The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Robust Q4 Performance Expected for Goldcorp
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Precious Metals Weekly (11/04/2008)
"Goldcorp reported adjusted Q3/08 EPS of $0.09 versus our and consensus estimate of $0.14. The earnings shortfall is explained by lower-than-expected commercial production of 550,200 oz at total cash costs of $346/oz versus our estimate of 604,000 oz at $357/oz, and a higher-than-expected effective tax rate. The largest production variances were at Red Lake, Alumbrera, and Penasquito (production not deemed commercial). In maintaining its guidance range of 2.3-2.4 Moz for the year, this does imply a robust Q4 performance (we estimate 640,000 oz) which will be driven by improved production at Red Lake, Marlin, and Alumbrera. We have reconciled to the low end of the range (also adjusting out any Penasquito contribution from our 2008 commercial production estimate) at 2.264 M oz at total cash costs of $292/oz down from our previous forecast of 2.332 Moz at $301/oz. Our 2008 EPS estimate has decreased to $0.66 from $0.72. Our 5%/$950 gold NAVPS was unchanged at $23.70. We maintain our BUY recommendation on Goldcorp based on hedge-free growth in production highlighted by expansions at Red Lake and Luismin, startup at Penasquito, and development of Eleonore and Pueblo Viejo. Our target price of US$32.00 is unchanged and represents a 1.35 times multiple of our 5%/$950 peak gold NAVPS." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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