
  409
  428
  447
  468
  489
  512
  536
  562
  588
  616
Retained Cash Flow (-), $m
  -17
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -69
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
Prev. year cash balance distribution, $m
  137
  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
  358
  218
  218
  220
  222
  224
  228
  232
  237
  242
  222
  228
  236
  244
  252
  261
  271
  282
  293
  305
  317
  331
  345
  360
  376
  393
  411
  430
  450
  471
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
  343
  199
  190
  181
  172
  163
  154
  145
  136
  127
  105
  97
  90
  82
  74
  66
  59
  52
  45
  39
  33
  27
  23
  18
  15
  11
  9
  7
  5
  4
Current shareholders' claim on cash, %
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Grupo Aeroportuario del Sureste SAB de CV (ASUR) is a Mexico-based holding company. It and its subsidiaries hold concessions to operate, maintain and develop approximately nine airports in the southeast region of Mexico, as well as over 10 airports in Colombia. The Company operates through segments, including Cancun airport and subsidiaries (Cancun), the Villahermosa Airport (Villahermosa), the Merida airport (Merida) and Services. The airports are located in Cancun, Cozumel, Merida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula and Minatitlan, Mexico, and in Medellin, Colombia, among others. Approximately eight Mexican and over 80 international airlines, including the United States-based airlines, such as American Airlines and United Air Lines are operating directly or through code-sharing arrangements in its airports. It provides airport security services at its airports through third-party contractors. It also provides firefighting, rescue and aircraft maintenance services.

FINANCIAL RATIOS  of  Grupo Aeroportuario del Sureste ADR (ASR)

Valuation Ratios
P/E Ratio 291
Price to Sales 108.4
Price to Book 46.4
Price to Tangible Book
Price to Cash Flow 234.8
Price to Free Cash Flow 393.6
Growth Rates
Sales Growth Rate 8.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.4%
Cap. Spend. - 3 Yr. Gr. Rate 24.3%
Financial Strength
Quick Ratio 59
Current Ratio 0.2
LT Debt to Equity 19.3%
Total Debt to Equity 19.6%
Interest Coverage 52
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 11.9%
Return On Total Capital 14.1%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 16.8%
Return On Equity - 3 Yr. Avg. 14.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 52.6%
Gross Margin - 3 Yr. Avg. 52.2%
EBITDA Margin 58.1%
EBITDA Margin - 3 Yr. Avg. 56.8%
Operating Margin 50.6%
Oper. Margin - 3 Yr. Avg. 49.9%
Pre-Tax Margin 51.6%
Pre-Tax Margin - 3 Yr. Avg. 49.5%
Net Profit Margin 37.2%
Net Profit Margin - 3 Yr. Avg. 36.2%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 26.9%
Payout Ratio 46.2%

ASR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASR stock intrinsic value calculation we used $470 million for the last fiscal year's total revenue generated by Grupo Aeroportuario del Sureste ADR. The default revenue input number comes from 2016 income statement of Grupo Aeroportuario del Sureste ADR. 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 ASR 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 ASR is calculated based on our internal credit rating of Grupo Aeroportuario del Sureste ADR, 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 Grupo Aeroportuario del Sureste ADR.
    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 ASR stock the variable cost ratio is equal to 54.6%.

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 ASR 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 5.4% for Grupo Aeroportuario del Sureste ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Aeroportuario del Sureste ADR. 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 ASR 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 ASR are equal to 224.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Grupo Aeroportuario del Sureste ADR 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 ASR is equal to -4.6%. 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 - $1098 million for Grupo Aeroportuario del Sureste ADR - 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 277 million for Grupo Aeroportuario del Sureste ADR 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 Grupo Aeroportuario del Sureste ADR at the current share price and the inputted number of shares is $49.4 billion.

RELATED COMPANIES Price Int.Val. Rating
PAC Grupo Aeroport 93.89 8.34  str.sell
OMAB Grupo Aeroport 48.09 3.16  str.sell

