Intrinsic value of AngloGold Ashanti ADR - AU

Previous Close

$9.65

  Intrinsic Value

$32.03

stock screener

  Rating & Target

str. buy

+232%

Previous close

$9.65

 
Intrinsic value

$32.03

 
Up/down potential

+232%

 
Rating

str. buy

We calculate the intrinsic value of AU 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 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  4,852
  5,173
  5,507
  5,855
  6,217
  6,594
  6,986
  7,396
  7,823
  8,269
  8,734
  9,220
  9,728
  10,259
  10,814
  11,395
  12,002
  12,639
  13,305
  14,002
  14,733
  15,499
  16,301
  17,142
  18,024
  18,948
  19,918
  20,935
  22,001
  23,120
Variable operating expenses, $m
  4,094
  4,364
  4,645
  4,937
  5,242
  5,559
  5,889
  6,233
  6,593
  6,967
  7,345
  7,754
  8,181
  8,627
  9,094
  9,583
  10,094
  10,629
  11,189
  11,775
  12,390
  13,034
  13,709
  14,416
  15,157
  15,935
  16,750
  17,605
  18,502
  19,443
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
  4,094
  4,364
  4,645
  4,937
  5,242
  5,559
  5,889
  6,233
  6,593
  6,967
  7,345
  7,754
  8,181
  8,627
  9,094
  9,583
  10,094
  10,629
  11,189
  11,775
  12,390
  13,034
  13,709
  14,416
  15,157
  15,935
  16,750
  17,605
  18,502
  19,443
Operating income, $m
  758
  809
  862
  917
  975
  1,035
  1,097
  1,162
  1,230
  1,301
  1,389
  1,466
  1,547
  1,632
  1,720
  1,812
  1,909
  2,010
  2,116
  2,227
  2,343
  2,465
  2,592
  2,726
  2,866
  3,014
  3,168
  3,329
  3,499
  3,677
EBITDA, $m
  1,626
  1,733
  1,845
  1,962
  2,083
  2,209
  2,341
  2,478
  2,621
  2,770
  2,926
  3,089
  3,259
  3,437
  3,623
  3,818
  4,021
  4,234
  4,458
  4,691
  4,936
  5,193
  5,461
  5,743
  6,039
  6,348
  6,673
  7,014
  7,371
  7,746
Interest expense (income), $m
  0
  122
  139
  157
  175
  194
  213
  234
  255
  277
  300
  324
  350
  376
  403
  432
  462
  494
  527
  561
  597
  635
  675
  716
  760
  805
  853
  903
  955
  1,011
  1,068
Earnings before tax, $m
  635
  670
  705
  743
  781
  822
  864
  908
  953
  1,001
  1,065
  1,117
  1,171
  1,228
  1,288
  1,350
  1,415
  1,483
  1,555
  1,630
  1,708
  1,790
  1,876
  1,967
  2,061
  2,161
  2,265
  2,374
  2,488
  2,609
Tax expense, $m
  172
  181
  190
  200
  211
  222
  233
  245
  257
  270
  287
  302
  316
  332
  348
  364
  382
  401
  420
  440
  461
  483
  507
  531
  557
  583
  611
  641
  672
  704
Net income, $m
  464
  489
  515
  542
  570
  600
  630
  662
  696
  731
  777
  815
  855
  897
  940
  985
  1,033
  1,083
  1,135
  1,190
  1,247
  1,307
  1,370
  1,436
  1,505
  1,577
  1,653
  1,733
  1,817
  1,904

