Intrinsic value of Nexa Resources - NEXA

Previous Close

$12.64

  Intrinsic Value

$250.89

stock screener

  Rating & Target

str. buy

+999%

Previous close

$12.64

 
Intrinsic value

$250.89

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of NEXA 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, %
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  3,055
  3,749
  4,534
  5,412
  6,383
  7,444
  8,596
  9,835
  11,161
  12,571
  14,063
  15,636
  17,287
  19,018
  20,825
  22,711
  24,676
  26,721
  28,847
  31,057
  33,353
  35,740
  38,220
  40,799
  43,480
  46,269
  49,171
  52,193
  55,340
  58,621
Variable operating expenses, $m
  1,299
  1,553
  1,840
  2,161
  2,516
  2,904
  3,325
  3,778
  4,263
  4,778
  5,141
  5,716
  6,320
  6,953
  7,614
  8,303
  9,021
  9,769
  10,546
  11,354
  12,194
  13,066
  13,973
  14,915
  15,896
  16,915
  17,976
  19,081
  20,232
  21,431
Fixed operating expenses, $m
  1,013
  1,035
  1,058
  1,081
  1,105
  1,129
  1,154
  1,179
  1,205
  1,232
  1,259
  1,287
  1,315
  1,344
  1,374
  1,404
  1,435
  1,466
  1,498
  1,531
  1,565
  1,600
  1,635
  1,671
  1,707
  1,745
  1,783
  1,823
  1,863
  1,904
Total operating expenses, $m
  2,312
  2,588
  2,898
  3,242
  3,621
  4,033
  4,479
  4,957
  5,468
  6,010
  6,400
  7,003
  7,635
  8,297
  8,988
  9,707
  10,456
  11,235
  12,044
  12,885
  13,759
  14,666
  15,608
  16,586
  17,603
  18,660
  19,759
  20,904
  22,095
  23,335
Operating income, $m
  743
  1,161
  1,637
  2,170
  2,762
  3,411
  4,117
  4,878
  5,693
  6,561
  7,663
  8,633
  9,652
  10,721
  11,838
  13,005
  14,220
  15,486
  16,802
  18,171
  19,595
  21,074
  22,613
  24,212
  25,877
  27,608
  29,411
  31,289
  33,246
  35,286
EBITDA, $m
  1,181
  1,658
  2,199
  2,807
  3,480
  4,218
  5,021
  5,886
  6,812
  7,799
  8,843
  9,945
  11,104
  12,317
  13,587
  14,911
  16,292
  17,729
  19,224
  20,778
  22,394
  24,074
  25,821
  27,637
  29,526
  31,492
  33,539
  35,670
  37,891
  40,207
Interest expense (income), $m
  37
  119
  188
  268
  358
  459
  571
  693
  825
  968
  1,120
  1,282
  1,454
  1,634
  1,824
  2,023
  2,231
  2,448
  2,674
  2,909
  3,153
  3,407
  3,671
  3,945
  4,230
  4,527
  4,835
  5,156
  5,489
  5,836
  6,198
Earnings before tax, $m
  624
  973
  1,369
  1,812
  2,303
  2,840
  3,424
  4,053
  4,725
  5,441
  6,381
  7,179
  8,018
  8,897
  9,815
  10,774
  11,772
  12,812
  13,894
  15,018
  16,188
  17,403
  18,667
  19,982
  21,350
  22,773
  24,256
  25,800
  27,409
  29,088
Tax expense, $m
  168
  263
  370
  489
  622
  767
  925
  1,094
  1,276
  1,469
  1,723
  1,938
  2,165
  2,402
  2,650
  2,909
  3,179
  3,459
  3,751
  4,055
  4,371
  4,699
  5,040
  5,395
  5,764
  6,149
  6,549
  6,966
  7,401
  7,854
Net income, $m
  456
  710
  999
  1,323
  1,681
  2,073
  2,500
  2,959
  3,450
  3,972
  4,658
  5,241
  5,853
  6,495
  7,165
  7,865
  8,594
  9,353
  10,142
  10,963
  11,817
  12,704
  13,627
  14,587
  15,585
  16,625
  17,707
  18,834
  20,009
  21,234

