Equity Valuation Methods for Mongolian Coal Mining Companies: A Case Study of Mongolian Mining Corporation

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Title:	Equity Valuation Methods for Mongolian Coal Mining Companies: A Case Study of Mongolian Mining Corporation
Authors:	Turmunkh, Altangerel
Contributors:	蔡豐澤;廖美華亞洲大學財務金融學系碩士班
Keywords:	Relative Multiples;Real Option Valuation;Mongolian Mining Corporation;Mining Industry;Discounted Cash Flow
Date:	2012
Issue Date:	2012-11-14 13:40:04 (UTC+0)
Abstract:	Mongolian economy is growing rapidly year by year due to the mining projects. There are more and more Mongolian companies go IPO in stock exchanges around the world. Equity prices of Mongolian mining companies therefore become a hot and important topic in research. The highly cyclical nature of the mining industry operations requires specific methods to value mining companies. The purposes of this study are to examine the valuation methods feasible for valuing mining companies and to check on a Mongolian case company named Mongolian Mining Corporation. Specifically, this study uses three main valuation methods named discounted cash flow (DCF), real option (RO) and relative multiples (RM) available for mining companies. I checked three valuation methods on the case company. DCF and RO methods are useful in valuing Mongolian Mining Corporation except RM. All valuation methods have their own advantages and disadvantages. In addition, the researchers mostly forget the main economic situations of the countries. If researchers who work for valuation should consider both special feature of valuation methods and economic situations, the result will be more accurate.
Appears in Collections:	[Department of Finance] Theses & dissertations

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