Agnico Eagle Mines

US: AEM

Market Cap$12799.3m

Last Close $52.52

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

Agnico’s (AEM’s) Q221 adjusted EPS of US$0.69/share was ahead of both the consensus average (US$0.59/share) and range of expectations (US$0.54–0.63/share). Relative to the prior-year period (which was adversely affected by the onset of the COVID-19 pandemic), the increase in adjusted EPS was a very material 275.1%. Relative to Q121, the increase was a more modest 2.7%, driven by a 3.4% increase in revenue, a 3.6% increase in costs (such that gross margins were steady at 55.8% vs 55.9%) and a 7.9pp decline in the effective tax rate (from 40.7% to 32.8%). After the acquisition of TMAC in Q121, free cash flow reverted to a US$209.3m inflow, such that net debt declined by US$121.1m to US$1,406.6m (24.0% gearing; 19.3% leverage). Headline EPS of US$0.78/share advanced 39.0% quarter-on-quarter, augmented by financial gains and the quarterly dividend was maintained at US$0.35/share.

Content on Agnico Eagle Mines
Agnico Eagle Mines – Continuing strong
Metals & mining | QuickView | 30 July 2021
Edison QuickView
Agnico Eagle Mines – Showing its metal in Q3
Metals & mining | QuickView | 30 October 2020
Edison QuickView
Agnico Eagle Mines – Record production and cash flow
Metals & mining | QuickView | 18 February 2020
Edison QuickView
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Sector
Metals & mining
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Share price graph
Price performance
%
1m
3m
12m
Actual (6.4) (17.1) (33.5)
Relative* (5.4) (19.9) (49.8)
52-week high/low US$84.2/US$52.5
*% relative to local index
Key management
Brian Christie IR - Dir