Intrinsic value of Turquoise Hill Resources - TRQ

Previous Close

$1.87

  Intrinsic Value

$1.11

stock screener

  Rating & Target

sell

-41%

Previous close

$1.87

 
Intrinsic value

$1.11

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of TRQ 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 3.8

 

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
  959
  981
  1,006
  1,034
  1,065
  1,100
  1,137
  1,178
  1,222
  1,268
  1,319
  1,372
  1,429
  1,490
  1,554
  1,622
  1,694
  1,770
  1,851
  1,936
  2,026
  2,120
  2,220
  2,325
  2,436
  2,552
  2,675
  2,804
  2,940
  3,083
Variable operating expenses, $m
  750
  767
  787
  809
  833
  860
  889
  921
  955
  992
  1,031
  1,073
  1,118
  1,165
  1,215
  1,268
  1,325
  1,384
  1,447
  1,514
  1,584
  1,658
  1,736
  1,818
  1,905
  1,996
  2,092
  2,193
  2,299
  2,411
Fixed operating expenses, $m
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  358
  365
  373
  382
  390
  399
  407
  416
  426
  435
  445
  454
  464
  475
  485
  496
Total operating expenses, $m
  1,014
  1,036
  1,062
  1,090
  1,121
  1,154
  1,189
  1,228
  1,269
  1,313
  1,359
  1,408
  1,460
  1,515
  1,573
  1,633
  1,698
  1,766
  1,837
  1,913
  1,991
  2,074
  2,162
  2,253
  2,350
  2,450
  2,556
  2,668
  2,784
  2,907
Operating income, $m
  -55
  -56
  -56
  -56
  -55
  -54
  -53
  -50
  -48
  -44
  -40
  -36
  -31
  -25
  -19
  -12
  -4
  4
  13
  23
  34
  46
  58
  72
  86
  102
  119
  137
  156
  176
EBITDA, $m
  1,349
  1,380
  1,417
  1,458
  1,505
  1,556
  1,613
  1,674
  1,741
  1,813
  1,890
  1,973
  2,062
  2,156
  2,256
  2,363
  2,476
  2,596
  2,723
  2,858
  3,000
  3,150
  3,309
  3,476
  3,653
  3,839
  4,036
  4,243
  4,461
  4,690
Interest expense (income), $m
  118
  225
  229
  234
  240
  246
  253
  261
  269
  279
  288
  299
  310
  322
  335
  349
  363
  379
  395
  412
  430
  450
  470
  491
  514
  537
  562
  589
  616
  645
  676
Earnings before tax, $m
  -279
  -285
  -290
  -296
  -302
  -307
  -313
  -320
  -326
  -333
  -339
  -346
  -353
  -360
  -368
  -375
  -383
  -391
  -399
  -407
  -415
  -424
  -433
  -442
  -451
  -460
  -470
  -479
  -489
  -500
Tax expense, $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
Net income, $m
  -279
  -285
  -290
  -296
  -302
  -307
  -313
  -320
  -326
  -333
  -339
  -346
  -353
  -360
  -368
  -375
  -383
  -391
  -399
  -407
  -415
  -424
  -433
  -442
  -451
  -460
  -470
  -479
  -489
  -500