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
  6,818
  8,368
  10,121
  12,081
  14,247
  16,616
  19,187
  21,954
  24,913
  28,061
  31,391
  34,901
  38,588
  42,450
  46,485
  50,695
  55,080
  59,644
  64,390
  69,323
  74,449
  79,777
  85,313
  91,068
  97,053
  103,278
  109,757
  116,502
  123,528
  130,851
Adjusted assets (=assets-cash), $m
  6,818
  8,368
  10,121
  12,081
  14,247
  16,616
  19,187
  21,954
  24,913
  28,061
  31,391
  34,901
  38,588
  42,450
  46,485
  50,695
  55,080
  59,644
  64,390
  69,323
  74,449
  79,777
  85,313
  91,068
  97,053
  103,278
  109,757
  116,502
  123,528
  130,851
Revenue / Adjusted assets
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
Average production assets, $m
  3,641
  4,469
  5,405
  6,452
  7,608
  8,873
  10,246
  11,724
  13,304
  14,985
  16,763
  18,638
  20,607
  22,669
  24,824
  27,072
  29,414
  31,851
  34,385
  37,020
  39,757
  42,602
  45,559
  48,632
  51,828
  55,152
  58,612
  62,214
  65,966
  69,876
Working capital, $m
  -141
  -172
  -209
  -249
  -294
  -342
  -395
  -452
  -513
  -578
  -647
  -719
  -795
  -875
  -958
  -1,045
  -1,135
  -1,229
  -1,327
  -1,429
  -1,534
  -1,644
  -1,758
  -1,877
  -2,000
  -2,128
  -2,262
  -2,401
  -2,546
  -2,697
Total debt, $m
  2,295
  3,268
  4,370
  5,600
  6,960
  8,449
  10,063
  11,801
  13,659
  15,635
  17,727
  19,931
  22,247
  24,672
  27,206
  29,850
  32,604
  35,470
  38,450
  41,548
  44,768
  48,113
  51,590
  55,204
  58,963
  62,872
  66,941
  71,177
  75,589
  80,188
Total liabilities, $m
  4,282
  5,255
  6,356
  7,587
  8,947
  10,435
  12,049
  13,787
  15,646
  17,622
  19,714
  21,918
  24,233
  26,658
  29,193
  31,837
  34,591
  37,456
  40,437
  43,535
  46,754
  50,100
  53,577
  57,191
  60,949
  64,859
  68,927
  73,163
  77,576
  82,174
Total equity, $m
  2,536
  3,113
  3,765
  4,494
  5,300
  6,181
  7,137
  8,167
  9,268
  10,439
  11,677
  12,983
  14,355
  15,791
  17,293
  18,859
  20,490
  22,188
  23,953
  25,788
  27,695
  29,677
  31,736
  33,877
  36,104
  38,419
  40,829
  43,339
  45,952
  48,676
Total liabilities and equity, $m
  6,818
  8,368
  10,121
  12,081
  14,247
  16,616
  19,186
  21,954
  24,914
  28,061
  31,391
  34,901
  38,588
  42,449
  46,486
  50,696
  55,081
  59,644
  64,390
  69,323
  74,449
  79,777
  85,313
  91,068
  97,053
  103,278
  109,756
  116,502
  123,528
  130,850
Debt-to-equity ratio
  0.900
  1.050
  1.160
  1.250
  1.310
  1.370
  1.410
  1.440
  1.470
  1.500
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.630
  1.640
  1.640
  1.640
  1.640
  1.650
Adjusted equity ratio
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  456
  710
  999
  1,323
  1,681
  2,073
  2,500
  2,959
  3,450
  3,972
  4,658
  5,241
  5,853
  6,495
  7,165
  7,865
  8,594
  9,353
  10,142
  10,963
  11,817
  12,704
  13,627
  14,587
  15,585
  16,625
  17,707
  18,834
  20,009
  21,234
Depreciation, amort., depletion, $m
  439
  497
  563
  637
  718
  807
  904
  1,008
  1,119
  1,238
  1,181
  1,313
  1,451
  1,596
  1,748
  1,906
  2,071
  2,243
  2,421
  2,607
  2,800
  3,000
  3,208
  3,425
  3,650
  3,884
  4,128
  4,381
  4,645
  4,921
Funds from operations, $m
  894
  1,207
  1,562
  1,959
  2,399
  2,881
  3,403
  3,966
  4,569
  5,209
  5,838
  6,553
  7,304
  8,091
  8,913
  9,771
  10,665
  11,596
  12,564
  13,570
  14,617
  15,705
  16,836
  18,012
  19,235
  20,509
