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 >
Goldcorp Reports Strong Q1/09 Results
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STEVEN BUTLER, Canaccord Genuity
(05/11/2009)
"Goldcorp reported much better-than-expected Q1/09 results as adjusted EPS of $0.23 surpassed our estimate (and consensus) of $0.13. Production and lower costs ($0.04) and a much lower effective tax rate of 13% versus our estimate of 40% ($0.06) were attributable for the variance to our estimates. Production was 616,500 oz (commercial production of 600,100 oz) at $288/oz versus our estimate of 552,000 oz at $359/oz (net of copper credits). The variance was due to higher production, higher realized copper price and lower royalties at Alumbrera, and higher production grades at El Sauzal and Porcupine. Our 2009 production estimate has been revised to 2.313 Moz at cash costs of $338/oz (from 2.265 Moz at $359/oz) primarily reflecting the higher production and lower costs in Q1. Our 2009 EPS estimate has increased to $0.79 (from $0.64) reflecting the outperformance this quarter and a lower effective tax rate going forward. Our 5%/$1,100 peak gold NAVPS has increased moderately by 2% to $22.19 (from $21.80). Our target increased to US$36.50 (from US$36.00) and reflects a 1.65x multiple to our 5%/peak gold NAVPS. We maintained our HOLD rating on Goldcorp." |
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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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