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Category: Major
Rating: 2.00   (Potential 3 Bagger as of 12/09/2016)
Risk: Moderate
Goldcorp Inc.
www: www.goldcorp.com     email: info@goldcorp.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSE:GG 11/24/2017 USD 13.14 0.19 0.00 - 0.00 0
TSE:G 11/24/2017 CAD 16.7600 0.2150 0.0000 - 0.0000 0
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Don's Summary (from last analysis - 12/09/2016)

GoldCorp is growing and plans to increase gold production from 3 million oz in 2016, to 4 million oz by 2018. Until recently, they had very low cash costs, but in 2014 their cash costs jumped to about $600 and all-in costs to about $1000 per oz. Those are acceptable costs and sets them up for very high cash flow. This stock was trading at $55 in 2011, and is down to $13 today. That means it has to triple in value to reach a new high.

One red flag is their high debt of $3 billion. I don’t think this is an issue, because they have $383 million in cash and are profitable. However, it could restrict dividend growth until it is paid down. I expect their debt to remain high as they expand production over the next few years, building two or three more mines. They currently have 12 operating mines and will continue to increase that total. Debt could become an issue if gold prices drop.

One benefit Goldcorp has is the location of their mines, which are all in safe locations: Canada, Mexico, Chile, Argentina, and the Dominican Republic. I also like their strong management team, growth orientation, and large resources. Plus, they have 9 projects in their pipeline. This could be a very good income stock at this valuation.

General Details

Financial 12/09/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $11,295.85M $11,366.63M 06/30/2017 $70.78M
Total Assets: $21,587.00M $21,845.00M 06/30/2017 $258.00M
Total Liabilities: $8,243.00M $8,014.00M 06/30/2017 $-229.00M
Current Assets: $1,465.00M $1,202.00M 06/30/2017 $-263.00M
Current Liabilities: $830.00M $1,151.00M 06/30/2017 $321.00M
Total Debt: $2,930.00M $3,070.00M 06/30/2017 $140.00M
Cash: $383.00M $123.00M 06/30/2017 $-260.00M
Enterprise Value: $13,842.85M $14,313.63M 07/31/2423 $470.78M
Cash Flow: $217.43M $494.07M never $276.64M
Cash Flow Multiple: 51.95 23.01 never -28.95
Net Debt to Cash Flow Ratio: 11.71 5.96 never -5.75
Finance within 1 year: 12/09/2016 n/a
Tax Rate: (guess)  29.00% (CG)  29.00% 12/09/2016 0.00%
Misc 12/09/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $13.150 $13.140 13:11 on 11/24/2017 $-0.01
Shares Outstanding: 854,000,000 865,040,000 06/30/2017 11,040,000
Shares Fully Diluted: 859,000,000 865,040,000 06/30/2017 6,040,000
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 12/09/2016 n/a
Production (Gold Eq Oz.): (guess) 
3,261,358
(guess) 
3,237,736
12/09/2016 -23,622
Production (Silver Eq Oz.): (guess) 
224,613,191
(guess) 
245,142,857
12/09/2016 20,529,666
Initial CapEx (Outstanding): n/a n/a 12/09/2016 n/a
Funding Option: n/a n/a 12/09/2016 n/a
Documentation: none PRODUCER 12/09/2016 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/09/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 40.00M 40.00M 12/09/2016 0.00M
Measured & Indicated: 80.00M 80.00M 12/09/2016 0.00M
Inferred: 18.00M 18.00M 12/09/2016 0.00M
Reserves & Resources: 98.00M 98.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 32.00M 32.00M 12/09/2016 0.00M
Measured & Indicated: 57.60M 57.60M 12/09/2016 0.00M
Inferred: 7.20M 7.20M 12/09/2016 0.00M
Reserves & Resources: 64.80M 64.80M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
3,000,000oz.
(guess) 
3,000,000oz.
12/09/2016 0oz.
Cash Cost: $650 $650 12/09/2016 $0.00
Extra Operating Cost: $400 $400 12/09/2016 $0.00
Average Grade: 0.80 g/t 0.80 g/t 12/09/2016 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 12/09/2016 0.00%
F
U
T
U
R
E
Proven & Probable: 80.00M 80.00M 12/09/2016 0.00M
Annual Production: 4,000,000oz. 4,000,000oz. 12/09/2016 0oz.
Cash Cost: $700 $700 12/09/2016 $0
Extra Operating Cost: $400 $400 12/09/2016 $0
SILVER 12/09/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 600.00M 600.00M 12/09/2016 0.00M
Measured & Indicated: 800.00M 800.00M 12/09/2016 0.00M
Inferred: 50.00M 50.00M 12/09/2016 0.00M
Reserves & Resources: 850.00M 850.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 480.00M 480.00M 12/09/2016 0.00M
Measured & Indicated: 608.00M 608.00M 12/09/2016 0.00M
Inferred: 20.00M 20.00M 12/09/2016 0.00M
Reserves & Resources: 628.00M 628.00M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
18,000,000oz.
(guess) 
18,000,000oz.
12/09/2016 0oz.
Cash Cost: $12 $12 12/09/2016 $0.00
Extra Operating Cost: $6 $6 12/09/2016 $0.00
Average Grade: 50.00 g/t 50.00 g/t 12/09/2016 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 12/09/2016 0.00%
F
U
T
U
R
E
Proven & Probable: 800.00M 800.00M 12/09/2016 0.00M
Annual Production: 20,000,000oz. 20,000,000oz. 12/09/2016 0oz.
Cash Cost: $13 $13 12/09/2016 $0
Extra Operating Cost: $6 $6 12/09/2016 $0

