Intrinsic value of Eldorado Gold - EGO

Previous Close

$0.61

  Intrinsic Value

$1.12

stock screener

  Rating & Target

str. buy

+83%

Previous close

$0.61

 
Intrinsic value

$1.12

 
Up/down potential

+83%

 
Rating

str. buy

We calculate the intrinsic value of EGO 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 0.5

 

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, %
  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
  399
  408
  419
  431
  444
  458
  474
  491
  509
  528
  549
  571
  595
  620
  647
  676
  706
  737
  771
  806
  844
  883
  925
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,284
Variable operating expenses, $m
  339
  346
  355
  365
  376
  387
  400
  414
  429
  445
  453
  472
  491
  512
  534
  558
  582
  609
  636
  665
  696
  729
  763
  799
  837
  877
  920
  964
  1,011
  1,060
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
  339
  346
  355
  365
  376
  387
  400
  414
  429
  445
  453
  472
  491
  512
  534
  558
  582
  609
  636
  665
  696
  729
  763
  799
  837
  877
  920
  964
  1,011
  1,060
Operating income, $m
  60
  62
  64
  66
  68
  71
  73
  76
  80
  83
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  169
  177
  186
  195
  204
  214
  224
EBITDA, $m
  204
  209
  215
  221
  227
  235
  243
  251
  261
  271
  281
  293
  305
  318
  331
  346
  361
  378
  395
  413
  432
  452
  474
  496
  520
  545
  571
  598
  627
  658
Interest expense (income), $m
  34
  32
  34
  36
  38
  40
  43
  45
  49
  52
  56
  59
  64
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  130
  139
  147
  157
  166
  176
  187
  198
Earnings before tax, $m
  28
  28
  28
  28
  28
  28
  28
  28
  28
  27
  36
  36
  36
  36
  35
  35
  34
  34
  33
  33
  32
  32
  31
  31
  30
  29
  28
  28
  27
  26
Tax expense, $m
  8
  8
  8
  8
  8
  8
  8
  8
  7
  7
  10
  10
  10
  10
  9
  9
  9
  9
  9
  9
  9
  9
  8
  8
  8
  8
  8
  7
  7
  7
Net income, $m
  21
  21
  21
  21
  21
  21
  20
  20
  20
  20
  27
  26
  26
  26
  26
  25
  25
  25
  24
  24
  24
  23
  23
  22
  22
  21
  21
  20
  19
  19

