P/E multiple x earnings = share price. Question is what P/E multiple is market giving the company. For miners, the range is usually 10-30. Growth of earnings would be a factor in P/E given CDE by Mr. Market. To be conservative, I expect CDE earnings x 20. CDE is fully valued 'now' in my opinion, but based on trailing and current earnings and assuming 1250 gold price (which of course is higher at this moment).