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Barrick Gold Corp GOLD

Morningstar Rating
$14.33 −0.08 (0.56%)
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Company Report

Barrick Gold Earnings: Higher Gold Prices Offset Lower Sales Volumes and Increased Costs

No-moat Barrick Gold’s 2023 result was in line with our expectations. Despite this, we modestly lower our fair value estimate to USD 21 per share, down from USD 21.50. Barrick guided to lower 2024 gold production as well as increased unit cash costs, driven by lower output at the Nevada Gold Mines and Pueblo Viejo joint ventures with Newmont. We now forecast 2024 gold sales of 4.0 million to 4.1 million ounces, similar to 2023 but down from 4.4 million to 4.5 million previously. We also expect increased unit cash costs of about USD 1,010 per ounce, up from USD 900. We still forecast gold sales rising to around 4.6 million ounces in 2028, driven by increased production at Barrick’s joint ventures with Newmont.

Price vs Fair Value

GOLD is trading at a 32% discount.
Price
$14.33
Fair Value
$63.00
Uncertainty
Medium
1-Star Price
$76.36
5-Star Price
$92.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Barrick's portfolio of mines helps diversify mine-specific and geopolitical risk that all gold miners face.

Bears

Around half of Barrick’s gold production is in locales marked by higher sovereign risk.

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News

Trading Information

Previous Close Price
$14.41
Day Range
$14.2714.42
52-Week Range
$13.7620.75
Bid/Ask
$14.59 / $14.61
Market Cap
$25.16 Bil
Volume/Avg
272,665 / 18.5 Mil

Key Statistics

Price/Earnings (Normalized)
20.47
Price/Sales
2.21
Dividend Yield (Trailing)
2.79%
Dividend Yield (Forward)
2.79%
Total Yield
2.79%

Company Profile

Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2023, the firm produced nearly 4.1 million attributable ounces of gold and about 420 million pounds of copper. At end 2023, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Large Core
Total Number of Employees
23,000

Competitors

Valuation

Metric
GOLD
NEM
AEM
Price/Earnings (Normalized)
20.4719.5222.92
Price/Book Value
1.081.191.24
Price/Sales
2.212.133.55
Price/Cash Flow
6.017.698.56
Price/Earnings
GOLD
NEM
AEM

Financial Strength

Metric
GOLD
NEM
AEM
Quick Ratio
1.991.170.50
Current Ratio
3.072.121.99
Interest Coverage
4.02−1.1232.41
Quick Ratio
GOLD
NEM
AEM

Profitability

Metric
GOLD
NEM
AEM
Return on Assets (Normalized)
2.66%3.17%3.66%
Return on Equity (Normalized)
5.30%6.21%5.43%
Return on Invested Capital (Normalized)
4.01%4.92%5.21%
Return on Assets
GOLD
NEM
AEM
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Gold Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
ZIJMY
Zijin Mining Group Co Ltd ADRWxtssxl$46.5 Bil
ZIJMF
Zijin Mining Group Co Ltd Class HZclvvw$46.5 Bil
NEM
Newmont CorpFkn$34.4 Bil
AEM
Agnico Eagle Mines LtdKfxx$23.9 Bil
FNV
Franco-Nevada CorpMhqf$20.2 Bil
WPM
Wheaton Precious Metals CorpHpbryh$18.1 Bil
GFI
Gold Fields Ltd ADRGfbctmm$11.2 Bil
GFIOF
Gold Fields LtdWnhfktv$11.2 Bil
KGC
Kinross Gold CorpGbqk$5.9 Bil

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