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Golden Star Resources Ltd. operates as a gold mining and exploration company. The last earnings update was 105 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Golden Star Resources (GSC) | 0.8% | 18% | 30.9% | 10% | 165.1% | 29.3% |
CA Metals and Mining | -1.5% | 6.3% | 12.4% | -10.2% | 25.2% | -27.2% |
CA Market | -0.4% | 4.1% | 2.5% | -0.5% | 22.7% | 4.7% |
Below are the data sources, inputs and calculation used to determine the intrinsic value for Golden Star Resources.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 5 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 13.5% |
Perpetual Growth Rate | 10-Year CA Government Bond Rate | 1.9% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year CA Govt Bond Rate | 1.9% |
Equity Risk Premium | S&P Global | 8.1% |
Metals and Mining Unlevered Beta | Simply Wall St/ S&P Global | 1.21 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.214 (1 + (1- 26.5%) (24.65%)) |
1.434 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.43 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.434 * 8.05%) |
13.5% |
Discounted Cash Flow Calculation for TSX:GSC using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Golden Star Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (USD, Millions) | 27.50 | 60.37 | 81.00 | 72.50 | 64.88 |
Source | Analyst x2 | Analyst x3 | Analyst x1 | Est @ -10.5% | Est @ -10.5% |
Present Value Discounted (@ 13.5%) |
24.23 | 46.86 | 55.40 | 43.69 | 34.45 |
Present value of next 5 years cash flows | $204.64 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $64.88 × (1 + 1.95%) ÷ (13.5% – 1.95%) |
$572.72 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $572.72 ÷ (1 + 13.5%)5 |
$304.10 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $204.64 + $304.10 |
$508.74 |
Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $508.74 / 108.81 |
$4.68 |
Calculation | Result | |
---|---|---|
Exchange Rate | USD/CAD
(Reporting currency to currency of TSX:GSC) |
1.323 |
Value per Share (CAD) |
= Value per Share in USD x Exchange Rate (USD/CAD)
= $4.68 x 1.323 |
CA$6.19 |
Value per share (CAD) | From above. | CA$6.19 |
Current discount | Discount to share price of
CA$5.17
= -1 x (CA$5.17 - CA$6.19) / CA$6.19 |
16.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in USD | $0.05 |
TSX:GSC Share Price ** | TSX (2019-02-13) in CAD | CA$5.17 |
TSX:GSC Share Price converted to USD reporting currency | Exchange rate (CAD/ USD) 0.756 | $3.91 |
Canada Metals and Mining Industry PE Ratio | Median Figure of 125 Publicly-Listed Metals and Mining Companies | 10.43x |
Canada Market PE Ratio | Median Figure of 559 Publicly-Listed Companies | 14.43x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Golden Star Resources.
Calculation | Outcome | |
---|---|---|
PE Ratio | = TSX:GSC Share Price ÷ EPS (both in USD) = 3.91 ÷ 0.05 |
78.4x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 78.4x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
96.9%per year |
Canada Metals and Mining Industry PEG Ratio | Median Figure of 44 Publicly-Listed Metals and Mining Companies | 0.42x |
Canada Market PEG Ratio | Median Figure of 262 Publicly-Listed Companies | 0.96x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 78.4x ÷ 96.9% |
0.81x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in USD | $-0.03 |
TSX:GSC Share Price * | TSX (2019-02-13) in CAD | CA$5.17 |
TSX:GSC Share Price converted to USD reporting currency | Exchange rate (CAD/ USD) 0.756 | $3.91 |
