Mining - NAV
People typically value miners with P/NAV metric. Where do you get the Net Asset Value data for the miners (e.g., gold)? Thanks!
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The NAV is the DCF (no terminal value) of the mining projects
Mining banker here - Capital IQ or broker reports if looking for street data (generally most widely quoted source for NAV). If building from scratch, you'll need to include a DCF of all of the company's operating assets (i.e. sum of mine-by-mine DCFs), as well as adjusting for balance sheet items (less debt, add cash) and PV of corporate G&A. We adjust for PV of corporate G&A since head office costs are not allocated to the mine-site, and will not be picked up in the DCF. B/S items to bridge to an equity value-equivalent so we're comparing against market cap / share price (numerator) on a like for like basis.
Hey - thanks much for this. Is it possible to get street data either on FactSet or on Bloomberg?
Don't think Bloomberg has it but believe FactSet does (BMO uses FactSet). Wish I could give you a steer but I don't use the platform, so might have to ask the help desk how to actually pull the metric.
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