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
  12,134
  12,413
  12,732
  13,090
  13,487
  13,922
  14,397
  14,910
  15,463
  16,056
  16,691
  17,368
  18,090
  18,856
  19,670
  20,532
  21,444
  22,409
  23,429
  24,505
  25,641
  26,839
  28,101
  29,432
  30,833
  32,308
  33,861
  35,495
  37,214
  39,022
Adjusted assets (=assets-cash), $m
  12,134
  12,413
  12,732
  13,090
  13,487
  13,922
  14,397
  14,910
  15,463
  16,056
  16,691
  17,368
  18,090
  18,856
  19,670
  20,532
  21,444
  22,409
  23,429
  24,505
  25,641
  26,839
  28,101
  29,432
  30,833
  32,308
  33,861
  35,495
  37,214
  39,022
Revenue / Adjusted assets
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
Average production assets, $m
  7,018
  7,179
  7,364
  7,571
  7,800
  8,052
  8,326
  8,623
  8,943
  9,286
  9,653
  10,045
  10,462
  10,906
  11,376
  11,875
  12,402
  12,960
  13,550
  14,173
  14,830
  15,522
  16,253
  17,022
  17,832
  18,686
  19,584
  20,529
  21,523
  22,569
Working capital, $m
  479
  490
  503
  517
  533
  550
  569
  589
  611
  634
  659
  686
  715
  745
  777
  811
  847
  885
  925
  968
  1,013
  1,060
  1,110
  1,163
  1,218
  1,276
  1,338
  1,402
  1,470
  1,541
Total debt, $m
  4,242
  4,335
  4,440
  4,558
  4,689
  4,833
  4,989
  5,158
  5,341
  5,537
  5,746
  5,970
  6,208
  6,461
  6,729
  7,014
  7,315
  7,633
  7,970
  8,325
  8,700
  9,095
  9,512
  9,951
  10,413
  10,900
  11,412
  11,952
  12,519
  13,116
Total liabilities, $m
  4,004
  4,096
  4,202
  4,320
  4,451
  4,594
  4,751
  4,920
  5,103
  5,299
  5,508
  5,732
  5,970
  6,223
  6,491
  6,775
  7,077
  7,395
  7,731
  8,087
  8,461
  8,857
  9,273
  9,712
  10,175
  10,662
  11,174
  11,713
  12,281
  12,877
Total equity, $m
  8,130
  8,317
  8,530
  8,770
  9,036
  9,328
  9,646
  9,990
  10,360
  10,758
  11,183
  11,637
  12,120
  12,634
  13,179
  13,756
  14,368
  15,014
  15,697
  16,418
  17,179
  17,982
  18,828
  19,719
  20,658
  21,646
  22,687
  23,782
  24,933
  26,145
Total liabilities and equity, $m
  12,134
  12,413
  12,732
  13,090
  13,487
  13,922
  14,397
  14,910
  15,463
  16,057
  16,691
  17,369
  18,090
  18,857
  19,670
  20,531
  21,445
  22,409
  23,428
  24,505
  25,640
  26,839
  28,101
  29,431
  30,833
  32,308
  33,861
  35,495
  37,214
  39,022
Debt-to-equity ratio
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Adjusted equity ratio
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -279
  -285
  -290
  -296
  -302
  -307
  -313
  -320
  -326
  -333
  -339
  -346
  -353
  -360
  -368
  -375
  -383
  -391
  -399
  -407
  -415
  -424
  -433
  -442
  -451
  -460
  -470
  -479
  -489
  -500
Depreciation, amort., depletion, $m
  1,404
  1,436
  1,473
  1,514
  1,560
  1,610
  1,665
  1,725
  1,789
  1,857
  1,931
  2,009
  2,092
  2,181
  2,275
  2,375
  2,480
  2,592
  2,710
  2,835
  2,966
  3,104
  3,251
  3,404
  3,566
  3,737
  3,917
  4,106
  4,305
  4,514
Funds from operations, $m
  1,124
  1,151
  1,183
  1,218
  1,259
  1,303
  1,352
  1,405
  1,463
  1,525
  1,591
  1,663
  1,739
  1,821
  1,908
  2,000
  2,098
  2,201
  2,311
  2,428
  2,551
  2,680
  2,818
  2,963
  3,116
  3,277
  3,447
  3,626
  3,815
  4,014
Change in working capital, $m
  9
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
  71
