Intrinsic value of AngloGold Ashanti ADR - AU

Previous Close

$9.50

  Intrinsic Value

$4.50

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

+33%

Previous close

$9.50

 
Intrinsic value

$4.50

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

+33%

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

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 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 3.8

 

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, %
  1.74
  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
  4,085
  4,167
  4,263
  4,372
  4,495
  4,631
  4,781
  4,944
  5,120
  5,310
  5,514
  5,732
  5,964
  6,212
  6,475
  6,754
  7,050
  7,364
  7,695
  8,045
  8,415
  8,805
  9,216
  9,650
  10,107
  10,588
  11,094
  11,628
  12,189
  12,779
  13,400
Variable operating expenses, $m
 
  3,816
  3,904
  4,004
  4,116
  4,241
  4,377
  4,526
  4,687
  4,860
  5,046
  5,232
  5,445
  5,671
  5,911
  6,166
  6,436
  6,722
  7,025
  7,345
  7,682
  8,038
  8,414
  8,810
  9,227
  9,666
  10,128
  10,615
  11,127
  11,666
  12,233
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
  3,590
  3,816
  3,904
  4,004
  4,116
  4,241
  4,377
  4,526
  4,687
  4,860
  5,046
  5,232
  5,445
  5,671
  5,911
  6,166
  6,436
  6,722
  7,025
  7,345
  7,682
  8,038
  8,414
  8,810
  9,227
  9,666
  10,128
  10,615
  11,127
  11,666
  12,233
Operating income, $m
  495
  350
  359
  368
  379
  391
  404
  418
  433
  450
  468
  499
  519
  541
  564
  588
  614
  641
  670
  701
  733
  767
  803
  840
  880
  922
  966
  1,013
  1,061
  1,113
  1,167
EBITDA, $m
  495
  782
  800
  821
  844
  869
  897
  928
  961
  997
  1,035
  1,076
  1,119
  1,166
  1,215
  1,268
  1,323
  1,382
  1,444
  1,510
  1,579
  1,653
  1,730
  1,811
  1,897
  1,987
  2,082
  2,182
  2,288
  2,398
  2,515
Interest expense (income), $m
  0
  75
  78
  82
  86
  91
  96
  101
  107
  114
  121
  129
  137
  146
  155
  165
  176
  187
  199
  211
  224
  238
  253
  269
  285
  302
  320
  340
  360
  381
  403
Earnings before tax, $m
  269
  275
  280
  286
  293
  300
  308
  317
  326
  336
  346
  370
  382
  395
  409
  423
  438
  454
  471
  489
  508
  528
  549
  572
  595
  620
  646
  673
  702
  732
  764
Tax expense, $m
  189
  74
  76
  77
  79
  81
  83
  85
  88
  91
  93
  100
  103
  107
  110
  114
  118
  123
  127
  132
  137
  143
  148
  154
  161
  167
  174
  182
  189
  198
  206
Net income, $m
  63
  201
  205
  209
  214
  219
  225
  231
  238
  245
  253
  270
  279
  288
  298
  309
  320
  332
  344
  357
  371
  386
  401
  417
  434
  452
  471
  491
  512
  534
  558