Canada Metals and Mining Industry PB Ratio | Median Figure of 1,077 Publicly-Listed Metals and Mining Companies | 1.42x |
Canada Market PB Ratio | Median Figure of 2,328 Publicly-Listed Companies | 1.52x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = TSX:GSC Share Price ÷ Book Value per Share (both in USD) = 3.91 ÷ -0.03 |
-155.67x |
* Primary Listing of Golden Star Resources.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value (per year) |
---|---|---|
TSX:GSC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 96.9% |
TSX:GSC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 5.8% |
Canada Metals and Mining Industry Earnings Growth Rate | Market Cap Weighted Average | 36% |
Canada Metals and Mining Industry Revenue Growth Rate | Market Cap Weighted Average | 7.6% |
Canada Market Earnings Growth Rate | Market Cap Weighted Average | 16.8% |
Canada Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | 70 | |||
2020-12-31 | 324 | 94 | 35 | 2 |
2019-12-31 | 281 | 71 | 57 | 5 |
2018-12-31 | 274 | 24 | -17 | 4 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 298 | 28 | 4 |
2018-06-30 | 318 | 41 | 19 |
2018-03-31 | 318 | 42 | 40 |
2017-12-31 | 315 | 55 | 39 |
2017-09-30 | 287 | 69 | 30 |
2017-06-30 | 255 | 67 | -6 |
2017-03-31 | 229 | 62 | -42 |
2016-12-31 | 221 | 53 | -40 |
2016-09-30 | 224 | 41 | -29 |
2016-06-30 | 225 | 65 | -13 |
2016-03-31 | 240 | 56 | -53 |
2015-12-31 | 255 | 60 | -68 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from Golden Star Resources Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | ||||
2020-12-31 | 0.25 | 0.25 | 0.25 | 1.00 |
2019-12-31 | 0.67 | 0.85 | 0.49 | 2.00 |
2018-12-31 | -0.11 | -0.05 | -0.16 | 3.00 |
Date (Data in USD Millions) | EPS * |
---|---|
2018-09-30 | 0.05 |
2018-06-30 | 0.25 |
2018-03-31 | 0.52 |
2017-12-31 | 0.52 |
2017-09-30 | 0.40 |
2017-06-30 | -0.08 |
2017-03-31 | -0.65 |
2016-12-31 | -0.67 |
2016-09-30 | -0.55 |
2016-06-30 | -0.25 |
2016-03-31 | -1.01 |
2015-12-31 | -1.30 |
*GAAP earnings excluding extraordinary items.
How has Golden Star Resources performed over the past 5 years?
All data from Golden Star Resources Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 297.52 | 3.80 | 24.52 | |
2018-06-30 | 317.56 | 19.09 | 25.52 | |
2018-03-31 | 317.77 | 39.62 | 20.11 | |
2017-12-31 | 315.50 | 38.77 | 26.96 | |
2017-09-30 | 286.91 | 29.62 | 19.54 | |
2017-06-30 | 254.65 | -5.61 | 21.65 | |
2017-03-31 | 228.77 | -41.53 | 28.57 | |
2016-12-31 | 221.29 | -39.65 | 27.57 | |
2016-09-30 | 224.46 | -29.31 | 29.44 | |
2016-06-30 | 225.40 | -13.03 | 23.34 | |
2016-03-31 | 239.74 | -52.50 | 19.31 | |
2015-12-31 | 255.19 | -67.68 | 15.59 | |
2015-09-30 | 285.35 | -129.62 | 15.83 | |
2015-06-30 | 306.66 | -120.19 | 15.93 | |
2015-03-31 | 320.43 | -63.84 | 15.08 | |
2014-12-31 | 328.92 | -73.08 | 16.92 | |
2014-09-30 | 338.36 | -173.50 | 20.82 | |
2014-06-30 | 378.76 | -172.59 | 21.84 | |
2014-03-31 | 419.89 | -296.26 | 22.30 | |
2013-12-31 | 467.80 | -265.89 | 23.18 | |
2013-09-30 | 521.47 | -102.98 | 24.63 | |
2013-06-30 | 536.81 | -126.55 | 24.81 | |
2013-03-31 | 552.43 | 2.32 | 25.24 | |
2012-12-31 | 550.54 | 7.19 | 26.89 | |
2012-09-30 | 519.64 | 0.09 | 20.49 | |
2012-06-30 | 512.03 | 9.96 | 23.33 | |
2012-03-31 | 485.52 | 4.87 | 26.96 |
*GAAP earnings excluding extraordinary items.
How is Golden Star Resources's financial health and their level of debt?
All data from Golden Star Resources Company Filings, last reported 4 months ago.
Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | -71.31 | 104.80 | 18.36 |
2018-06-30 | -67.54 | 108.15 | 21.87 |
2018-03-31 | -60.36 | 110.44 | 26.22 |
2017-12-31 | -41.75 | 95.61 | 27.79 |
2017-09-30 | -56.04 | 95.31 | 29.95 |
2017-06-30 | -72.56 | 96.32 | 25.90 |
2017-03-31 | -86.61 | 101.09 | 36.46 |
2016-12-31 | -120.76 | 107.55 | 21.76 |
2016-09-30 | -128.99 | 111.74 | 17.49 |
2016-06-30 | -137.34 | 127.02 | 7.58 |
2016-03-31 | -128.49 | 114.72 | 14.56 |
2015-12-31 | -131.23 | 114.34 | 35.11 |
2015-09-30 | -145.70 | 99.51 | 27.67 |
2015-06-30 | -137.41 | 127.14 | 21.45 |
2015-03-31 | -68.86 | 118.97 | 24.18 |
2014-12-31 | -54.19 | 102.98 | 39.35 |
2014-09-30 | -1.04 | 104.04 | 36.03 |
2014-06-30 | -2.75 | 115.77 | 43.41 |
2014-03-31 | 3.54 | 112.83 | 57.82 |
2013-12-31 | 26.70 | 94.24 | 65.55 |
2013-09-30 | 191.46 | 76.35 | 66.64 |
2013-06-30 | 186.39 | 62.32 | 58.53 |
2013-03-31 | 419.21 | 107.95 | 78.35 |
2012-12-31 | 328.18 | 117.48 | 93.92 |
2012-09-30 | 424.57 | 167.91 | 132.64 |
2012-06-30 | 445.47 | 144.80 | 113.25 |
2012-03-31 | 445.78 | 145.00 | 112.93 |
What is Golden Star Resources's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
Canada Metals and Mining Industry Average Dividend Yield | Market Cap Weighted Average of 27 Stocks | 1.2% |
Canada Market Average Dividend Yield | Market Cap Weighted Average of 329 Stocks | 3.6% |
Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
Canada Top 25% Dividend Yield | 75th Percentile | 5.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2021-12-31 | ||
2020-12-31 | ||
2019-12-31 | ||
2018-12-31 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Samuel T. Coetzer, also known as Sam, has served as President and Chief Executive Officer of Golden Star Resources Limited since January 2013 and has been its Director since December 13, 2012. Prior to this appointment, he served the Company as Executive Vice President and Chief Operating Officer from March 2011 to December 2012. Mr. Coetzer is a mining engineer graduate from the University of Pretoria, a Member of the World Gold Council and has over 25 years of international mining experience, having held increasing levels of responsibility in various mining companies including Xstrata Nickel Australasia Pty Ltd, Xstrata Coal South Africa, and Placer Dome Inc. Mr. Coetzer consulted to Kinross Gold Corporation (“Kinross”) from February 2009 and was appointed in May 2009 as Senior Vice President, South American Operations for Kinross, serving in this role until September 2010. From June 2007 to October 2008, Mr. Coetzer was the Chief Operating Officer of Xstrata Nickel Australasia Pty Ltd, and from March 2006 to June 2007, he was the Chief Operating Officer of Xstrata Coal South Africa. Mr. Coetzer also has significant experience in Africa, having been with Placer Dome Inc.’s South African and Tanzanian operations, where he was Managing Director - South Africa and the Executive General Manager – Tanzania, from 2003 to February 2006.
Average tenure and age of the Golden Star Resources management team in years:
Average tenure and age of the Golden Star Resources board of directors in years:
Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
---|---|---|---|---|---|---|---|---|---|---|
05. Nov 18 | Buy | Karen Walsh | Individual | 05. Nov 18 | 05. Nov 18 | 15,000 | CA$4.14 | CA$62,091 | ||
05. Nov 18 | Buy | Samuel Coetzer | Individual | 05. Nov 18 | 05. Nov 18 | 17,000 | CA$4.27 | CA$72,495 | ||
09. Aug 18 | Buy | Martin Raffield | Individual | 06. Aug 18 | 09. Aug 18 | 13,631 | CA$4.89 | CA$65,541 | ||
03. Aug 18 | Buy | Karen Walsh | Individual | 03. Aug 18 | 03. Aug 18 | 6,000 | CA$4.73 | CA$28,380 | ||
03. Aug 18 | Buy | Samuel Coetzer | Individual | 03. Aug 18 | 03. Aug 18 | 8,700 | CA$4.66 | CA$40,555 | ||
17. Apr 18 | Buy | Karen Walsh | Individual | 16. Apr 18 | 16. Apr 18 | 10,000 | CA$3.42 | CA$34,185 | ||
17. Apr 18 | Buy | Timothy Baker | Individual | 16. Apr 18 | 16. Apr 18 | 11,200 | CA$4.45 | CA$49,840 |
So shareholders might well want to know whether insiders have been buying or selling shares in Golden Star Resources Ltd. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Golden Star Resources Insider Transactions Over The Last Year.
