Entertained myself by calculating the intrinsic value of...

Entertained myself by calculating the intrinsic value of Australian gold companies following RM's model. Interestingly RCO is more-or-less exactly where it should be at a RR of 13%. All other gold companies are either worthless or grossly overvalued. Having said that I am fully aware of that gold companies are always overvalued using intrincis valuation models so I was actually very pleased to see that RCO is not overvalued. Its intrinsic value is of course suffering from the expected huge payout ratio for the coming dividend.