GoldNerds Professional Spreadsheet

The Professional Spreadsheet includes everything on the Standard spreadsheet as well as cash, debt, hedgebook, other financial assets, EV (enterprise value), development costs, and TCO (total cost of ownership). 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. This package is designed for professional investors who want more financial depth before they narrow down their search.

Click the picture for the larger image

The Professional Spreadsheet includes

Features

Slice and Dice the data
Sort, Score, Filter and view comments. They're all described in detail on the Toolbox page. S P
(The Professional sheet allows you to set weights for EV and TCO for customised scoring. P)

						Click on the camera
	Sort	Score	Filter	Comments

	Options P Double click on the "options" cells and see a full pop up table with strike price, expiry date, in-the-money, and out-of-the-money tally's.
	TCO -Total Cost of Ownership P This is an estimate of what the total cost of an ounce of gold is through this share. TCO includes ownership rights, development costs, and production costs for each ounce of mineable gold.
	Sovereign Risk S P We split the world into 21 geographic groupings. You can alter the estimates of risk, or use the default ones.
	Currency conversion S P Companies report results in different currencies. We adjust their announcements so you see it all in $A or $US. (Picture Oct 22)
	Customise the currency and other factors S P Want the answers to be $US, or $A? No problem. You choose. Note, some figures like share price, cash and debt always remain in A$, but the calculated figures like market cap, EV, and cash cost change. Other factors are also customisable like column views, categories of market capitalisation, and weightings for estimating 'Mineable Gold'. (Picture Oct 22)
	Metal Prices S P We update prices of several metals: Gold, Silver, Copper, Zinc, Nickel, Uranium, Lead, Cobalt, Antimony. (Picture Oct 22)

Subscribe:
6 months $249
12 months $399

1. Market Capitalization and EVs

"Market Cap" is the cost to buy the whole company, at the current share price. Most market cap figures quoted elsewhere are often just the cost of the fully-paid shares quoted on the market. In the Professional Spreadsheet we include unquoted shares and escrowed shares as well as options to give a full market cap.

EV means Enterprise Value. I'ts calculated thus: EV = Market cap - cash + debt. Market capitalization is the main component of, and is usually roughly equal to, EV (enterprise value). But it does not take into account the cash, debts, or other financial assets that the company has, so sometimes there are surprises. EV information is included in the Professional spreadsheet, but not in the Standard spreadsheet.

2. GoldNerds Potential

Sometimes companies have a lot of drill data, but not enough to qualify for a JORC resource (not even for an inferred resource). This applies especially to deep vein mining, where drilling is expensive, and veins are variable. Sometimes it applies when explorers are part way through their drilling program. When a company has a proven resource, and their geologist is willing to make a pre-JORC estimate we may include it as "GoldNerds Potential". Obviously it's a guesstimate at best, but none-the-less, it's a useful guide to the likelyhood of a resource upgrade in the future. Indicative only.

3. 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.

Printouts
A worksheet format designed especially for printing.

1. One page per company, for printing off all the details for each company separately. Just type in the ASX code and it's all there, including the pop-up comments.

S P - On both Standard and Professional sheets

P - Only on the Professional Sheet.

Last Update: 3 February 2008