Simply Wall St - – Full articleVolatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.
Simply Wall St - – Full articleIn this article, I will take a quick look at Golden Star Resources Ltd’s (TSE:GSC) recent ownership structure – an unconventional investing subject, but an important one. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … See our latest analysis for Golden Star Resources
Simply Wall St - – Full articleGolden Star Resources Ltd (TSE:GSC) closed yesterday at CA$0.9, which left some investors asking whether the high earnings potential can still be justified at this price. … See our latest analysis for Golden Star Resources? … The excitement around Golden Star Resources's growth potential is not unfounded
Simply Wall St - – Full articleIn this article I am going to calculate the intrinsic value of Golden Star Resources Ltd (TSE:GSC). … by taking the foreast future cash flows of the company and discounting them back to today's value. … If you are reading this and its not June 2018 then I highly recommend you check out the latest calculation for Golden Star Resources by following the link below.
Simply Wall St - – Full articleGolden Star Resources is available at a price-to-earnings ratio of 11x, showing us it is undervalued relative to the current CA market average of 17.29x , and undervalued based on its latest annual earnings update compared to the metals and mining average of 11.06x. … However, since Golden Star Resources is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … Based on Golden Star Resources's predicted 71.56% growth in earnings next year and PE ratio of 11x we see that Golden Star Resources has a low PEG ratio of 0.99x.
Simply Wall St - – Full articleIt compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for GSC Price per share = 0.98 Earnings per share = 0.08 ∴ Price-Earnings Ratio = 0.98 ÷ 0.08 = 9.7x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … GSC’s P/E of 9.7x is lower than its industry peers (11.1x), which implies that each dollar of GSC’s earnings is being undervalued by investors.
Simply Wall St - – Full articleCheck out our latest analysis for Golden Star Resources TSX:GSC Ownership Summary Oct 26th 17 Institutional Ownership Institutions account for 38.80% of GSC's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … Although GSC has a high institutional ownership, such stock moves, in the short-term, are more commonly linked to a particular type of active institutional investors – hedge funds. … Insider Ownership Insiders form another group of important ownership types as they manage the company's operations and decide the best use of capital.
Simply Wall St - – Full article
Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground mine, and a carbon-in-leach processing plant located to the northeast of the town of Tarkwa, Ghana; and Bogoso gold mining and processing operation, Prestea open-pit mining operations, and the Prestea underground development project located near the town of Prestea, Ghana. It also holds and manages interests in various gold exploration properties in Ghana and Brazil. The company was incorporated in 1992 and is headquartered in Toronto, Canada.
Name: | Golden Star Resources Ltd. |
GSC | |
Exchange: | TSX |
Founded: | 1992 |
CA$562,532,190 | |
108,807,000 | |
Website: | http://www.gsr.com |
Address: |
Golden Star Resources Ltd. Sun Life Financial Tower, Suite 1200, Toronto, Ontario, M5H 1J9, Canada |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
TSX | GSC | Common Shares | The Toronto Stock Exchange | CA | CAD | 27. Jul 1987 | |
AMEX | GSS | Common Shares | NYSE MKT LLC | US | USD | 27. Jul 1987 | |
DB | GS51 | Common Shares | Deutsche Boerse AG | DE | EUR | 27. Jul 1987 | |
GHSE | GSR | Common Shares | Ghana Stock Exchange | GH | GHS | 27. Jul 1987 |
Gold | |
Materials |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/13 23:41 |
End of day share price update: | 2019/02/13 00:00 |
Last estimates confirmation: | 2019/02/07 |
Last earnings filing: | 2018/10/31 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.