  21,834
  23,215
  24,654
  26,155
Change in working capital, $m
  -28
  -32
  -36
  -40
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -134
  -139
  -145
  -151
Cash from operations, $m
  922
  1,239
  1,598
  2,000
  2,444
  2,929
  3,456
  4,023
  4,630
  5,274
  5,907
  6,626
  7,380
  8,171
  8,996
  9,858
  10,756
  11,690
  12,662
  13,672
  14,722
  15,814
  16,950
  18,130
  19,359
  20,637
  21,968
  23,354
  24,799
  26,306
Maintenance CAPEX, $m
  -206
  -256
  -315
  -381
  -454
  -536
  -625
  -722
  -826
  -937
  -1,055
  -1,181
  -1,313
  -1,451
  -1,596
  -1,748
  -1,906
  -2,071
  -2,243
  -2,421
  -2,607
  -2,800
  -3,000
  -3,208
  -3,425
  -3,650
  -3,884
  -4,128
  -4,381
  -4,645
New CAPEX, $m
  -722
  -828
  -936
  -1,046
  -1,156
  -1,265
  -1,373
  -1,478
  -1,580
  -1,681
  -1,779
  -1,874
  -1,969
  -2,062
  -2,155
  -2,248
  -2,342
  -2,437
  -2,534
  -2,634
  -2,738
  -2,845
  -2,957
  -3,073
  -3,196
  -3,324
  -3,460
  -3,602
  -3,752
  -3,910
Cash from investing activities, $m
  -928
  -1,084
  -1,251
  -1,427
  -1,610
  -1,801
  -1,998
  -2,200
  -2,406
  -2,618
  -2,834
  -3,055
  -3,282
  -3,513
  -3,751
  -3,996
  -4,248
  -4,508
  -4,777
  -5,055
  -5,345
  -5,645
  -5,957
  -6,281
  -6,621
  -6,974
  -7,344
  -7,730
  -8,133
  -8,555
Free cash flow, $m
  -5
  155
  347
  573
  833
  1,128
  1,459
  1,824
  2,224
  2,657
  3,073
  3,571
  4,099
  4,657
  5,245
  5,862
  6,507
  7,181
  7,884
  8,616
  9,378
  10,170
  10,993
  11,849
  12,738
  13,663
  14,624
  15,625
  16,666
  17,750
Issuance/(repayment) of debt, $m
  848
  973
  1,101
  1,231
  1,360
  1,488
  1,614
  1,738
  1,859
  1,976
  2,092
  2,204
  2,315
  2,425
  2,534
  2,644
  2,754
  2,866
  2,980
  3,098
  3,219
  3,346
  3,477
  3,614
  3,758
  3,909
  4,068
  4,236
  4,412
  4,599
Issuance/(repurchase) of shares, $m
  51
  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  
  899
  973
  1,101
  1,231
  1,360
  1,488
  1,614
  1,738
  1,859
  1,976
  2,092
  2,204
  2,315
  2,425
  2,534
  2,644
  2,754
  2,866
  2,980
  3,098
  3,219
  3,346
  3,477
  3,614
  3,758
  3,909
  4,068
  4,236
  4,412
  4,599
Total cash flow (excl. dividends), $m
  893
  1,128
  1,448
  1,803
  2,193
  2,616
  3,073
  3,562
  4,082
  4,633
  5,165
  5,775
  6,414
  7,082
  7,779
  8,506
  9,261
  10,047
  10,865
  11,714
  12,597
  13,515
  14,470
  15,463
  16,496
  17,572
  18,693
  19,861
  21,078
  22,349
Retained Cash Flow (-), $m
  -506
  -577
  -652
  -729
  -806
  -881
  -956
  -1,029
  -1,101
  -1,171
  -1,239
  -1,306
  -1,372
  -1,437
  -1,501
  -1,566
  -1,631
  -1,698
  -1,765
  -1,835
  -1,907
  -1,982
  -2,060
  -2,141
  -2,226
  -2,316
  -2,410
  -2,509
  -2,614
  -2,724
Prev. year cash balance distribution, $m
  457
  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
  844
  552
  796
  1,074
  1,387
  1,735
  2,117
  2,533
  2,981
  3,462
  3,926
  4,469
  5,043
  5,646
  6,278
  6,940
  7,630
  8,350
  9,099
  9,879
  10,690
  11,534
  12,410
  13,322
  14,270
  15,256
  16,283
  17,351
  18,465
  19,625
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
  809
  505
  693
  885
  1,075
  1,259
  1,430
  1,583
  1,713
  1,815
  1,864
  1,907
  1,917
  1,895
  1,843
  1,763
  1,660
  1,538
  1,401
  1,255
  1,106
  957
  813
  679
  555
  445
  349
  268
  202
  148
Current shareholders' claim on cash, %
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5