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  220
  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
  7,153
  7,074
  7,237
  7,423
  7,632
  7,863
  8,117
  8,393
  8,693
  9,015
  9,361
  9,731
  10,126
  10,547
  10,993
  11,468
  11,970
  12,502
  13,065
  13,659
  14,287
  14,949
  15,647
  16,383
  17,159
  17,976
  18,836
  19,741
  20,694
  21,696
  22,750
Adjusted assets (=assets-cash), $m
  6,933
  7,074
  7,237
  7,423
  7,632
  7,863
  8,117
  8,393
  8,693
  9,015
  9,361
  9,731
  10,126
  10,547
  10,993
  11,468
  11,970
  12,502
  13,065
  13,659
  14,287
  14,949
  15,647
  16,383
  17,159
  17,976
  18,836
  19,741
  20,694
  21,696
  22,750
Revenue / Adjusted assets
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
Average production assets, $m
  4,112
  4,192
  4,288
  4,398
  4,522
  4,659
  4,810
  4,973
  5,151
  5,342
  5,547
  5,766
  6,000
  6,249
  6,514
  6,795
  7,093
  7,408
  7,741
  8,093
  8,465
  8,858
  9,272
  9,708
  10,167
  10,651
  11,161
  11,697
  12,262
  12,856
  13,480
Working capital, $m
  406
  225
  230
  236
  243
  250
  258
  267
  276
  287
  298
  310
  322
  335
  350
  365
  381
  398
  416
  434
  454
  475
  498
  521
  546
  572
  599
  628
  658
  690
  724
Total debt, $m
  2,178
  2,232
  2,335
  2,454
  2,586
  2,733
  2,894
  3,070
  3,260
  3,465
  3,684
  3,919
  4,170
  4,437
  4,721
  5,022
  5,341
  5,679
  6,036
  6,414
  6,812
  7,233
  7,676
  8,143
  8,636
  9,155
  9,701
  10,276
  10,881
  11,517
  12,186
Total liabilities, $m
  4,438
  4,492
  4,595
  4,714
  4,846
  4,993
  5,154
  5,330
  5,520
  5,725
  5,944
  6,179
  6,430
  6,697
  6,981
  7,282
  7,601
  7,939
  8,296
  8,674
  9,072
  9,493
  9,936
  10,403
  10,896
  11,415
  11,961
  12,536
  13,141
  13,777
  14,446
Total equity, $m
  2,715
  2,582
  2,641
  2,709
  2,786
  2,870
  2,963
  3,064
  3,173
  3,290
  3,417
  3,552
  3,696
  3,849
  4,013
  4,186
  4,369
  4,563
  4,769
  4,986
  5,215
  5,456
  5,711
  5,980
  6,263
  6,561
  6,875
  7,206
  7,553
  7,919
  8,304
Total liabilities and equity, $m
  7,153
  7,074
  7,236
  7,423
  7,632
  7,863
  8,117
  8,394
  8,693
  9,015
  9,361
  9,731
  10,126
  10,546
  10,994
  11,468
  11,970
  12,502
  13,065
  13,660
  14,287
  14,949
  15,647
  16,383
  17,159
  17,976
  18,836
  19,742
  20,694
  21,696
  22,750
Debt-to-equity ratio
  0.802
  0.860
  0.880
  0.910
  0.930
  0.950
  0.980
  1.000
  1.030
  1.050
  1.080
  1.100
  1.130
  1.150
  1.180
  1.200
  1.220
  1.240
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.380
  1.400
  1.410
  1.430
  1.440
  1.450
  1.470
Adjusted equity ratio
  0.360
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  201
  205
  209
  214
  219
  225
  231
  238
  245
  253
  270
  279
  288
  298
  309
  320
  332
  344
  357
  371
  386
  401
  417
  434
  452
  471
  491
  512
  534
  558
Depreciation, amort., depletion, $m
  0
  432
  441
  452
  465
  479
  494
  510
  528
  547
  567
  577
  600
  625
  651
  679
  709
  741
  774
  809
  847
  886
  927
  971
  1,017
  1,065
  1,116
  1,170
  1,226
  1,286
  1,348
Funds from operations, $m
  1,223
  633
  646
  662
  679
  698
  718
  741
  766
  792
  820
  847
  879
  913
  950
  988
  1,029
  1,072
  1,118
  1,167
  1,218
  1,271
  1,328
  1,388
  1,451
  1,518
  1,587
  1,661
  1,739
  1,820
  1,906
Change in working capital, $m
  37
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
Cash from operations, $m
  1,186
  628
  641
  656
  672
  690
  710
  732
  756
  782
  809
  835
  866
  900
  935
  973
  1,013
  1,056
  1,100
  1,148
  1,198
  1,250
  1,306
  1,365
  1,426
  1,492
  1,560
  1,632
  1,708
  1,788
  1,872
Maintenance CAPEX, $m
  0
  -411
  -419
  -429
  -440
  -452
  -466
  -481
  -497
  -515
  -534
  -555
  -577
  -600
  -625
  -651
  -679
  -709
  -741
  -774
  -809
  -847
  -886
  -927
  -971
  -1,017
  -1,065
  -1,116
  -1,170
  -1,226
  -1,286
New CAPEX, $m
  -711
  -80
  -96
  -110
  -124
  -137
  -150
  -164
  -177
  -191
  -205
  -219
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -352
  -372
  -392
  -414
  -436
  -460
  -484
  -510
  -536
  -564
  -594
  -625
Cash from investing activities, $m
  -702
  -491
  -515
  -539
  -564
  -589
  -616
  -645
  -674
  -706
  -739
  -774
  -811
  -849
  -890
  -932
  -977
  -1,024
  -1,074
  -1,126
  -1,181
  -1,239
  -1,300
  -1,363
  -1,431
  -1,501
  -1,575
  -1,652
  -1,734
  -1,820
  -1,911
Free cash flow, $m
  484
  137
  125
  117
  108
  101
  94
  88
  81
  75
  70
  61
  56
  51
  46
  41
  36
  31
  26
  21
  16
  11
  6
  1
  -4
  -9
  -15
  -20
  -26
  -32
  -38
Issuance/(repayment) of debt, $m
  -576
  88
  103
  118
  133
  147
  161
  176
  190
  205
  220
  235
  251
  267
  284
  301
  319
  338
  357
  377
  399
  421
  443
  467
  493
  519
  546
  575
  605
  636
  669
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
  0
Cash from financing (excl. dividends), $m  
  -763
  88
  103
  118
  133
  147
  161
  176
  190
  205
  220
  235
  251
  267
  284
  301
  319
  338
  357
  377
  399
  421
  443
  467
  493
  519
  546
  575
  605
  636
  669
Total cash flow (excl. dividends), $m
  -269
  225
  229
  235
  241
  248
  255
  263
  271
  280
  290
  296
  307
  318
  330
  342
  355
  369
  383
  399
  415
  432
  450
  469
  489
  510
  532
  555
  579
  604
  631
Retained Cash Flow (-), $m
  -285
  -53
  -59
  -68
  -76
  -84
  -93
  -101
  -109
  -118
  -126
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -298
  -314
  -330
  -348
  -366
  -385
Prev. year cash balance distribution, $m
 
