Intrinsic value of Barrick Gold Corporation - GOLD

Previous Close

$16.51

  Intrinsic Value

$18.74

stock screener

  Rating & Target

hold

+13%

Previous close

$16.51

 
Intrinsic value

$18.74

 
Up/down potential

+13%

 
Rating

hold

We calculate the intrinsic value of GOLD 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 28.9

 

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
  8,541
  8,738
  8,962
  9,215
  9,494
  9,800
  10,134
  10,496
  10,885
  11,303
  11,749
  12,226
  12,734
  13,274
  13,846
  14,453
  15,095
  15,775
  16,492
  17,250
  18,050
  18,893
  19,782
  20,718
  21,704
  22,743
  23,836
  24,986
  26,196
  27,469
Variable operating expenses, $m
  5,798
  5,899
  6,015
  6,146
  6,290
  6,449
  6,621
  6,808
  7,009
  7,226
  6,076
  6,323
  6,585
  6,864
  7,160
  7,474
  7,806
  8,158
  8,529
  8,921
  9,334
  9,770
  10,230
  10,714
  11,224
  11,761
  12,326
  12,921
  13,547
  14,205
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
  5,798
  5,899
  6,015
  6,146
  6,290
  6,449
  6,621
  6,808
  7,009
  7,226
  6,076
  6,323
  6,585
  6,864
  7,160
  7,474
  7,806
  8,158
  8,529
  8,921
  9,334
  9,770
  10,230
  10,714
  11,224
  11,761
  12,326
  12,921
  13,547
  14,205
Operating income, $m
  2,744
  2,839
  2,947
  3,069
  3,204
  3,352
  3,513
  3,687
  3,875
  4,077
  5,673
  5,904
  6,149
  6,409
  6,686
  6,979
  7,289
  7,617
  7,964
  8,329
  8,716
  9,123
  9,552
  10,004
  10,480
  10,982
  11,510
  12,065
  12,649
  13,264
EBITDA, $m
  5,710
  5,841
  5,991
  6,159
  6,346
  6,551
  6,774
  7,016
  7,276
  7,555
  7,854
  8,173
  8,512
  8,873
  9,255
  9,661
  10,090
  10,544
  11,024
  11,531
  12,065
  12,629
  13,223
  13,849
  14,508
  15,202
  15,933
  16,702
  17,511
  18,362
Interest expense (income), $m
  2
  617
  649
  685
  726
  772
  823
  880
  941
  1,007
  1,078
  1,155
  1,237
  1,324
  1,417
  1,516
  1,621
  1,732
  1,850
  1,974
  2,105
  2,244
  2,391
  2,545
  2,708
  2,880
  3,060
  3,251
  3,451
  3,662
  3,883
Earnings before tax, $m
  2,127
  2,190
  2,262
  2,343
  2,431
  2,528
  2,633
  2,747
  2,868
  2,999
  4,519
  4,667
  4,825
  4,992
  5,170
  5,358
  5,557
  5,767
  5,990
  6,224
  6,471
  6,732
  7,007
  7,296
  7,601
  7,922
  8,259
  8,614
  8,988
  9,381
Tax expense, $m
  574
  591
  611
  633
  657
  683
  711
  742
  774
  810
  1,220
  1,260
  1,303
  1,348
  1,396
  1,447
  1,500
  1,557
  1,617
  1,680
  1,747
  1,818
  1,892
  1,970
  2,052
  2,139
  2,230
  2,326
  2,427
  2,533
Net income, $m
  1,553
  1,599
  1,651
  1,710
  1,775
  1,846
  1,922
  2,005
  2,094
  2,189
  3,299
  3,407
  3,522
  3,644
  3,774
  3,911
  4,057
  4,210
  4,372
  4,544
  4,724
  4,914
  5,115
  5,326
  5,549
  5,783
  6,029
  6,288
  6,561
  6,848