Cash from operations, $m
  1,115
  1,140
  1,170
  1,204
  1,243
  1,286
  1,333
  1,385
  1,441
  1,501
  1,566
  1,636
  1,711
  1,790
  1,875
  1,966
  2,062
  2,163
  2,271
  2,385
  2,506
  2,633
  2,768
  2,910
  3,060
  3,219
  3,386
  3,562
  3,747
  3,943
Maintenance CAPEX, $m
  -1,376
  -1,404
  -1,436
  -1,473
  -1,514
  -1,560
  -1,610
  -1,665
  -1,725
  -1,789
  -1,857
  -1,931
  -2,009
  -2,092
  -2,181
  -2,275
  -2,375
  -2,480
  -2,592
  -2,710
  -2,835
  -2,966
  -3,104
  -3,251
  -3,404
  -3,566
  -3,737
  -3,917
  -4,106
  -4,305
New CAPEX, $m
  -136
  -161
  -185
  -207
  -230
  -252
  -274
  -297
  -320
  -343
  -367
  -392
  -417
  -443
  -470
  -499
  -528
  -558
  -590
  -623
  -657
  -693
  -730
  -769
  -810
  -853
  -898
  -945
  -994
  -1,046
Cash from investing activities, $m
  -1,512
  -1,565
  -1,621
  -1,680
  -1,744
  -1,812
  -1,884
  -1,962
  -2,045
  -2,132
  -2,224
  -2,323
  -2,426
  -2,535
  -2,651
  -2,774
  -2,903
  -3,038
  -3,182
  -3,333
  -3,492
  -3,659
  -3,834
  -4,020
  -4,214
  -4,419
  -4,635
  -4,862
  -5,100
  -5,351
Free cash flow, $m
  -397
  -425
  -450
  -476
  -501
  -526
  -552
  -577
  -604
  -631
  -658
  -686
  -715
  -745
  -776
  -808
  -841
  -875
  -911
  -948
  -986
  -1,026
  -1,067
  -1,110
  -1,154
  -1,201
  -1,250
  -1,300
  -1,353
  -1,408
Issuance/(repayment) of debt, $m
  83
  92
  105
  118
  131
  144
  156
  169
  182
  196
  210
  224
  238
  253
  268
  284
  301
  318
  336
  355
  375
  395
  417
  439
  462
  487
  512
  539
  567
  597
Issuance/(repurchase) of shares, $m
  438
  472
  504
  536
  567
  599
  631
  664
  697
  730
  765
  800
  836
  874
  913
  953
  994
  1,037
  1,082
  1,128
  1,176
  1,227
  1,279
  1,333
  1,390
  1,449
  1,510
  1,574
  1,641
  1,711
Cash from financing (excl. dividends), $m  
  521
  564
  609
  654
  698
  743
  787
  833
  879
  926
  975
  1,024
  1,074
  1,127
  1,181
  1,237
  1,295
  1,355
  1,418
  1,483
  1,551
  1,622
  1,696
  1,772
  1,852
  1,936
  2,022
  2,113
  2,208
  2,308
Total cash flow (excl. dividends), $m
  124
  139
  159
  178
  198
  217
  236
  256
  275
  295
  316
  337
  359
  382
  405
  429
  454
  480
  508
  536
  565
  596
  629
  662
  698
  734
  773
  813
  856
  900
Retained Cash Flow (-), $m
  -438
  -472
  -504
  -536
  -567
  -599
  -631
  -664
  -697
  -730
  -765
  -800
  -836
  -874
  -913
  -953
  -994
  -1,037
  -1,082
  -1,128
  -1,176
  -1,227
  -1,279
  -1,333
  -1,390
  -1,449
  -1,510
  -1,574
  -1,641
  -1,711
Prev. year cash balance distribution, $m
  941
  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
  627
  -333
  -345
  -357
  -370
  -382
  -395
  -408
  -421
  -435
  -449
  -463
  -477
  -492
  -508
  -524
  -540
  -557
  -574
  -592
  -611
  -630
  -650
  -671
  -692
  -714
  -737
  -761
  -785
  -811
Discount rate, %
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
  588
  -291
  -280
  -266
  -251
  -235
  -218
  -201
  -182
  -164
  -146
  -128
  -111
  -95
  -80
  -67
  -55
  -44
  -35
  -27
  -21
  -15
  -11
  -8
  -6
  -4
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  92.7
  85.6
  78.8
  72.3
  66.2
  60.5
  55.1
  50.2
  45.7
  41.5
  37.7
  34.2
  31.0
  28.1
  25.5
  23.1
  20.9
  19.0
  17.2
  15.6
  14.1
  12.8
  11.7
  10.6
  9.6
  8.7
  7.9
  7.2
  6.6
  6.0

