Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Newmont Mining (NEM US): Q2 FY26 Results, Record Second Quarter FCF Despite Softer Gold Price

Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

OceanaGold Philippines (OGP PM) Q1FY26: Net Cash And Trading At A ~11% Yield On 4,500 USD/Oz Gold

Barrick Mining (B US): Solid Q1 FY26, NGM IPO On Track

Apex Mining (APX PM): Solid Q1FY26 On Gold Price, Despite Grade Declines

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Current spot gold prices at 4,180 USD/oz are 25% lower than the January high of 5,600 USD/oz. Stocks will now report Q2 earnings (Apr-June), where gold prices averaged 4,500 USD/oz.</li>
<li>With gold at 4,000 USD/oz, our stock universe trades at 7.8-10x PE and 4.5-6x EV-EBITDA, with the highest dividend yield of <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> at 10.8%.</li>
<li>Our top large-cap pick is <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>, and in the small and midcap space, we like <a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> and Wesdome Gold. </li>
</ul>


Current spot gold prices at 4,180 USD/oz are 25% lower than the January high of 5,600 USD/oz. Stocks will now report Q2 earnings (Apr-June), where gold prices averaged 4,500 USD/oz.
With gold at 4,000 USD/oz, our stock universe trades at 7.8-10x PE and 4.5-6x EV-EBITDA, with the highest dividend yield of OceanaGold Philippines (OGP PM) at 10.8%.
Our top large-cap pick is Barrick Mining (B US), and in the small and midcap space, we like Apex Mining Co (APX PM) and Wesdome Gold. 


Gold At 4,000 USD/Oz: Valuation Update Of Our Six Top Picks