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
  4,810
  4,921
  5,047
  5,189
  5,346
  5,519
  5,707
  5,910
  6,130
  6,365
  6,617
  6,885
  7,171
  7,475
  7,797
  8,139
  8,501
  8,883
  9,287
  9,714
  10,164
  10,639
  11,140
  11,667
  12,223
  12,807
  13,423
  14,071
  14,752
  15,469
Adjusted assets (=assets-cash), $m
  4,810
  4,921
  5,047
  5,189
  5,346
  5,519
  5,707
  5,910
  6,130
  6,365
  6,617
  6,885
  7,171
  7,475
  7,797
  8,139
  8,501
  8,883
  9,287
  9,714
  10,164
  10,639
  11,140
  11,667
  12,223
  12,807
  13,423
  14,071
  14,752
  15,469
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  4,043
  4,136
  4,242
  4,362
  4,494
  4,639
  4,797
  4,968
  5,152
  5,350
  5,562
  5,787
  6,028
  6,283
  6,554
  6,841
  7,145
  7,467
  7,806
  8,165
  8,544
  8,943
  9,363
  9,807
  10,274
  10,765
  11,283
  11,827
  12,400
  13,002
Working capital, $m
  136
  139
  142
  146
  151
  156
  161
  167
  173
  180
  187
  194
  202
  211
  220
  230
  240
  251
  262
  274
  287
  300
  314
  329
  345
  361
  379
  397
  416
  437
Total debt, $m
  624
  658
  696
  740
  788
  841
  899
  962
  1,029
  1,101
  1,178
  1,261
  1,349
  1,442
  1,541
  1,646
  1,757
  1,874
  1,998
  2,129
  2,267
  2,413
  2,567
  2,729
  2,899
  3,079
  3,268
  3,467
  3,676
  3,896
Total liabilities, $m
  1,477
  1,511
  1,549
  1,593
  1,641
  1,694
  1,752
  1,815
  1,882
  1,954
  2,031
  2,114
  2,202
  2,295
  2,394
  2,499
  2,610
  2,727
  2,851
  2,982
  3,120
  3,266
  3,420
  3,582
  3,752
  3,932
  4,121
  4,320
  4,529
  4,749
Total equity, $m
  3,333
  3,410
  3,498
  3,596
  3,705
  3,825
  3,955
  4,096
  4,248
  4,411
  4,585
  4,771
  4,970
  5,180
  5,404
  5,640
  5,891
  6,156
  6,436
  6,732
  7,044
  7,373
  7,720
  8,085
  8,470
  8,876
  9,302
  9,751
  10,223
  10,720
Total liabilities and equity, $m
  4,810
  4,921
  5,047
  5,189
  5,346
  5,519
  5,707
  5,911
  6,130
  6,365
  6,616
  6,885
  7,172
  7,475
  7,798
  8,139
  8,501
  8,883
  9,287
  9,714
  10,164
  10,639
  11,140
  11,667
  12,222
  12,808
  13,423
  14,071
  14,752
  15,469
Debt-to-equity ratio
  0.190
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
Adjusted equity ratio
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  21
  21
  21
  21
  21
  20
  20
  20
  20
  27
  26
  26
  26
  26
  25
  25
  25
  24
  24
  24
  23
  23
  22
  22
  21
  21
  20
  19
  19
Depreciation, amort., depletion, $m
  144
  147
  151
  155
  159
  164
  169
  175
  181
  188
  185
  193
  201
  209
  218
  228
  238
  249
  260
  272
  285
  298
  312
  327
  342
  359
  376
  394
  413
  433
Funds from operations, $m
  165
  168
  171
  175
  180
  184
  190
  195
  201
  208
  212
  219
  227
  235
  244
  253
  263
  274
  285
  296
  308
  321
  335
  349
  364
  380
  397
  414
  433
  452
Change in working capital, $m
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  162
  165
  168
  171
  175
  180
  184
  189
  195
  201
  205
  212
  219
  227
  235
  244
  253
  263
  273
  284
  296
  308
  321
  334
  349
  364
  379
  396
  414
  432
Maintenance CAPEX, $m
  -132
  -135
  -138
  -141
  -145
  -150
  -155
  -160
  -166
  -172
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -327
  -342
  -359
  -376
  -394
  -413
New CAPEX, $m
  -83
  -93
  -106
  -119
  -132
  -145
  -158
  -171
  -184
  -198
  -212
  -226
  -240
  -255
  -271
  -287
  -304
  -322
  -340
  -359
  -378
  -399
  -421
  -443
  -467
  -492
  -517
  -544
  -573
  -602
Cash from investing activities, $m
  -215
  -228
  -244
  -260
  -277
  -295
  -313
  -331
  -350
  -370
  -390
  -411
  -433
  -456
  -480
  -505
  -532
  -560
  -589
  -619
  -650
  -684
  -719
  -755
  -794
  -834
  -876
  -920
  -967
  -1,015
Free cash flow, $m
  -53
  -63
  -76
  -89
  -102
  -115
  -128
  -141
  -155
  -168
  -185
  -199
  -214
  -230
  -245
  -262
  -279
  -297
  -315
  -335
  -355
  -376
  -398
  -421
  -445
  -470
  -497
  -524
  -553
  -584
Issuance/(repayment) of debt, $m
  30
  34
  39
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
  171
  180
  189
  199
  209
  220
Issuance/(repurchase) of shares, $m
  45
  56
  67
  78
  88
  99
  110
  121
  132
  143
  148
  160
  172
  185
  198
  211
  226
  240
  256
  272
  288
  306
  324
  343
  363
  384
  406
  429
  453
  478
Cash from financing (excl. dividends), $m  
  75
  90
  106
  122
  136
  152
  168
  183
  199
  215
  225
  242
  260
  278
  297
  316
  337
  357
  380
  403
  426
  452
  478
  505
  534
  564
  595
  628
  662
  698
Total cash flow (excl. dividends), $m
  22
  27
  29
  32
  34
  37
  39
  42
  44
  47
  40
  43
  46
  48
  51
  54
  58
  61
  64
  68
  72
  76
  80
  84
  88
  93
  98
  103
  109
  114
Retained Cash Flow (-), $m
  -66
  -77
  -88
  -98
  -109
  -120
  -130
  -141
  -152
  -163
  -174
  -186
  -198
  -211
  -223
  -237
  -251
  -265
  -280
  -296
  -312
  -329
  -347
  -365
  -385
  -405
  -427
  -449
  -472
  -497
Prev. year cash balance distribution, $m
  376
  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
  332
  -50
  -58
  -67
  -75
  -83
  -91
  -99
  -108
  -116
  -134
  -143
  -153
  -162
  -172
  -182
  -193
  -204
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -312
  -329
  -346
  -364
  -383
Discount rate, %
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
  318
  -45
  -51
  -55
  -58
  -60
  -61
  -61
  -61
  -60
  -63
  -60
  -57
  -53
  -49
  -45
  -41
  -36
  -32
  -28
  -24
  -20
  -16
  -13
  -11
  -8
  -6
  -5
  -4
  -3
Current shareholders' claim on cash, %
  98.1
  95.8
  93.2
  90.3
  87.2
  84.0
  80.7
  77.3
  73.9
  70.5
  67.3
  64.1
  61.0
  57.9
  54.9
  52.0
  49.2
  46.5
  43.9
  41.4
  39.0
  36.7
  34.6
  32.5
  30.5
  28.7
  26.9
  25.3
  23.7
  22.2

Eldorado Gold Corp is a Canada-based gold exploration, development and mining company. The Company's geographical segments include Turkey, Brazil, Greece, Romania and Other. The Turkey segment includes the Kisladag and the Efemcukuru mines and exploration activities in Turkey. The Brazil segment includes the Vila Nova mine, the Tocantinzinho project and exploration activities in Brazil. The Greece segment includes the Stratoni mine, the Olympias, Skouries, Perama Hill and Sapes projects, and exploration activities in Greece. The Romania segment includes the Certej project and exploration activities in Romania. The Other segment includes operations of the Company's corporate office and exploration activities in other countries. The Company has operations and ongoing exploration and development projects in Turkey, Greece, Brazil and Romania. Its Operating gold mines include the Kisladag and Efemcukuru mines in Turkey.

