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Goldcorp Inc.

TICKER: G:TSX; GG:NYSE

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Goldcorp is now the world's lowest-cost, million-ounce gold producer. The acquisition of Wheaton River Minerals Ltd. has increased gold production, gold reserves and resources and given the company one of the fastest growth curves in the industry. It has strengthened Goldcorp's already solid balance sheet and lowered production costs per ounce even further. Goldcorp is in excellent financial condition. It has no debt, a large treasury, strong cash flow and earnings and pays a dividend 12 times per year. Goldcorp is completely unhedged.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Kevin MacKenzie, Salman Partners (12/12/14) "Goldcorp Inc. is the fastest growing, lowest cost senior gold producer. . .the company has outperformed the majority of its peers, principally as the result of its low AISC (US$950–1,000/oz Au) and attractive dividend schedule (3.1% yield). . .we expect that Goldcorp will remain among the preferred senior precious metals producers and should see a positive revaluation from these levels."

GMP Securities (12/8/14) "By the end of this year, Goldcorp Inc. will have two new high-grade low-cost mines in production, which should strengthen its cash flow generation. . .we continue to highlight Goldcorp's group-leading balance sheet and capital allocation discipline, which positions the company well even at lower metal prices to take either the route of continuing organic growth (Camino Rojo in this group) or M&A."

Dundee Capital Markets (12/4/14) "Goldcorp Inc.'s fully loaded costs have remained steady since Q3/14. . .we estimate the company will remain a lowest-quartile cost product (FLCC of $1,046/$1,020 in 2015/2016), driven by a lower operating cost structure and increasing production from its development pipeline (Cerro Negro, Eléonore, Cochenour)."

Phil Russo, Raymond James (12/1/14) "The Guatemalan congress passed legislation to increase mining royalties in the country from 5% to 10%; the president now has 15 days to sign for the legislation to become law. . .while the magnitude of the royalty increase is significant, the impact to Goldcorp Inc. is immaterial on NAV, EPS and CFPS (1%, 2% and 1%), respectively, given its diversified asset base. We reiterate our Outperform rating for Goldcorp, given its peer-leading balance sheet position coupled with its impending growth (~20%) and positive cash flow profile over the coming year."

Canaccord Genuity's Morning Coffee (11/3/14) "Goldcorp Inc.'s Q3/14 gold sales were 508 Koz. . .both Penasquito and Red Lake are expected to rebound strongly in Q4/14, and management indicated all the company's mines should have a strong finish in 2014."

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(9/11/12)
Goldcorp CEO Positive on Gold Price


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