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
  7,714
  8,224
  8,755
  9,308
  9,883
  10,483
  11,107
  11,758
  12,437
  13,146
  13,885
  14,658
  15,466
  16,310
  17,192
  18,116
  19,082
  20,093
  21,152
  22,261
  23,423
  24,640
  25,916
  27,253
  28,655
  30,125
  31,666
  33,282
  34,978
  36,756
Adjusted assets (=assets-cash), $m
  7,714
  8,224
  8,755
  9,308
  9,883
  10,483
  11,107
  11,758
  12,437
  13,146
  13,885
  14,658
  15,466
  16,310
  17,192
  18,116
  19,082
  20,093
  21,152
  22,261
  23,423
  24,640
  25,916
  27,253
  28,655
  30,125
  31,666
  33,282
  34,978
  36,756
Revenue / Adjusted assets
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
Average production assets, $m
  4,270
  4,552
  4,846
  5,152
  5,471
  5,802
  6,148
  6,508
  6,884
  7,276
  7,686
  8,114
  8,561
  9,028
  9,516
  10,027
  10,562
  11,122
  11,708
  12,322
  12,965
  13,639
  14,345
  15,085
  15,861
  16,675
  17,528
  18,422
  19,361
  20,345
Working capital, $m
  228
  243
  259
  275
  292
  310
  328
  348
  368
  389
  410
  433
  457
  482
  508
  536
  564
  594
  625
  658
  692
  728
  766
  806
  847
  891
  936
  984
  1,034
  1,087
Total debt, $m
  2,579
  2,902
  3,237
  3,585
  3,948
  4,327
  4,721
  5,131
  5,560
  6,007
  6,474
  6,961
  7,471
  8,003
  8,560
  9,143
  9,753
  10,391
  11,059
  11,759
  12,492
  13,260
  14,065
  14,909
  15,793
  16,721
  17,693
  18,713
  19,783
  20,905
Total liabilities, $m
  4,867
  5,190
  5,525
  5,873
  6,236
  6,615
  7,009
  7,419
  7,848
  8,295
  8,762
  9,249
  9,759
  10,291
  10,848
  11,431
  12,041
  12,679
  13,347
  14,047
  14,780
  15,548
  16,353
  17,197
  18,081
  19,009
  19,981
  21,001
  22,071
  23,193
Total equity, $m
  2,846
  3,035
  3,231
  3,435
  3,647
  3,868
  4,099
  4,339
  4,589
  4,851
  5,124
  5,409
  5,707
  6,018
  6,344
  6,685
  7,041
  7,414
  7,805
  8,214
  8,643
  9,092
  9,563
  10,056
  10,574
  11,116
  11,685
  12,281
  12,907
  13,563
Total liabilities and equity, $m
  7,713
  8,225
  8,756
  9,308
  9,883
  10,483
  11,108
  11,758
  12,437
  13,146
  13,886
  14,658
  15,466
  16,309
  17,192
  18,116
  19,082
  20,093
  21,152
  22,261
  23,423
  24,640
  25,916
  27,253
  28,655
  30,125
  31,666
  33,282
  34,978
  36,756
Debt-to-equity ratio
  0.910
  0.960
  1.000
  1.040
  1.080
  1.120
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
Adjusted equity ratio
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  464
  489
  515
  542
  570
  600
  630
  662
  696
  731
  777
  815
  855
  897
  940
  985
  1,033
  1,083
  1,135
  1,190
  1,247
  1,307
  1,370
  1,436
  1,505
  1,577
  1,653
  1,733
  1,817
  1,904
Depreciation, amort., depletion, $m
  868
  924
  983
  1,044
  1,108
  1,174
  1,243
  1,315
  1,391
  1,469
  1,537
  1,623
  1,712
  1,806
  1,903
  2,005
  2,112
  2,224
  2,342
  2,464
  2,593
  2,728
  2,869
  3,017
  3,172
  3,335
  3,506
  3,684
  3,872
  4,069
Funds from operations, $m
  1,332
  1,413
  1,498
  1,586
  1,678
  1,774
  1,874
  1,978
  2,087
  2,200
  2,314
  2,438
  2,567
  2,702
  2,843
  2,991
  3,145
  3,307
  3,477
  3,654
  3,840
  4,035
  4,239
  4,453
  4,677
  4,912
  5,159
  5,417
  5,689
  5,973
Change in working capital, $m
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  41
  43
  46
  48
  50
  53
Cash from operations, $m
  1,317
  1,398
  1,482
  1,570
  1,661
  1,756
  1,855
  1,959
  2,066
  2,179
  2,293
  2,415
  2,543
  2,677
  2,817
  2,964
  3,117
  3,277
  3,445
  3,621
  3,806
  3,999
  4,201
  4,413
  4,636
  4,869
  5,113
  5,370
  5,639
  5,921
Maintenance CAPEX, $m
  -799
  -854
  -910
  -969
  -1,030
  -1,094
  -1,160
  -1,230
  -1,302
  -1,377
  -1,455
  -1,537
  -1,623
  -1,712
  -1,806
  -1,903
  -2,005
  -2,112
  -2,224
  -2,342
  -2,464
  -2,593
  -2,728
  -2,869
  -3,017
  -3,172
  -3,335
  -3,506
  -3,684
  -3,872
New CAPEX, $m
  -272
  -283
  -294
  -306
  -318
  -332
  -346
  -360
  -376
  -392
  -409
  -428
  -447
  -467
  -489
  -511
  -535
  -560
  -586
  -614
  -643
  -674
  -706
  -740
  -776
  -814
  -853
  -895
  -938
  -984
Cash from investing activities, $m
  -1,071
  -1,137
  -1,204
  -1,275
  -1,348
  -1,426
  -1,506
  -1,590
  -1,678
  -1,769
  -1,864
  -1,965
  -2,070
  -2,179
  -2,295
  -2,414
  -2,540
  -2,672
  -2,810
  -2,956
  -3,107
  -3,267
  -3,434
  -3,609
  -3,793
  -3,986
  -4,188
  -4,401
  -4,622
  -4,856
Free cash flow, $m
  245
  261
  278
  295
  312
  331
  349
  369
  389
  410
  428
  450
  474
  498
  523
  549
  577
  605
  635
  666
  698
  732
  767
  804
  843
  883
  925
  969
  1,016
  1,064
Issuance/(repayment) of debt, $m
  311
  322
  335
  349
  363
  378
  394
  411
  428
  447
  467
  488
  509
  533
  557
  583
  610
  638
  668
  700
  733
  768
  805
  844
  885
  927
  973
  1,020
  1,070
  1,122
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  
  311
  322
  335
  349
  363
  378
  394
  411
  428
  447
  467
  488
  509
  533
  557
  583
  610
  638
  668
  700
  733
  768
  805
  844
  885
  927
  973
  1,020
  1,070
  1,122
Total cash flow (excl. dividends), $m
  556
  584
  613
  644
  675
  709
  743
  780
  817
  857
  895
  938
  983
  1,030
  1,080
  1,132
  1,186
  1,243
  1,303
  1,366
  1,431
  1,500
  1,572
  1,648
  1,727
  1,810
  1,898
  1,989
  2,086
  2,186
Retained Cash Flow (-), $m
  -183
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -251
  -261
  -273
  -285
  -298
  -311
  -326
  -341
  -357
  -373
  -391
  -409
  -429
  -449
  -471
  -493
  -517
  -542
  -569
  -596
  -626
  -656
Prev. year cash balance distribution, $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 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
  373
  395
  417
  440
  463
  488
  513
  539
  567
  595
  622
  653
  685
  719
  754
  791
  830
  870
  912
  956
  1,003
  1,051
  1,101
  1,154
  1,210
  1,268
  1,329
  1,393
  1,460
  1,530
Discount rate, %
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
  356
  358
  357
  354
  349
  341
  332
  320
  306
  290
  272
  253
  234
  214
  193
  173
  153
  133
  114
  97
  81
  66
  54
  43
  33
  25
  19
  14
  10
  7
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

