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--Analyst Actions: Goldcorp Up 5% as Denver Gold Forum Update Analyzed at Credit Suisse

Goldcorp Inc. (G.TO) presented at the Denver Gold Forum: On September 19, 2011, CEO Chuck Jeannes provided an update on G's operations and projects.

Cerro Negro a year later: "YTD G has completed 78km of drilling, has advanced the Eureka decline to 1,350m and has completed 3 levels of development into the Eureka vein with first production expected in 2013. Detailed engineering is underway, long lead time items have been ordered with construction expected to commence shortly. With a recently updated feasibility study, Cerro Negro will likely provide 550kozspa for the first five years at

Cash flow prioritization includes: 1) funding existing growth profile, 2) investments in organic growth, 3) selective M&A, 4) regular dividend growth. Over the past year, gold has increased 25%, but revenue, OpCF and EPS Adj. have increased 62%, 84% and 111%, respectively.

Penasquito on track for year end 2011: "G noted that the supplementary feed to the HPGR circuit (which may provide upside in throughput) and tailings dam upgrades are on schedule for completion by 2011YE (ahead of prior guidance of Q1/12). Grades and recoveries are exceeding expectations."

Other projects: "Eleonore has sunk the exploration shaft 400m and the agreement with the Cree people has been completed. With an 8Moz global resource the development plan calls for a 7ktpd mining rate from an upper and lower mine, with a mine life of 15 years at 600kozpa at cash costs

G reiterated its guidance for 2011FY of 2.5-2.55Mozs at $180-220/oz by-product and $500-550/oz co-product costs. Capex guidance stands at $2B including Pueblo Viejo. G also reiterated is 5 year growth forecast of 60% to 4.0Mozs in 2015.

G is positive on gold, heading for $2,400/oz. "G highlighted flat mine supply, growing physical demand from Asia, Central bank buying, growing investment demand, currency protection, safe haven buying and gold as an individual asset class as all being contributors in providing a strong foundation for higher gold prices in the future. G noted that the LBMA recently indicated that gold traded $240B daily. G expects that the next target for the gold price is an inflation adjusted all time high of $2,400/oz."

Why G vs. physical gold? "G provides leverage in operating costs, no holding costs, pays a dividend and provides organic growth (60% over five years)."

On the dividend: "Management will seek to grow the dividend. G stated it believes it can be the fastest growing major producer and still pay a meaningful dividend."

Valuation: Our Target price of US$64.00 is based on a target multiple of 1.4X P/NAV multiple to our cash adjusted NAV of $43.11/sh adding back net cash of $3.68/sh at par."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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