  186
  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
  169
  167
  165
  163
  163
  162
  162
  163
  163
  161
  162
  164
  166
  169
  172
  175
  178
  182
  186
  190
  195
  200
  206
  211
  218
  224
  231
  239
  247
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  341
  153
  142
  132
  122
  112
  103
  94
  86
  77
  68
  61
  54
  47
  41
  35
  30
  25
  21
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  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 61.6
Price to Sales 0.9
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 8.2
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 $4085 million for the last fiscal year's total revenue generated by AngloGold Ashanti ADR. The default revenue input number comes from 2016 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 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 5%, 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 91.6%.

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 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 3.5% 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 100.6%.

Life of production assets of 10 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 5.4%. 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 - $2715 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 403.803 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 $3.8 billion.

RELATED COMPANIES Price Int.Val. Rating
GOLD Randgold Resou 97.58 17.59  str.sell
GFI Gold Fields AD 3.97 0.84  str.sell
SBGL Sibanye Gold A 4.85 115.65  str.buy
IAG IAMGOLD 5.74 1.21  str.sell
SSL Sasol ADR 28.86 10.19  str.sell
GG Goldcorp 13.09 3.85  str.sell
NEM Newmont Mining 37.79 13.69  str.sell

COMPANY NEWS

▶ Are Mining Stocks Following Precious Metals?   [Oct-20-17 09:10AM  Market Realist]
▶ Behind the Recent Correlation Movements of Precious Metals   [Oct-16-17 12:00PM  Market Realist]
▶ Whats Ailing South African Gold Miners?   [Oct-11-17 03:06PM  Market Realist]
▶ Mining Stocks Today: Your Technical Updates   [07:41AM  Market Realist]
▶ Why Analysts Expect Hecla Minings Margins to Narrow in 2017   [Oct-10-17 10:41AM  Market Realist]
▶ Newmont Mining Is on Analysts Wish Lists: Heres Why   [Oct-06-17 10:41AM  Market Realist]
▶ Precious Metals and Companies That Mine Them   [Oct-05-17 11:22AM  Market Realist]
▶ Can Mali Maintain Its Gold Mining Status?   [Oct-04-17 03:00PM  Oilprice.com]
▶ Reading Miners Gold Correlation Trends   [Sep-29-17 06:03PM  Market Realist]
▶ How Gold and Platinum Are Moving in Tandem   [Sep-28-17 01:10PM  Market Realist]
▶ Behind Mining Price Movements in September   [Sep-25-17 10:29AM  Market Realist]
▶ Analyzing the Drop in Mining Stocks on Monday, September 18   [Sep-20-17 08:08AM  Market Realist]
▶ The Most Crowded Trades Today: Assessing Golds Benefit   [Sep-19-17 04:06PM  Market Realist]
▶ Which Miners Have an Upward Scaling Correlation to Gold?   [Sep-18-17 07:39AM  Market Realist]
▶ Miners Slump As South Africa Stalls New Charter   [Sep-14-17 02:21PM  Barrons.com]
▶ Reading Miners Correlation Trends   [Sep-08-17 04:01PM  Market Realist]
▶ Gold, Lithium Stocks Shine   [Sep-01-17 02:20AM  Barrons.com]
▶ This Could Be The Biggest Gold Discovery In History   [Aug-20-17 07:30PM  Oilprice.com]
