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

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

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

$4,500 Gold: Three Small-Mid Caps The Market Has Not Repriced

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

OceanaGold Philippines / Equity Bottom-Up

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<li>
Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.</li>
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 Performance:<a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>  (+56.5%) and Wesdome (+51.8%) lead YTD, while <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>  (‑6.2%) and <a href="https://www.smartkarma.com/entities/kinross-gold-corp" target="_blank" data-smartkarma-citation="entities:25396:1" rel="noopener">Kinross Gold (K CN)</a> (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).</li>
<li>
Picks: We like <a target="_blank" rel="noopener">Barrick Mining (B US)</a> for upcoming catalysts, <a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its yield of 10-12%, and <a target="_blank" rel="noopener">Apex Mining (APX PM)</a> for future growth. </li>
</ul>



Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.

 Performance:Centerra Gold (CG CN)  (+56.5%) and Wesdome (+51.8%) lead YTD, while Barrick Mining (B US)  (‑6.2%) and Kinross Gold (K CN) (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).

Picks: We like Barrick Mining (B US) for upcoming catalysts, OceanaGold Philippines (OGP PM) for its yield of 10-12%, and Apex Mining (APX PM) for future growth. 


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