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
  25,271
  25,852
  26,516
  27,262
  28,089
  28,996
  29,983
  31,052
  32,204
  33,439
  34,762
  36,172
  37,675
  39,271
  40,965
  42,760
  44,661
  46,670
  48,794
  51,035
  53,401
  55,896
  58,526
  61,296
  64,214
  67,287
  70,521
  73,924
  77,504
  81,269
Adjusted assets (=assets-cash), $m
  25,271
  25,852
  26,516
  27,262
  28,089
  28,996
  29,983
  31,052
  32,204
  33,439
  34,762
  36,172
  37,675
  39,271
  40,965
  42,760
  44,661
  46,670
  48,794
  51,035
  53,401
  55,896
  58,526
  61,296
  64,214
  67,287
  70,521
  73,924
  77,504
  81,269
Revenue / Adjusted assets
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
Average production assets, $m
  15,059
  15,405
  15,801
  16,245
  16,738
  17,278
  17,867
  18,504
  19,190
  19,926
  20,714
  21,555
  22,450
  23,401
  24,411
  25,481
  26,613
  27,810
  29,076
  30,412
  31,821
  33,308
  34,875
  36,526
  38,265
  40,096
  42,023
  44,051
  46,184
  48,428
Working capital, $m
  777
  795
  816
  839
  864
  892
  922
  955
  991
  1,029
  1,069
  1,113
  1,159
  1,208
  1,260
  1,315
  1,374
  1,435
  1,501
  1,570
  1,643
  1,719
  1,800
  1,885
  1,975
  2,070
  2,169
  2,274
  2,384
  2,500
Total debt, $m
  6,760
  7,134
  7,563
  8,044
  8,577
  9,162
  9,799
  10,489
  11,231
  12,028
  12,881
  13,791
  14,760
  15,790
  16,882
  18,040
  19,266
  20,562
  21,932
  23,378
  24,904
  26,513
  28,209
  29,996
  31,878
  33,860
  35,946
  38,141
  40,450
  42,879
Total liabilities, $m
  16,300
  16,674
  17,103
  17,584
  18,117
  18,702
  19,339
  20,029
  20,771
  21,568
  22,421
  23,331
  24,300
  25,330
  26,422
  27,580
  28,806
  30,102
  31,472
  32,918
  34,444
  36,053
  37,749
  39,536
  41,418
  43,400
  45,486
  47,681
  49,990
  52,419
Total equity, $m
  8,971
  9,177
  9,413
  9,678
  9,971
  10,293
  10,644
  11,023
  11,432
  11,871
  12,340
  12,841
  13,374
  13,941
  14,543
  15,180
  15,855
  16,568
  17,322
  18,118
  18,957
  19,843
  20,777
  21,760
  22,796
  23,887
  25,035
  26,243
  27,514
  28,851
Total liabilities and equity, $m
  25,271
  25,851
  26,516
  27,262
  28,088
  28,995
  29,983
  31,052
  32,203
  33,439
  34,761
  36,172
  37,674
  39,271
  40,965
  42,760
  44,661
  46,670
  48,794
  51,036
  53,401
  55,896
  58,526
  61,296
  64,214
  67,287
  70,521
  73,924
  77,504
  81,270
Debt-to-equity ratio
  0.750
  0.780
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.980
  1.010
  1.040
  1.070
  1.100
  1.130
  1.160
  1.190
  1.220
  1.240
  1.270
  1.290
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.490
Adjusted equity ratio
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,553
  1,599
  1,651
  1,710
  1,775
  1,846
  1,922
  2,005
  2,094
  2,189
  3,299
  3,407
  3,522
  3,644
  3,774
  3,911
  4,057
  4,210
  4,372
  4,544
  4,724
  4,914
  5,115
  5,326
  5,549
  5,783
  6,029
  6,288
  6,561
  6,848
Depreciation, amort., depletion, $m
  2,966
  3,002
  3,044
  3,091
  3,142
  3,199
  3,261
  3,328
  3,401
  3,478
  2,180
  2,269
  2,363
  2,463
  2,570
  2,682
  2,801
  2,927
  3,061
  3,201
  3,350
  3,506
  3,671
  3,845
  4,028
  4,221
  4,423
  4,637
  4,861
  5,098
Funds from operations, $m
  4,519
  4,601
  4,695
  4,801
  4,917
  5,045
  5,184
  5,333
  5,495
  5,667
  5,479
  5,676
  5,885
  6,108
  6,344
  6,594
  6,858
  7,138
  7,433
  7,745
  8,074
  8,420
  8,786
  9,171
  9,576
  10,003
  10,453
  10,925
  11,423
  11,946
Change in working capital, $m
  15
  18
  20
  23
  25
  28
  30
  33
  35
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  99
  105
  110
  116
Cash from operations, $m
  4,503
  4,583
  4,675
  4,778
  4,892
  5,017
  5,153
  5,301
  5,459
  5,629
  5,438
  5,633
  5,839
  6,059
  6,292
  6,538
  6,800
  7,076
  7,368
  7,676
  8,001
  8,344
  8,705
  9,086
  9,487
  9,909
  10,353
  10,821
  11,312
  11,830
Maintenance CAPEX, $m
  -1,554
  -1,585
  -1,622
  -1,663
  -1,710
  -1,762
  -1,819
  -1,881
  -1,948
  -2,020
  -2,098
  -2,180
  -2,269
  -2,363
  -2,463
  -2,570
  -2,682
  -2,801
  -2,927
  -3,061
  -3,201
  -3,350
  -3,506
  -3,671
  -3,845
  -4,028
  -4,221
  -4,423
  -4,637
  -4,861
New CAPEX, $m
  -297
  -346
  -396
  -444
  -493
  -540
  -588
  -637
  -686
  -736
  -788
  -841
  -895
  -951
  -1,009
  -1,070
  -1,132
  -1,197
  -1,265
  -1,336
  -1,410
  -1,487
  -1,567
  -1,651
  -1,739
  -1,831
  -1,927
  -2,028
  -2,133
  -2,244
Cash from investing activities, $m
  -1,851
  -1,931
  -2,018
  -2,107
  -2,203
  -2,302
  -2,407
  -2,518
  -2,634
  -2,756
  -2,886
  -3,021
  -3,164
  -3,314
  -3,472
  -3,640
  -3,814
  -3,998
  -4,192
  -4,397
  -4,611
  -4,837
  -5,073
  -5,322
  -5,584
  -5,859
  -6,148
  -6,451
  -6,770
  -7,105
Free cash flow, $m
  2,652
  2,651
  2,657
  2,670
  2,690
  2,715
  2,746
  2,783
  2,825
  2,873
  2,553
  2,611
  2,675
  2,744
  2,819
  2,899
  2,985
  3,077
  3,175
  3,279
  3,390
  3,507
  3,632
  3,764
  3,903
  4,050
  4,205
  4,369
  4,542
  4,724
Issuance/(repayment) of debt, $m
  337
  375
  429
  481
  533
  585
  637
  689
  743
  797
  853
  910
  969
  1,030
  1,093
  1,158
  1,226
  1,296
  1,370
  1,446
  1,526
  1,609
  1,696
  1,787
  1,882
  1,982
  2,086
  2,195
  2,309
  2,429
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  
  337
  375
  429
  481
  533
  585
  637
  689
  743
  797
  853
  910
  969
  1,030
  1,093
  1,158
  1,226
  1,296
  1,370
  1,446
  1,526
  1,609
  1,696
  1,787
  1,882
  1,982
  2,086
  2,195
  2,309
  2,429
Total cash flow (excl. dividends), $m
  2,989
  3,026
  3,086
  3,151
  3,223
  3,300
  3,383
  3,472
  3,568
  3,670
  3,406
  3,521
  3,644
  3,774
  3,911
  4,057
  4,211
  4,373
  4,545
  4,725
  4,916
  5,117
  5,328
  5,551
  5,785
  6,032
  6,291
  6,564
  6,851
  7,153
Retained Cash Flow (-), $m
  -172
  -206
  -236
  -265
  -293
  -322
  -351
  -379
  -409
  -439
  -469
  -501
  -533
  -567
  -601
  -637
  -675
  -713
  -754
  -796
  -840
  -886
  -934
  -984
  -1,036
  -1,091
  -1,148
  -1,208
  -1,271
  -1,337
Prev. year cash balance distribution, $m
  487
  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
  3,304
  2,820
  2,850
  2,887
  2,929
  2,978
  3,032
  3,093
  3,159
  3,231
  2,936
  3,021
  3,111
  3,207
  3,310
  3,420
  3,536
  3,660
  3,791
  3,929
  4,076
  4,231
  4,395
  4,567
  4,749
  4,941
  5,143
  5,356
  5,580
  5,816
Discount rate, %
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
  3,162
  2,571
  2,465
  2,356
  2,244
  2,130
  2,013
  1,893
  1,770
  1,645
  1,349
  1,241
  1,133
  1,025
  920
  818
  719
  625
  537
  456
  382
  315
  256
  204
  160
  124
  94
  69
  50
  36
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

