Newmont Corporation

US: NEM

Market Cap$50310.1m

Last Close $63.09

Newmont Corporation is the world’s leading gold company with a world-class portfolio of assets in North and South America, Australia and Africa. It is the only gold producer in the S&P 500 Index and is widely recognised for its ESG practices and as a leader in value creation, safety and mine execution.

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Investment summary

Newmont is the world’s largest gold mining company with forecast production of 6.0Moz in FY21 plus a further 1.3Moz AuE of co- and by-products out of attributable (end-FY20) reserves of 94.2Moz and reserves & resources of 195.4Moz in top tier jurisdictions. It seeks to distinguish itself from its peers via its high environmental, social and governance (ESG) standards, its management strength and experience, its operating model, its capital discipline, its track record of returns (eg its market leading dividend), its methodical approach to project development and its conservatism (eg reserves calculated at US$1,200/oz).

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 9740.0 3734.0 3693.0 131.61 47.9 16.1
2020A 11497.0 5537.0 3143.0 265.51 23.8 18.2
2021E 11999.1 5347.5 2460.8 286.74 22.0 32.1
2022E 12316.6 6172.8 3475.6 277.35 22.7 21.6
Industry outlook

Newmont has a number of sources of organic growth plus three major new projects (Tanami Expansion 2, Ahafo North and Yanacocha Sulphides) that we forecast will result in a c 50% increase in pre-financing cash flows at NEM by FY25, supporting our absolute valuation of the company of US$73.78/share. FY22 guidance will be provided to the market on 2 December.

Last updated on 21/01/2022
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Metals & mining
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Share price graph
Balance sheet
Forecast net cash (US$m) 401.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 8.4 10.3 1.3
Relative* 14.6 14.1 (11.3)
52-week high/low US$74.4/US$53.3
*% relative to local index
Key management
Noreen Doyle Chairman
Nancy Buese EVP and CFO
Tom Palmer President and CEO