Agnico Eagle Mines

US: AEM

Market Cap$20,541m

Last Close $45

Agnico Eagle operates eight mines in Canada, Finland and Mexico and is among the top 15 largest gold mining companies in the world. It seeks to build a high-quality business that generates superior long-term returns for shareholders and contributes to the communities in which it operates.

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Investment summary

On an underlying basis, Agnico Eagle Mines’ (AEM’s) Q122 revenue of US$1,325.7m, EBITDA of US$583.8m, pre-tax profits of US$300.4m and adjusted net EPS of US$0.612/share were either at or above the top end of analysts’ expectations. Production (with Kirkland Lake included from 8 February) was 660,604oz at a total cash cost of US$811/oz (on a by-product basis) and an all-in sustaining cost (AISC) of US$1,079/oz. Including a full quarter’s contribution from Kirkland Lake’s mines, pro forma payable production in Q122 was 806,329oz. AEM maintained the quarterly dividend at US$0.40/share, while net debt (excluding leases) declined to US$503.7m, equivalent to leverage (net debt/[net debt + equity]) of just 3.0%.

Content on Agnico Eagle Mines
Agnico Eagle Mines – First view of an emerging champion
Metals & mining | research QuickView | 3 May 2022
Closeup of big gold nugget
Agnico Eagle Mines – Creating a Canadian champion
Metals & mining | research QuickView | 29 September 2021
Closeup of big gold nugget
Agnico Eagle Mines – Continuing strong
Metals & mining | research QuickView | 30 July 2021
Closeup of big gold nugget
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Metals & mining
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Price performance
%
1m
3m
12m
Actual (0.4) (21.6) (25.7)
Relative* (6.2) (21.9) (20.3)
52-week high/low US$65.8/US$38.4
*% relative to local index
Key management
Brian Christie IR - Dir