Nexa Resources SA, formerly VM Holding SA, is a Luxembourg-based company engaged in the mineral resources industry. The Company is a metals and mining entity mainly engaged in zinc content production, and whose product portfolio also includes copper, lead, silver and gold. Its mining and smelting presence is located in Brazil, conducted by Votorantim Metais Zinco SA, and in Peru, conducted by Compania Minera Milpo SAA, and Votorantim Metais-Cajamarquilla SA. Its controlling shareholder is Votorantim SA, a Brazilian privately owned industrial conglomerate that holds ownership interests in metal, steel, cement, energy and pulp companies, among others.

FINANCIAL RATIOS  of  Nexa Resources (NEXA)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 4.2
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.1%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 38%
Total Debt to Equity 40%
Interest Coverage 7
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.6%
Return On Equity 3.4%
Return On Equity - 3 Yr. Avg. -2.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 24.7%
EBITDA Margin 27.2%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 0.5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. -1.3%
Effective Tax Rate 46.9%
Eff/ Tax Rate - 3 Yr. Avg. 202.9%
Payout Ratio 0%

NEXA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEXA stock intrinsic value calculation we used $2449.484 million for the last fiscal year's total revenue generated by Nexa Resources. The default revenue input number comes from 0001 income statement of Nexa Resources. 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 NEXA stock valuation model: a) initial revenue growth rate of 24.7% 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 NEXA is calculated based on our internal credit rating of Nexa Resources, 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 Nexa Resources.
    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 NEXA stock the variable cost ratio is equal to 44%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $991 million in the base year in the intrinsic value calculation for NEXA 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 8.2% for Nexa Resources.

Corporate tax rate of 27% is the nominal tax rate for Nexa Resources. 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 NEXA 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 NEXA are equal to 119.2%.

Life of production assets of 14.2 years is the average useful life of capital assets used in Nexa Resources 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 NEXA 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 - $2486.835 million for Nexa Resources - 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 133.32 million for Nexa Resources 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 Nexa Resources at the current share price and the inputted number of shares is $1.7 billion.

COMPANY NEWS

▶ Nexa Resources S.A. 2Q18 Results   [08:11PM  Business Wire]
▶ Nexa Resources S.A. Informs about the Notice of Meeting   [Jun-04-18 05:20PM  Business Wire]
▶ Nexa Resources S.A. Informs About the Truck Drivers Strike   [May-28-18 08:02PM  Business Wire]
▶ Nexa Resources S.A. 1Q18 Results   [Apr-30-18 08:26PM  Business Wire]
▶ Nexa Resources S.A. 4Q17 and 2017 Results   [09:07PM  Business Wire]
▶ Nexa Resources S.A. Third Quarter 2017 Results   [Nov-10-17 05:13PM  Business Wire]

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