For subscribers


GoldNerds Professional Spreadsheet

The Professional Spreadsheet includes everything on the Standard spreadsheet, as well as: cash, debt, options, listed investments, hedgebook, other financial assets, enterprise value (EV), net financial assets indicator, outstanding construction, on-going cpaital costs of production, total cost of ownership (TCO) (with and without on-going capex, and with or without adjustments for country risk), dividends and dividend yield, and the margin leverage rates from Australia's two biggest margin lenders.

The EV takes into account the cash and debt position of each company, and is a better estimate than the market cap of the current value the market is putting on the physical assets of a company. For most companies the EV and market cap are roughly the same, but it can be very useful to know when they are not (espeically when EV is low or even negative, which happens!). This package is designed for professional investors who want more financial depth before they narrow down their search.

 

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The Professional Spreadsheet includes

  Company Code   Market Cap   EV-per-resource-oz  
  Company Name   Enterprise Value (EV)
  EV-per-reserve-oz  
  Share Price   Reserves   EV-per-mineable-oz  
  Shares on Issue   Resources   TCO (total cost of ownership)  
  Options
  GoldNerds Potential   Production (current & planned)  
  Option Cost   Mineable Gold   Cash Costs (current & planned)  
  Minerals   Market-cap-per-production-oz   Construction Costs  
  Percent-in-Gold   Market-cap-per-reserve-oz   Hedging Details  
  Percent-in-Silver
  Market-cap-per-resource-oz   Dividends  
  Status (E, D, P)   Market-cap-per-mineable-oz   Dividend yield  
  Sovereign Risk   Historic share price   Score  
  Cash
  Debt
  Margin Lender's LVRs
 

Features

As per the Standard Spreadsheet, plus...

Slice and Dice the data
Sort, score, filter numbers, and view comments. They're described in more detail on the Toolbox page.

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  Sort Score Filter Comments    
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Options
Double click on the "options" cells and see a pop up table with strike price, expiry date, in-the-money, and out-of-the-money tally's.

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TCO -Total Cost of Ownership
This is an estimate of what the total cost of an ounce of gold is through buying this share. TCO includes cost in the ground, plus any construction costs, plus production costs for each ounce of mineable gold. The important property of TCOs is that companies at similar stage of development and sovereign risk tend to have the same TCOs -- so when a company has a lower TCO than its peers it may be a buy (in the absence of any bad news that is lowering the TCO), and when its TCO is higher than its peers is may be a sell.

Subscribe:
6 months $279
12 months $449

1. Market-cap-per-ounce (or EV-per-ounce)

The three EV-per-gold-ounce columns (per resource, reserve, or mineable ounce) are useful for comparing what it would theoretically cost to buy a share in a company as a proxy for owning an ounce of gold. Owning gold 'underground' is usually far cheaper than buying an ounce at the mint. That reflects the risks involved: how sure are you that the gold is there (is it a reserve, a resource, or a guess?), what will it cost to get the gold out of the ground, and how much is an ounce of gold worth to me if it's in Mali (how 'safe' is it?), will management go bust? The EV-per-reserve-ounce is more expensive than 'per-resource-ounce' because there is more certainty in it. The EV-per-Mineable-Oz takes "Gold Potential" into account, unless you adjust that in the customisation page.