Valuation

A valuation is the estimation of the worth of a company or an asset.

EMA

EMA is an acronym for European Medicines Agency, which is the agency responsible for the scientific evaluation, supervision and safety monitoring of medicines within the EU. You can visit its website here.

Growth investing

Growth investing – Investing in companies that are growing by more than the market appreciates A growth company is anticipated to grow at a rate equal to or greater than the average for the market. These companies generally pay little or no dividends, as the companies usually want to reinvest any earnings in order to accelerate […]

Value investing

Value investing – investing in companies where their shares are on cheaper valuations than the market values them at. Investor can make money when the markets “appreciates” the actual value of an undervalued company and the share price rises to the NAV or a premium. Value stocks can have higher dividend yields than growth stocks. The investor must […]

Additional Tier 1 or AT1

Additional Tier 1 or AT1 In addition to a bank’s core capital or Tier 1 capital, it may also use other additional forms of capital to ensure its capital adequacy. Tier 1 capital is used to describe the capital adequacy of a bank and is the core capital that includes equity capital and disclosed reserves. […]

Indicated resource

That part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed […]

Measured resource

That part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is […]

Pre-feasibility Study

Mining project owners subject their projects to several stages of progressively more detailed and rigorous evaluations before giving the go-ahead to spend money and build a mine. A project will typically advance from a Preliminary Economic Assessment, through a Pre-feasibility Study to, finally, a Feasibility Study. A Pre-feasibility Study is a comprehensive study of a range of […]

Feasibility Study

A Feasibility Study is an economic evaluation of (for example) a mining project to assess whether the reserves contained within the mineral deposit can be mined profitably. The valuation includes estimates of capital and operating costs as well as expected revenues from sales of products. When a Feasibility Study is used to secure debt funding […]

EV/EBITDA

EV/EBITDA (or EBITDA Multiple) is a valuation tool that looks at how a company’s cash flow compares to the assets being used to generate the cash flow and is simply EV (or Enterprise Value) divided by EBITDA (earnings before interest, tax, depreciation and amortisation). Investors mainly use a company’s enterprise multiple to determine whether a company is undervalued […]

Default

Default refers to when a borrower does not make a scheduled payment of interest or a repayment of the principal Credit ratings agencies rate companies on their likelihood of companies or governments defaulting on their payment of interest or a repayment of the principal. The rating can have an impact on the valuation of a bond and […]

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Glossary

Valuation