Property

Last Analysis Data  (12/09/2016)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina Alumbrera 37% n/a n/a n/a
Production Ontario, Canada Musselwhite 100% n/a n/a n/a
Production Porcupine, Ontario, Canada Porcupine 100% n/a n/a n/a
Production Red Lake, Ontario, Canada Red Lake 100% n/a n/a n/a
Production Huehuetenango, Guatemala Marlin 100% n/a n/a n/a
Production Mexico El Sauzal 100% n/a n/a n/a
Production Mezcala, Mexico Los Filos 100% n/a n/a n/a
Production Zacatecas, Mexico Penasquito Heap Leach 100% n/a n/a n/a
Production Zacatecas, Mexico Penasquito Mill 100% n/a n/a n/a
Production USA Marigold 66% n/a n/a n/a
Production South Dakota, USA Wharf 100% n/a n/a n/a
Development Las Heras, Argentina Cerro Negro 100% n/a n/a n/a
Development Timmins Ontario, Canada Borden Lake 100% 35,000 Open Pit show
4 million oz deposit at 1 gpt.

PEA due in 2014.

This mine will get built, but probably not until 2018.
Development James Bay, Quebec, Canada Eleonore 100% n/a n/a n/a
Development Vallenar, Atacama, Chile El Morro 70% n/a n/a n/a
Development Dominican Republic Pueblo Viejo 40% n/a n/a n/a
Development Elko, Nv, USA Dee 40% n/a n/a n/a
Exploration Ontario, Canada Black Creek 100% n/a n/a n/a
Exploration Timmins Ontario, Canada Borden Lake Sout 70% n/a Open Pit n/a
Exploration Canada Cochenour 100% n/a n/a n/a
Exploration Dawson, Canada Coffee Gold 100% 60,000 Both show
4 million oz deposit at 1.5 gpt and growing.

Economic PEA in 2014: 29% after-tax IRR at $1300 gold.

Feasibility study due in Q4 2015.
Exploration Sudbury, Ontario, Canada Cree Lake 0% n/a n/a n/a
Exploration Canada Cry Lake 100% n/a n/a n/a
Exploration Canada Hemlo North 100% n/a n/a n/a
Exploration Dawson, Canada Kirkman 100% n/a n/a n/a
Exploration Canada Lach 100% n/a n/a n/a
Exploration Canada Matrix 100% n/a n/a n/a
Exploration Ontario, Canada McFaulds West 100% n/a n/a n/a
Exploration Canada Needle Lake 100% n/a n/a n/a
Exploration Canada Quebec 100% n/a n/a n/a
Exploration Canada Sail 100% n/a n/a n/a
Exploration Canada Sharpe Lake 0% n/a n/a n/a
Exploration Canada SY 100% n/a n/a n/a
Exploration Ontario, Canada Tamarack 100% n/a n/a n/a
Exploration Canada TBN 100% n/a n/a n/a
Exploration Ontario, Canada Victory 100% n/a n/a n/a
Exploration Stewart, Bc, Canada Voigtberg 100% n/a n/a n/a
Exploration Bristol, Canada West Timmins 45% n/a n/a n/a
Exploration Guatemala Cerro Blanco 100% n/a n/a n/a
Exploration Zacatecas, Mexico Camino Rojo 100% n/a n/a n/a
Exploration State Of Zacatecas, Mexico Noche Buena 100% n/a n/a n/a
Exploration Mexico San Nicolas 21% n/a n/a n/a
Total Land Package Size (ha): 95,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Argentina Alumbrera 37% n/a n/a n/a
Production Ontario, Canada Musselwhite 100% n/a n/a n/a
Production Porcupine, Ontario, Canada Porcupine 100% n/a n/a n/a
Production Red Lake, Ontario, Canada Red Lake 100% n/a n/a n/a
Production Huehuetenango, Guatemala Marlin 100% n/a n/a n/a
Production Mexico El Sauzal 100% n/a n/a n/a
Production Mezcala, Mexico Los Filos 100% n/a n/a n/a
Production Zacatecas, Mexico Penasquito Heap Leach 100% n/a n/a n/a
Production Zacatecas, Mexico Penasquito Mill 100% n/a n/a n/a
Production USA Marigold 66% n/a n/a n/a
Production South Dakota, USA Wharf 100% n/a n/a n/a
Development Las Heras, Argentina Cerro Negro 100% n/a n/a n/a
Development Timmins Ontario, Canada Borden Lake 100% 35,000 Open Pit show
4 million oz deposit at 1 gpt.

