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Newmont Corp NEM

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Stock XNYS Rating as of
$41.20 +1.01 (2.51%)
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Company Report

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Newmont: We Extend Coverage to Its Australian-Listed CDIs; Shares Undervalued

Jon Mills

We retain our fair value estimate for no-moat Newmont of USD 53 per share after updating our forecasts to incorporate the acquisition of Newcrest and the latter’s financials at end of September 2023. We also extend our coverage to Newmont’s Australian-listed CDIs with an initial fair value estimate of AUD 82 per share. We do not assign an economic moat to the enlarged Newmont and reiterate our Medium Uncertainty Rating for the company.

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Price vs Fair Value

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NEM is trading at a 22% discount.
Price
$41.20
Fair Value
$88.00
Uncertainty
Medium
1-Star Price
$86.36
5-Star Price
$76.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Newmont is the world’s largest gold miner, with production roughly double that of second-placed Barrick Gold.

Bears

Bigger is not always better in gold mining. Newmont's operations span five continents, increasing complexity and difficulty managing the assets.

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Trading Information

Previous Close Price
$40.19
Day Range
$40.08–41.30
52-Week Range
$33.59–60.08
Bid/Ask
$41.14 / $41.32
Market Cap
$47.48 Bil
Volume/Avg
14.2 Mil / 14.3 Mil

Key Statistics

Price/Earnings (Normalized)
26.93
Price/Sales
2.96
Dividend Yield
3.88%
Dividend Yield (Forward)
3.88%
Total Yield
3.88%

Company Profile

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts from its various gold mines. It had about two decades of gold reserves along with significant byproduct reserves after acquiring Newcrest.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Large Core
Total Number of Employees
14,600
Website
https://www.newmont.com

Competitors

Valuation

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Metric
NEM
KGC
AEM
Price/Earnings (Normalized)
 26.9313.9925.96
Price/Book Value
 1.721.201.37
Price/Sales
 2.961.764.17
Price/Cash Flow
 9.314.7010.61
Price/Earnings
NEM
KGC
AEM

Financial Strength

Metric
NEM
KGC
AEM
Quick Ratio
 1.170.770.50
Current Ratio
 2.122.701.99
Interest Coverage
 −1.126.6932.41
Quick Ratio
NEM
KGC
AEM

Profitability

Metric
NEM
KGC
AEM
Return on Assets (Normalized)
 3.17%4.83%3.52%
Return on Equity (Normalized)
 6.21%8.48%5.22%
Return on Invested Capital (Normalized)
 4.92%6.14%5.02%
Return on Assets
NEM
KGC
AEM

Gold Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
ZIJMY
Zijin Mining Group Co Ltd ADRXrlqby$43.8 Bil
ZIJMF
Zijin Mining Group Co Ltd Class HKyyqq$43.8 Bil
GOLD
Barrick Gold CorpXgtgg$30.9 Bil
AEM
Agnico Eagle Mines LtdSbvp$26.8 Bil
WPM
Wheaton Precious Metals CorpMnlp$22.3 Bil
FNV
Franco-Nevada CorpVyc$21.6 Bil
GFI
Gold Fields Ltd ADRCmvlqc$13.9 Bil
GFIOF
Gold Fields LtdFvqxq$13.9 Bil
KGC
Kinross Gold CorpLtvl$7.2 Bil