 Good day fellow investors. I received a lot of questions to analyze GoldCorp as the price to book value is very low 0.5 and it looks like a promising miner with a lot of good things going on. So let's analyze the company. We're going to give an overview and then I'm going to make a valuation by mine and project all the mines and then sum up the findings to see what is the value for me for GoldCorp. Let's start with overview. GoldCorp has seven operating mines and three projects that I have to value. It has the strongest pipeline in the industry, according to them, a lot of projects near execution, feasibility studies, pre-feasibility, so a lot of potential there within the company. However, that potential also costs and they plan to spend a lot of money on capital expenditures in order to sustain the production. Also, what they hope is to increase production lower costs that enables them to bring that down to zero, which is relatively high now. We are about almost 3 billion in debt. A lot of people like GoldCorp's plan, which is increased production lower costs and increased reserves by 20% in the next three years. We are not there on the growth in production. Hopefully for them it will get going on in 2019. Reserve Grades is also financed by a lot of spending on exploration, again 125 million per year, so that's what they are targeting. So let's start with the valuation mine by mine. The Porcupine Borden Century Mine Complex already 100 years of production and total reserves are 8 million ounces. The Borden project is advancing on schedule, but it has only 1 million of ounces in reserves. So I wasn't able to find the pre-feasibility study for this, but in Canada underground the cost should be at least at 1,000. Then there is the Century Optimization to build a new pit 14 years of mine life, 5.7 million ounces, and I've managed to find the technical report there. So the cost per day should be around 900,000, so 365 million per year to be conservative, 400,000 ounces produced, capex, sustaining capex, take it away, and then I have a value of Porcupine of 56 million negative, Borden 125 million negative, and Century 346 million negative at gold at 1,200. Total value negative half a billion and negative 300 million at 8%. So this is their play to be leveraged against gold prices. If gold prices go to 2,000 my value at a 15% discount rate is 710 million. Muscle White 265k ounces production per year lower costs, which means higher value than the previous mine. Margins 425 per produced ounce. Long term I don't like how the grades are more scattered as they go deeper, so higher costs and lower grades are not a great promise, but they are hoping that they will find more when drilling for future findings. My value is at 8% 500 million, 15% 300 million. Red Lake similarly, all in sustaining costs at 1,000, gold at 1,200. There's not much value, but let's say 200 million. Eleanor 300 dollar margin on the 360k ounces production, 200 million value from my model. Peniskito, this is their flagship mine, very low cost due to byproducts, so they are growing it, developing a second open pit, the Chile Colorado. The mine didn't do well in 2018 because of lower grade ore processing in relation to the period leach plant commissioning, but when I put it all together, account for the capital cost estimate and cost per ton mind, my value comes out at 777 million, so that's a positive. 1.3 billion at an 8% discount rate and 3.6 billion at an 8% discount rate and gold at 2,000. Ceronegro, another good mine, when I put everything, the cost into place, my value is 600 million. Pueblo Viejo, it's a big, big mine, they own just 40%, the 60% is owned by Barrick. When I put the capital costs from the technical report plus the mining costs in my model, I get to 547 million in value. The coffee project, they paid 520 million for it in 2016, so they paid 520 million when the net present value was 445 million at the 5% discount rate. That was not an excellent deal and that shows also how exuberant gold miners can't be. I wouldn't invest in gold corp. Nevertheless, let's stick on with the valuation. Nueva Union, the initial capital cost to bring the project with tech is targeted to be at 3.5 billion. The price gold corp paid for their part in this Nueva Union project paying to Newmont was 90 million for 30%, so let's say that what they paid is also the value, so that is 270 million. North Alberto, they acquired Exeter, they paid 240 million in 2017. Let's keep it there at the value, even if the net present value is 329 million at 5%, but there is a lot of sensitivity to gold prices. If gold prices change 10%, the net present value increases 50%. So the sum of parts value, when I sum everything up, I get to a value for the mines of 3 billion, the debt is 2.5 billion, the total value for this company is 500 million for me. When I check the market cap, it is 8 billion, so still far from my estimations and yes, those who invest in gold miners will have very difficult returns. However, if I push this on a market perspective, if they improve production by 20%, lower all-in sustaining costs to 700, increase the margin to 500 on 3 million of production, then I get to, with a discount rate of 8%, then I get to a value of 7.5 billion, which I think is overstretched for a company like Goldcorp. Of course, if gold prices go to 2000, then the sky is the limit for such a company, because it's very, very levered to gold prices. At an 8% discount rate at gold prices, at gold prices at 2000, I get to a present value for Goldcorp of about 24 billion. So that's the upside of 3. The downside, however, is huge. It is 2x my 500 million if gold prices don't cooperate and their operational skills don't materialize. So this is my view of Goldcorp. I'm not going to cover it. I'm not going to invest in it, but I just wanted to give you an overview of the company and to finish on the price to book value, which I think is a scam and that should be corrected. This is Goldcorp's balance sheet and they have 20 billion in mining interests on their balance sheet. No other company has that, but without that their value, their balance sheet would be negative. So their price to book value would be negative. And that's why they are doing this. If I look at the note on that price to book value, I can see that actually the plant and equipment is 3.4 billion. So if I deduct the 17, 16.5 billion from the balance sheet, then their actual equity would be negative 3.4 billion. So that is the actually price to book value is negative for Goldcorp. So Goldcorp is an interesting optionality, but from a business perspective, I think we can find better gold mining investing optionalities, gold mining exposures in case of loose monetary policies in the future. Thank you for watching. Keep watching as there will be many more Gold miners, hopefully with more value. See you in the next video.