PEA due in 2014.

This mine will get built, but probably not until 2018.
Development James Bay, Quebec, Canada Eleonore 100% n/a n/a n/a
Development Chile Caspiche 100% n/a Both show
20 million oz (.5 gpt) deposit, but they are going to focus on the higher grades and mine much less.

6 billion lbs of copper
40 million oz of silver (1 gpt)
Development Vallenar, Atacama, Chile El Morro 70% n/a n/a n/a
Development Dominican Republic Pueblo Viejo 40% n/a n/a n/a
Development Elko, Nv, USA Dee 40% n/a n/a n/a
Exploration Ontario, Canada Black Creek 100% n/a n/a n/a
Exploration Timmins Ontario, Canada Borden Lake Sout 70% n/a Open Pit n/a
Exploration Canada Cochenour 100% n/a n/a n/a
Exploration Dawson, Canada Coffee Gold 100% 60,000 Both show
4 million oz deposit at 1.5 gpt and growing.

Economic PEA in 2014: 29% after-tax IRR at $1300 gold.

Feasibility study due in Q4 2015.
Exploration Sudbury, Ontario, Canada Cree Lake 0% n/a n/a n/a
Exploration Canada Cry Lake 100% n/a n/a n/a
Exploration Canada Hemlo North 100% n/a n/a n/a
Exploration Dawson, Canada Kirkman 100% n/a n/a n/a
Exploration Canada Lach 100% n/a n/a n/a
Exploration Canada Matrix 100% n/a n/a n/a
Exploration Ontario, Canada McFaulds West 100% n/a n/a n/a
Exploration Canada Needle Lake 100% n/a n/a n/a
Exploration Canada Quebec 100% n/a n/a n/a
Exploration Canada Sail 100% n/a n/a n/a
Exploration Canada Sharpe Lake 0% n/a n/a n/a
Exploration Canada SY 100% n/a n/a n/a
Exploration Ontario, Canada Tamarack 100% n/a n/a n/a
Exploration Canada TBN 100% n/a n/a n/a
Exploration Ontario, Canada Victory 100% n/a n/a n/a
Exploration Stewart, Bc, Canada Voigtberg 100% n/a n/a n/a
Exploration Bristol, Canada West Timmins 45% n/a n/a n/a
Exploration Chile Magallanes 100% n/a n/a n/a
Exploration Guatemala Cerro Blanco 100% n/a n/a n/a
Exploration Mexico Angeles 100% (guess) n/a n/a show
Early exploration, but they are drilling.
Exploration Zacatecas, Mexico Camino Rojo 100% n/a n/a n/a
Exploration Mexico La Buena 100% (guess) n/a n/a show
Early exploration.
Exploration State Of Zacatecas, Mexico Noche Buena 100% n/a n/a n/a
Exploration Mexico San Nicolas 21% n/a n/a n/a
Total Land Package Size (ha): 95,000  

Profitability (by resource)