AngloGold Ashanti Limited (AngloGold Ashanti) is a gold mining company. The Company's business activities span the spectrum of the mining value chain. Its main product is gold. Its portfolio includes over 17 mines in approximately nine countries. It also produces silver, uranium and sulfuric acid as by-products. The Company operates through four segments: South Africa, Continental Africa, Australasia and Americas. Its South African operations comprise over four mines and surface production facilities, which include the Vaal River operations, including Kopanang and Moab Khotsong; The West Wits operations, including Mponeng and TauTona, and surface operations. It has operations in Continental Africa in locations, including Democratic Republic of the Congo, Ghana, Guinea, Mali and Tanzania. The Australasia segment includes the operations in Australia. It consists of Sunrise Dam and Tropicana. The Americas segment includes the operations in Argentina, Brazil and the United States.

FINANCIAL RATIOS  of  AngloGold Ashanti ADR (AU)

Valuation Ratios
P/E Ratio 62.5
Price to Sales 1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 8.3
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.6%
Cap. Spend. - 3 Yr. Gr. Rate -13.1%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 79%
Total Debt to Equity 80.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.9%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. -0.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 20.9%
Gross Margin - 3 Yr. Avg. 19.8%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 70.3%
Eff/ Tax Rate - 3 Yr. Avg. 94.9%
Payout Ratio 0%

AU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AU stock intrinsic value calculation we used $4543 million for the last fiscal year's total revenue generated by AngloGold Ashanti ADR. The default revenue input number comes from 0001 income statement of AngloGold Ashanti 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 AU stock valuation model: a) initial revenue growth rate of 6.8% 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 4.8%, whose default value for AU is calculated based on our internal credit rating of AngloGold Ashanti 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 AngloGold Ashanti 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 AU stock the variable cost ratio is equal to 84.4%.

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 AU 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 AngloGold Ashanti ADR.

Corporate tax rate of 27% is the nominal tax rate for AngloGold Ashanti 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 AU 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 AU are equal to 88%.

Life of production assets of 0 years is the average useful life of capital assets used in AngloGold Ashanti 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 AU is equal to 4.7%. 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 - $2663 million for AngloGold Ashanti 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 173.639 million for AngloGold Ashanti 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 AngloGold Ashanti ADR at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

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▶ [$$] AngloGold Ashanti head quits for Vedanta CEO role   [Apr-16-18 02:50AM  Financial Times]
▶ [$$] Vedanta turns to AngloGold for new chief executive   [Apr-15-18 09:41PM  Financial Times]
▶ [$$] AngloGold Ashanti Reports Full-Year Loss   [Feb-20-18 10:47AM  The Wall Street Journal]
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▶ Miners and Their Moving Averages   [Dec-18-17 03:46PM  Market Realist]
▶ What Made AngloGold Ashanti Climb the Ranks among Analysts   [Dec-14-17 04:10PM  Market Realist]
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▶ AEM, SLW, ABX, and AU: Their Recent Performance   [Nov-23-17 07:34AM  Market Realist]
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