▶ This Key Gold Producer Sees Its Production Slump   [Aug-16-17 01:30PM  Oilprice.com]
▶ How Miners Are Moving amid Precious Metal Changes   [Aug-07-17 05:06PM  Market Realist]
▶ Tanzanias Crackdown On Mining Companies Intensifies   [Aug-05-17 11:00AM  Oilprice.com]
▶ What Miners Technical Indicators Suggest   [Aug-04-17 10:19AM  Market Realist]
▶ Gold: Who Was Buying in 2Q?   [Aug-03-17 05:34AM  Barrons.com]
▶ Understanding Barricks Free Cash Flow Decline in 2Q17   [Jul-31-17 10:38AM  Market Realist]
▶ Inside the Mining Correlation Upward Trend   [Jul-28-17 07:25PM  Market Realist]
▶ Why Most Mining Stocks Are Looking at Year-to-Date Losses   [Jul-26-17 04:29PM  Market Realist]
▶ How Are Miners Correlation Trends Moving in July 2017?   [Jul-20-17 09:37AM  Market Realist]
▶ How Analysts See South African Mining after 2Q17   [Jul-19-17 04:06PM  Market Realist]
▶ Will South African Mining Woes Ever End?   [02:15PM  Market Realist]
▶ Miners ReboundWhat Do the Technical Indicators Say?   [Jul-14-17 12:12PM  Market Realist]
▶ Can New Gold Expect Its Rainy River Project to Outperform?   [Jul-13-17 04:35PM  Market Realist]
▶ Analyzing Correlation Trends among Precious Metals   [Jul-12-17 07:41AM  Market Realist]
▶ How the Indicators of Precious Metal Miners Are Moving   [Jul-11-17 11:36AM  Market Realist]
▶ How Relative Strength Levels Revived along with Prices   [Jul-06-17 03:14PM  Market Realist]
▶ Investing in the Gold Stock Industry Part II   [Jul-05-17 05:07PM  GuruFocus.com]
▶ [$$] AngloGold Ashanti warns of big job cuts   [Jun-28-17 12:25PM  Financial Times]
▶ Behind the Slump in Precious Metals Last Thursday   [Jun-20-17 07:37AM  Market Realist]
▶ Gauging Mining Stocks Correlation Trends   [Jun-19-17 01:16PM  Market Realist]
▶ What Geopolitical Concerns Have to Do with Gold   [Jun-15-17 09:07AM  Market Realist]
▶ How Are Mining Stock Technicals Moving?   [11:06AM  Market Realist]
▶ The Brightest Day for Mining This WeekSo Far   [07:37AM  Market Realist]
▶ How Have Mining Stocks Performed This Year?   [Jun-06-17 03:00PM  Market Realist]
▶ Will the Gold Industry Reel Under Headwinds?   [May-31-17 05:53PM  Zacks]
▶ How Mining Stocks Have Moved in May   [May-30-17 05:29PM  Market Realist]
▶ Mining Stock Health: Your May Checkup Results   [May-25-17 02:36PM  Market Realist]
▶ Volatility for Precious Metal Miners: Movement Going Forward   [May-24-17 04:28PM  Market Realist]
▶ This Could Help Gold Make a Big Comeback in 2017   [May-22-17 09:07AM  Market Realist]
▶ Analyzing the Correlation Trends of Miners in May 2017   [May-19-17 05:06PM  Market Realist]
▶ [$$] Mining groups in Colombia fear popular backlash   [May-17-17 09:27AM  Financial Times]
▶ Whats in Store for Mining Stocks?   [May-12-17 04:27PM  Market Realist]
▶ How Are Mining Shares Volatilities Moving?   [07:37AM  Market Realist]
▶ Are South African Miners Discounted Valuations Worth a Look?   [May-09-17 09:08AM  Market Realist]
▶ How Have Precious Metal Miners Performed in 2017?   [May-08-17 05:07PM  Market Realist]
▶ Can Mining Recover from the Current Slump?   [12:35PM  Market Realist]
Financial statements of AU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

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

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