Proven &
Probable
12/09/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 82.12% 83.46% n/a 1.34%
Percentage Silver: 17.88% 16.54% n/a -1.34%
Total (Gold Eq. Oz.): 48.71M 47.92M n/a -0.79M
Total (Silver Eq. Oz.): 3,354.84M 3,628.57M n/a 273.73M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 38.97M 38.34M n/a -0.63M
Silver Eq. Oz.: 2,683.87M 2,902.86M n/a 218.98M
Maximum Profit (Gold): $2,478.75M $5,405.09M n/a $2,926.34M
Maximum Profit (Silver): $-398.74M $-337.39M n/a $61.34M
Total Maximum Profit: $2,080.02M $5,067.70M n/a $2,987.68M
Max Profit / Current MCap: 0.184 0.446 n/a 0.262
Max Profit Per Share (Gold): $2.89 $6.25 n/a $3.36
Max Profit Per Share (Silver): $-0.46 $-0.39 n/a $0.07
Total Max Profit Per Share: $2.42 $5.86 n/a $3.44
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $289.86 $296.47 n/a $6.61
FD Mkt. Cap / Silver Eq.: $4.21 $3.92 n/a $-0.29
FD Mkt. Cap / Per Metal
as % Spot Price:
25.01% 23.02% n/a -1.99%
Measured &
Indicated
12/09/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 87.32% 88.33% n/a 1.01%
Percentage Silver: 12.68% 11.67% n/a -1.01%
Total (Gold Eq. Oz.): 91.62M 90.57M n/a -1.05M
Total (Silver Eq. Oz.): 6,309.69M 6,857.14M n/a 547.46M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 66.43M 65.63M n/a -0.80M
Silver Eq. Oz.: 4,574.97M 4,969.14M n/a 394.17M
Maximum Profit (Gold): $4,461.75M $9,729.16M n/a $5,267.40M
Maximum Profit (Silver): $-505.07M $-427.36M n/a $77.70M
Total Maximum Profit: $3,956.69M $9,301.80M n/a $5,345.11M
Max Profit / Current MCap: 0.350 0.818 n/a 0.468
Max Profit Per Share (Gold): $5.19 $11.25 n/a $6.05
Max Profit Per Share (Silver): $-0.59 $-0.49 n/a $0.09
Total Max Profit Per Share: $4.61 $10.75 n/a $6.15
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $170.05 $173.19 n/a $3.15
FD Mkt. Cap / Silver Eq.: $2.47 $2.29 n/a $-0.18
FD Mkt. Cap / Per Metal
as % Spot Price:
14.67% 13.45% n/a -1.22%

Reserves &
Resources
12/09/2016
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 88.81% 89.72% n/a 0.91%
Percentage Silver: 11.19% 10.28% n/a -0.91%
Total (Gold Eq. Oz.): 110.34M 109.23M n/a -1.12M
Total (Silver Eq. Oz.): 7,599.36M 8,270.00M n/a 670.64M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 73.92M 73.09M n/a -0.82M
Silver Eq. Oz.: 5,090.84M 5,534.29M n/a 443.44M
Maximum Profit (Gold): $5,019.47M $10,945.30M n/a $5,925.83M
Maximum Profit (Silver): $-521.68M $-441.42M n/a $80.26M
Total Maximum Profit: $4,497.79M $10,503.88M n/a $6,006.09M
Max Profit / Current MCap: 0.398 0.924 n/a 0.526
Max Profit Per Share (Gold): $5.84 $12.65 n/a $6.81
Max Profit Per Share (Silver): $-0.61 $-0.51 n/a $0.10
Total Max Profit Per Share: $5.24 $12.14 n/a $6.91
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $152.81 $155.51 n/a $2.69
FD Mkt. Cap / Silver Eq.: $2.22 $2.05 n/a $-0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
13.18% 12.07% n/a -1.11%

Future Valuation (Cash Flow & Totals)

Totals 12/09/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $12,851.84M $14,120.73M n/a $1,268.89M
Mkt. Cap: $11,295.85M $11,366.63M n/a $70.78M
Annual Gold Production: (guess) 
3,000,000oz.
(guess) 
3,000,000oz.
12/09/2016 0oz.
Annual Silver Production: (guess) 
18,000,000oz.
(guess) 
18,000,000oz.
12/09/2016 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $42,000.00M $42,000M n/a $0M
FD Mkt. Cap Growth: 272% 270% n/a -2%
Annual
Production
Gold: 4,000,000 oz. 4,000,000 oz. n/a 0 oz.
Silver: 20,000,000 oz. 20,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 100.86 101.49 n/a 0.63
Silver Eq. Reserves: 4.03 4.06 n/a 0.03
Gold Eq. Production: 2,353.30 2,368.05 n/a 14.74
Silver Eq. Production: 94.13 94.72 n/a 0.59
P&P
Reserves
(oz.)
Gold: 80.00M 80.00M 12/09/2016 n/a
Silver: 800.00M 800.00M 12/09/2016 n/a
Gold Eq.: 112.00M 112.00M 12/09/2016 n/a
Silver Eq.: 2,800.00M 2,800.00M 12/09/2016 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.093 0.092 n/a -0.001
Silver: 0.931 0.925 n/a -0.007
Gold Eq.: 0.130 0.129 n/a -0.001
Silver Eq.: 3.260 3.237 n/a -0.023
Cash Flow 12/09/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $217.43M $494.07M n/a $276.64M
Current Multiple: 51.95 23.01 n/a -28.95
F
U
T
U
R
E
@ current prices: $115.80M $427.08M n/a $311.28M
Multiple @ current prices: 97.55 26.61 n/a -70.93
Growth @ current prices: -46.74% -13.56% n/a 0.33
@ future prices: $4,332.00M $4,332.00M n/a $0.00M
Multiple @ future prices: 2.61 2.62 n/a 0.02
Growth @ future prices: 776.79% 776.79% n/a -11.16

Defaults

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