DCN's enterprise value would be between $200M to $250M
-$140M market cap + $106M debt - $45M cash and bullion + the unknown figure of payables $40M?? .
They should be able to generate $50M (would be more without the hedging at lower prices) for 2020 (before the $33M debt reduction).
Not a bad return on investment. That is if you are confident management can meet this updated guidance.
If one is concerned about the gold price it can be shorted as a hedge.
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- Ann: FY 2020 Guidance & Updated 8 Year Life of Mine Plan
Ann: FY 2020 Guidance & Updated 8 Year Life of Mine Plan, page-42
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