FINANCIAL RATIOS  of  Eldorado Gold (EGO)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 1
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow -2.4
Growth Rates
Sales Growth Rate -9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.1%
Cap. Spend. - 3 Yr. Gr. Rate -9.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17%
Total Debt to Equity 17%
Interest Coverage 2
Management Effectiveness
Return On Assets -6.8%
Ret/ On Assets - 3 Yr. Avg. -9.6%
Return On Total Capital -8.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -9.5%
Return On Equity - 3 Yr. Avg. -13.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin 36.5%
EBITDA Margin - 3 Yr. Avg. -93.9%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. -114.4%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. -117.4%
Net Profit Margin -79.4%
Net Profit Margin - 3 Yr. Avg. -130.5%
Effective Tax Rate 116.3%
Eff/ Tax Rate - 3 Yr. Avg. 60.5%
Payout Ratio 0%

EGO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EGO stock intrinsic value calculation we used $391.406 million for the last fiscal year's total revenue generated by Eldorado Gold. The default revenue input number comes from 0001 income statement of Eldorado Gold. 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 EGO 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 4.4%, whose default value for EGO is calculated based on our internal credit rating of Eldorado Gold, 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 Eldorado Gold.
    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 EGO stock the variable cost ratio is equal to 84.9%.

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 EGO 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 Eldorado Gold.

Corporate tax rate of 27% is the nominal tax rate for Eldorado Gold. 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 EGO 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 EGO are equal to 1012.7%.

Life of production assets of 55.2 years is the average useful life of capital assets used in Eldorado Gold 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 EGO is equal to 34%. 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 - $3643.542 million for Eldorado Gold - 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 794.011 million for Eldorado Gold 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 Eldorado Gold at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Eldorado Gold: 3Q Earnings Snapshot   [Oct-25-18 06:45PM  Associated Press]
▶ Here's Why Eldorado Gold Sank 10% in September   [Oct-11-18 04:31PM  Motley Fool]
▶ Here's Why These Gold Stocks Lost Their Luster in August   [Sep-12-18 04:01PM  Motley Fool]
▶ Eldorado Gold Is a Buy   [Aug-22-18 12:24PM  GuruFocus.com]
▶ Eldorado Gold Corporation to Host Earnings Call   [Jul-27-18 09:30AM  ACCESSWIRE]
▶ Earnings Outlook For Eldorado Gold   [07:42AM  Benzinga]
▶ 3 Beaten-Up Gold Stocks: Are They Bargains?   [Jun-30-18 07:15AM  Motley Fool]
▶ June Growth Opportunities Pason Systems And More   [Jun-27-18 12:02PM  Simply Wall St.]
▶ Here's Why Eldorado Gold Soared 18% in May   [Jun-07-18 09:38AM  Motley Fool]
▶ Why Eldorado Gold Corp Shares Jumped 16.8% Today   [May-22-18 06:02PM  Motley Fool]
▶ Why This Under $1 Gold Stock Surged 13% in April   [May-09-18 01:18PM  Motley Fool]
▶ Eldorado Gold Corporation to Host Earnings Call   [Apr-27-18 09:30AM  ACCESSWIRE]
▶ [$$] Companies to Watch - April 9, 2018   [Apr-09-18 01:17PM  The Wall Street Journal]
▶ Why Eldorado Gold Corp's Stock Is Tumbling Today   [Mar-22-18 03:39PM  Motley Fool]
▶ Here's Why Eldorado Gold Plunged 19% in February   [Mar-12-18 09:22PM  Motley Fool]
▶ Better Buy: Yamana Gold Inc. vs. Eldorado Gold   [Feb-01-18 09:04PM  Motley Fool]
▶ This Is How Analysts See Gold Prices Moving in 2018   [Jan-26-18 04:39PM  Market Realist]
▶ Could Bitcoin Be the New Gold?   [Jan-24-18 09:37AM  Market Realist]
▶ Eldorado Gold Drops   [Jan-19-18 11:12AM  GuruFocus.com]
▶ Here's Why Eldorado Gold Corp. Plummeted 56% in 2017   [Jan-17-18 08:39AM  Motley Fool]
▶ A Look at Miners Correlation Trends   [Jan-11-18 09:10AM  Market Realist]
▶ How Miners Performed in 2017   [Jan-03-18 03:35PM  Market Realist]
▶ Eldorado Gold Announces Changes in Its Board of Directors   [Dec-28-17 03:54AM  GuruFocus.com]
▶ Eldorado Gold Announces Update on its Board of Directors   [Dec-27-17 07:05PM  PR Newswire]

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