Randgold Resources Limited is engaged in gold mining, exploration and related activities. The Company's activities are focused on West and Central Africa. The Company operates through the gold mining segment. The Company operates various mines, such as Morila, Loulo, Gounkoto, Tongon and Kibali. The Company is exploring in African countries, such as Mali, Senegal, Cote d'Ivoire and the Democratic Republic of Congo (DRC). The Company also holds an interest in the Massawa project. The Company holds Morila Limited, which holds interests in the Morila mine in Mali. As of December 31, 2016, Morila mine has produced 122,370 ounces (oz) of gold. The Company holds a controlling interest in the Loulo mine, located in Mali, through Societe des Mines de Loulo SA (Loulo). The Loulo mine is mining from over two underground mines. As of December 31, 2016, Loulo mine has produced 350,604 oz of gold. It has a controlling interest in the Gounkoto mine through Societe des Mines de Gounkoto SA.

FINANCIAL RATIOS  of  Barrick Gold Corporation (GOLD)

Valuation Ratios
P/E Ratio 6.3
Price to Sales 1.3
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow 4.4
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.8%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage 203
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 48.3%
EBITDA Margin - 3 Yr. Avg. 45.3%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 25.6%
Pre-Tax Margin 33.6%
Pre-Tax Margin - 3 Yr. Avg. 30.7%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 20.4%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 21.1%

GOLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOLD stock intrinsic value calculation we used $8374 million for the last fiscal year's total revenue generated by Barrick Gold Corporation. The default revenue input number comes from 0001 income statement of Barrick Gold Corporation. 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 GOLD 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 4.5%, whose default value for GOLD is calculated based on our internal credit rating of Barrick Gold Corporation, 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 Barrick Gold Corporation.
    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 GOLD stock the variable cost ratio is equal to 68.2%.

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 GOLD 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 9.6% for Barrick Gold Corporation.

Corporate tax rate of 27% is the nominal tax rate for Barrick Gold Corporation. 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 GOLD 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 GOLD are equal to 176.3%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Barrick Gold Corporation 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 GOLD is equal to 9.1%. 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 - $9286 million for Barrick Gold Corporation - 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 1752.308 million for Barrick Gold Corporation 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 Barrick Gold Corporation at the current share price and the inputted number of shares is $28.9 billion.

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