Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.


Newmont Corporation - Termination of coverage

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although revenue was 5.6% below our forecast for the quarter (in part on account of provisionally priced sales at the end of Q2, but also on account of the timing of shipments from Penasquito), this was roughly balanced by costs (in US$m), which were 4.8% lower, to result in pre-tax profits that were within 1.0% (or US$3m) and adjusted net income that was within 4.1% (or US$9m) of our prior forecasts. At the same time, Newmont’s Q3 dividend was held at US$0.55/share for the quarter which, among other things, augurs well for future payouts at the current gold price.

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although revenue was 5.6% below our forecast for the quarter (in part on account of provisionally priced sales at the end of Q2, but also on account of the timing of shipments from Penasquito), this was roughly balanced by costs (in US$m), which were 4.8% lower, to result in pre-tax profits that were within 1.0% (or US$3m) and adjusted net income that was within 4.1% (or US$9m) of our prior forecasts. At the same time, Newmont’s Q3 dividend was held at US$0.55/share for the quarter which, among other things, augurs well for future payouts at the current gold price.

Newmont Corporation - In line with expectations

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced to the market by Barrick on 13 October.

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced to the market by Barrick on 13 October.

Newmont Corporation - Q3 forecasts refined

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.

Silver Thematic ACF Equity Research 11082022

Newmont’s Q222 results are scheduled for release on 25 July. This report updates our forecasts for Q2–Q422 for metals prices and production costs, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced by Barrick on 14 July.

Newmont’s Q222 results are scheduled for release on 25 July. This report updates our forecasts for Q2–Q422 for metals prices and production costs, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced by Barrick on 14 July. 

Newmont Corporation - A high-dividend safe haven

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

Newmont Corporation - Termination of coverage

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG),...

Edison Investment Research

Newmont Corporation - In line with expectations

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although...

Edison Investment Research

Newmont Corporation - Q3 forecasts refined

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as...

Edison Investment Research

Silver Thematic ACF Equity Research 11082022

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds...

ACF Equity Research

Newmont Corporation - A high-dividend safe haven

Newmont’s Q222 results are scheduled for release on 25 July. This report updates our forecasts for Q2–Q422 for metals prices and production costs,...

Edison Investment Research

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