Commodity prices diverged in the quarter. Despite solid China steel production, iron ore and metallurgical coal prices are down, while copper rose on supply issues and hopes of faster global growth. However, prices are elevated compared with history and cost-curve support.
Agnico Eagle has around 15 years of reserves at end December 2023, with various opportunities to incrementally increase gold production in coming years.
The company’s production sits within the second quartile of the gold cost curve, meaning it is more leveraged to changes in the gold price than its lower-cost competitors.
|
Metric
|
AEM
|
NEM
|
GOLD
|
|---|---|---|---|
Price/Earnings (Normalized) | 27.11 | 27.93 | 20.33 |
Price/Book Value | 1.70 | 1.71 | 1.28 |
Price/Sales | 4.75 | 3.02 | 2.63 |
Price/Cash Flow | 11.31 | 10.29 | 7.16 |
|
Metric
|
AEM
|
NEM
|
GOLD
|
|---|---|---|---|
Quick Ratio | 0.51 | 0.71 | 2.26 |
Current Ratio | 2.09 | 1.25 | 3.16 |
Interest Coverage | 26.73 | −7.97 | 8.98 |
|
Metric
|
AEM
|
NEM
|
GOLD
|
|---|---|---|---|
Return on Assets (Normalized) | 3.79% | 3.17% | 3.21% |
Return on Equity (Normalized) | 5.65% | 6.24% | 6.40% |
Return on Invested Capital (Normalized) | 5.30% | 4.97% | 4.64% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
ZIJMY
| Zijin Mining Group Co Ltd ADR | — | Nzfkyc | $64.9 Bil | |
ZIJMF
| Zijin Mining Group Co Ltd Class H | — | Rhtmc | $61.9 Bil | |
NEMCL
| Newmont Corp Chess Depository Interest | — | Ppqx | $49.3 Bil | |
NEM
| Newmont Corp | Yqbqpqzk | Qmclj | $43.2 Bil | |
AEM
| Agnico Eagle Mines Ltd | Dmvvsfw | Hdg | $32.2 Bil | |
GOLD
| Barrick Gold Corp | Jtqznmvm | Msc | $30.0 Bil | |
WPM
| Wheaton Precious Metals Corp | Xscbvvjy | Ddq | $24.5 Bil | |
FNV
| Franco-Nevada Corp | — | Bvpcqlj | $23.6 Bil | |
GFIOF
| Gold Fields Ltd | — | Jtlhcbz | $15.2 Bil | |
KGC
| Kinross Gold Corp | Zqhb | Qgrjm | $8.3 Bil |