Turquoise Hill Resources Ltd. is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company's principal material mineral resource property. The Company's Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes). The Company's Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia's capital city, and 80 kilometers north of the Mongolia-China border. The Company's Mineralization on the property consists of porphyry-style copper, gold, silver and molybdenum contained in a linear structural trend (the Oyu Tolgoi Trend) of deposits throughout this trend. They include, from south to north, the Heruga Deposit, the Oyut deposit and the Hugo Dummett deposits (Hugo South, Hugo North and Hugo North Extension).

FINANCIAL RATIOS  of  Turquoise Hill Resources (TRQ)

Valuation Ratios
P/E Ratio 17.8
Price to Sales 3.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow -39.6
Growth Rates
Sales Growth Rate -26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 181%
Cap. Spend. - 3 Yr. Gr. Rate -21.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 47.4%
Total Debt to Equity 47.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -28.5%
Ret/ On Assets - 3 Yr. Avg. -8.1%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 28.4%
Gross Margin - 3 Yr. Avg. 32.6%
EBITDA Margin 39.8%
EBITDA Margin - 3 Yr. Avg. 33.1%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin -0.3%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 17.5%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 2775%
Eff/ Tax Rate - 3 Yr. Avg. 900.9%
Payout Ratio 0%

TRQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRQ stock intrinsic value calculation we used $939.78 million for the last fiscal year's total revenue generated by Turquoise Hill Resources. The default revenue input number comes from 0001 income statement of Turquoise Hill 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 TRQ 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 6.6%, whose default value for TRQ is calculated based on our internal credit rating of Turquoise Hill 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 Turquoise Hill 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 TRQ stock the variable cost ratio is equal to 78.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $258 million in the base year in the intrinsic value calculation for TRQ 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 Turquoise Hill Resources.

Corporate tax rate of 27% is the nominal tax rate for Turquoise Hill 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 TRQ 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 TRQ are equal to 732.1%.

Life of production assets of 0 years is the average useful life of capital assets used in Turquoise Hill 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 TRQ is equal to 50%. 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 - $8912.435 million for Turquoise Hill 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 2012.31 million for Turquoise Hill 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 Turquoise Hill Resources at the current share price and the inputted number of shares is $3.8 billion.

RELATED COMPANIES Price Int.Val. Rating
RIO Rio Tinto ADR 48.98 3,965.07  str.buy
TGB Taseko Mines 0.630 76.96  str.buy

COMPANY NEWS

▶ Turquoise Hill: 3Q Earnings Snapshot   [Nov-02-18 05:10AM  Associated Press]
▶ Penny Stocks to Watch for November 2018   [08:50AM  Investopedia]
▶ Turquoise Hill Resources Ltd. to Host Earnings Call   [Aug-01-18 08:30AM  ACCESSWIRE]
▶ Turquoise Hill: 2Q Earnings Snapshot   [Jul-31-18 07:32PM  Associated Press]
▶ [$$] New TRQ CEO gets cautious welcome from shareholder   [Jul-30-18 11:55PM  Financial Times]
▶ Turquoise Hill appoints Ulf Quellmann CEO   [07:00AM  GlobeNewswire]
▶ Turquoise Hill board appoints interim CEO   [Jun-27-18 04:52PM  GlobeNewswire]
▶ [$$] TRQ shareholder calls for independent management team   [Jun-13-18 08:29AM  Financial Times]
▶ Turquoise Hill announces retirement of CEO   [May-29-18 05:00PM  GlobeNewswire]
▶ Turquoise Hill: 1Q Earnings Snapshot   [05:13AM  Associated Press]
▶ Turquoise Hill announces first quarter 2018 production   [Apr-17-18 05:00PM  GlobeNewswire]
▶ When Should You Buy Turquoise Hill Resources Ltd (TSE:TRQ)?   [Mar-23-18 02:20PM  Simply Wall St.]
▶ Turquoise Hill Resources Ltd. to Host Earnings Call   [Mar-16-18 09:00AM  ACCESSWIRE]
▶ Turquoise Hill posts 4Q profit   [Mar-15-18 06:05PM  Associated Press]
▶ [$$] Rio Tintos Mongolian mining woes deepen   [Mar-12-18 09:28PM  Financial Times]
▶ Mongolia's Oyu Tolgoi mine to lift force majeure   [Feb-28-18 06:13PM  Reuters]
▶ Oyu Tolgoi to lift force majeure   [05:00PM  Marketwired]
▶ The Gemstone Sector Could Be Set To Boom   [Jan-23-18 07:30PM  Oilprice.com]
▶ Could Freeport-McMoRan Reinstate Its Dividend in 2018?   [Jan-11-18 09:00AM  Market Realist]
▶ Turquoise Hill appoints Stephen Jones as director   [Dec-18-17 05:00PM  Marketwired]
▶ Turquoise Hill posts 3Q profit   [Nov-06-17 05:39AM  Associated Press]
▶ Why Turquoise Hill Resources Analyst Ratings Matter   [Oct-11-17 10:37AM  Market Realist]

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