2017 IO price and its effect on AGO SP, page-21

Not quite that simple Hc... Ago sell a lower grade IO with lower fe % for starters so you need to make a downwards adjustment there. Also AGO sell roughly a third of their quarterly production forward hedged which at the moment is lower than the spot price so you need to allow for this as well. Foreign exchange rates need to be taken into account as well the closure of two of their mines in the future. I have also only multiplied their profit x 3 to derive a fair valuation. ( 5x would be nice though and I hope you are correct on this front). I like to put conservative estimates up this way if they still look good there is hopefully some up side.