Precious and Base Metal Investing Message Board

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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Little Joe who wrote (8216)	3/3/2003 6:37:41 PM
From: russwinter	Read Replies (1) of 39344

Capitalization: 420.6m shares @ .85 US = 357m net proforma debt = 93m 57.5 wts trading at .40 US = 23m (@ 1.10 US, expire 07) Enterprise value = 473m estimated CF using basis prices = 105m EV/cash flow 4.5x Enterprise value (EV) is the sum of shares X stock price plus wts capitalization plus net debt (after cash). EV is the whole price the market puts on the enterprise at this point. Expected cash flow (CF) of $105m is at the metal prices used in the analysis. EV/CF here is 4.5X, too cheap for a low cost, non hedged , fairly long life producer. The money will jump all over this one IMO. EV/reserves (of gold) should be self explanatory?

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