COMPANY NEWS

▶ Pacifico Calmly Leads Its Market   [Aug-08-18 07:00AM  Morningstar]
▶ ASUR Announces Total Passenger Traffic for July 2018   [Aug-06-18 04:26PM  PR Newswire]
▶ Grupo Aeroportuario del Sureste: 2Q Earnings Snapshot   [Jul-23-18 04:57PM  Associated Press]
▶ ASUR Announces Total Passenger Traffic for June 2018   [Jul-05-18 04:22PM  PR Newswire]
▶ ASUR Announces 2019 - 2023 Investment Plan   [Jun-27-18 04:01PM  PR Newswire]
▶ ASUR Announces Total Passenger Traffic for May 2018   [Jun-06-18 04:38PM  PR Newswire]
▶ ASUR Announces Total Passenger Traffic for April 2018   [May-03-18 05:41PM  PR Newswire]
▶ Grupo Aeroportuario del Sureste: 1Q Earnings Snapshot   [Apr-23-18 05:38PM  Associated Press]
▶ ASUR Calls for a Shareholders' Meeting   [Mar-08-18 04:20PM  PR Newswire]
▶ ASUR Announces Total Passenger Traffic for February 2018   [Mar-06-18 04:20PM  PR Newswire]
▶ ASUR Announces Total Passenger Traffic for January 2018   [Feb-06-18 05:04PM  PR Newswire]
▶ 9 Top Global Stock and ETF Picks for 2018   [Jan-25-18 12:00PM  TheStreet.com]
▶ Is Gold Keeping Tabs on the US Interest Rate?   [Jan-24-18 09:37AM  Market Realist]
▶ Could Bitcoin Be the New Gold?   [09:37AM  Market Realist]
▶ CORRECTION: ASUR Year-to-December 2017 Passenger Traffic   [Jan-12-18 04:20PM  PR Newswire]
▶ How the Gold-Palladium Spread Is Moving Lately   [Jan-05-18 09:03AM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for December 2017   [Jan-04-18 04:20PM  PR Newswire]
▶ How the Dollar and Gold Moved in December   [Jan-03-18 02:02PM  Market Realist]
▶ Correlation and Mining Stocks this Month   [Dec-07-17 06:05PM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for November 2017   [Dec-05-17 04:22PM  PR Newswire]
▶ An Update on the Precious Metals as November Comes to an End   [Nov-29-17 10:27AM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for October 2017   [Nov-06-17 04:20PM  PR Newswire]
▶ 7 Small-Cap Stocks With Wide Moats   [Nov-02-17 06:00AM  Morningstar]
▶ A Look at Mining Stocks Price Movement   [Nov-01-17 02:50PM  Market Realist]
▶ Grupo Aeroportuario del Sureste posts 3Q profit   [Oct-19-17 06:17PM  Associated Press]
▶ All Eyes on InflationAnd Gold and Mining Stock Movements   [Oct-16-17 12:00PM  Market Realist]
▶ ASUR Provides Update On Colombian Acquisition   [Oct-12-17 04:47PM  PR Newswire]
▶ Which Factors Are Playing the Most on Gold and Silver Today?   [Sep-28-17 03:07PM  Market Realist]
▶ Unrest in the Market Due to North Korea: The Impact on Gold   [Sep-26-17 01:32PM  Market Realist]
▶ How North Korea Is Acting on Gold   [12:59PM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for August 2017   [Sep-05-17 04:30PM  PR Newswire]
▶ How Mining Stocks Are Moving along Their Moving Averages   [Aug-07-17 09:40AM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for July 2017   [Aug-03-17 04:30PM  PR Newswire]
▶ How Market Volatility Could Steer Gold   [Jul-27-17 02:05PM  Market Realist]
▶ How Closely Are Miners Tracking Precious Metals?   [Jul-24-17 01:18PM  Market Realist]
▶ Grupo Aeroportuario del Sureste posts 2Q profit   [Jul-20-17 10:27PM  Associated Press]
▶ Chart in Focus: GoldSilver Ratio Analysis   [Jul-18-17 11:32AM  Market Realist]
▶ How Precious Metal Miners Are Moving in July 2017   [Jul-14-17 12:12PM  Market Realist]
▶ Precious Metals Continued to Fall on July 7   [Jul-12-17 07:41AM  Market Realist]
▶ How Did the Feds Meeting Minutes Affect Precious Metals?   [Jul-06-17 05:05PM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for June 2017   [Jul-05-17 04:31PM  PR Newswire]
▶ Is Another Fed Rate Hike in the Offing?   [02:14PM  Market Realist]
▶ What Global Scenarios Could Give Impetus to Gold?   [Jun-30-17 04:31PM  Market Realist]
▶ How a Higher Interest Rate Could Play on Precious Metals   [Jun-29-17 11:06AM  Market Realist]
▶ A Look at the Gold-Silver Ratio in June 2017   [Jun-23-17 03:35PM  Market Realist]
▶ Miners Slumped after June Fed Meeting   [Jun-16-17 12:05PM  Market Realist]
▶ What Geopolitical Concerns Have to Do with Gold   [Jun-15-17 09:07AM  Market Realist]
▶ Mining Stocks Toppled on June 8   [Jun-12-17 06:06PM  Market Realist]
▶ ASUR Announces Total Passenger Traffic for May 2017   [Jun-05-17 06:30PM  PR Newswire]
▶ How the Interest Rate Outlook Affects Gold   [May-19-17 10:37AM  Market Realist]
▶ The Gold-Silver Ratio, an Important Indicator for Silver   [May-18-17 09:07AM  Market Realist]
▶ The Rebound of Precious Metals on Wednesday, May 10   [May-11-17 03:32PM  Market Realist]
▶ Global Tremors, the Dollar, and Gold in Early May   [May-04-17 12:10PM  Market Realist]
▶ How Gold Relates to Aprils Market Volatility   [07:39AM  Market Realist]
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