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Factors That Could Drive Silver Miners’ Valuations in 2017
Coeur Mining (CDE) is trading at a forward EV-to-EBITDA multiple of 6.9x, the lowest multiple in the peer group.
Behind Silver Miners’ Debt Repayment Capacities
Silver companies try to maintain an optimal level of debt-to-equity to lower their costs of capital and maintain an optimum level of risk-reward for shareholders.
Inside Silver Miners’ Financial Leverage after 3Q16
Investors in the precious metal mining industry need to know a company’s debt levels because high debt can strain a company’s credit rating.
Which Silver Stock Is Seeing Upgrades These Days?
On October 3, 2016, Deutsche Bank (DB) upgraded Coeur Mining (CDE) from “sell” to “hold.” The firm also increased its target price from $7.50 to $11.
Analysts Are Optimistic about Coeur Mining
Market sentiment for Coeur Mining Coeur Mining (CDE) is a high-cost producer compared with peers (RING) (SIL). While it has initiated several measures to bring down its costs in the last few years, they remain high. Higher costs make CDE more leveraged to gold and silver prices than other low-cost producers such as Barrick Gold (ABX) […]
Understanding the Debt Repaying Capacities of Silver Miners
High debt isn’t always bad if a company has the capacity to pay back its debt with its earnings.
How Are Silver Miners Doing as Silver Outshines Gold?
Silver has outperformed gold year-to-date (or YTD). The SPDR Gold Shares ETF (GLD) has risen 17% YTD, while the iShares Silver Trust ETF (SLV) has risen 24%.
How the Ratings and Potential Upsides for Silver Miners Look Today
The performances of precious metal miners with substantial exposure to silver have been disappointing in 2017. As a group, they’ve returned just 0.9% YTD.
The Market Sentiment for Coeur Mining as 4Q17 Begins
CDE stock has risen 2.6% year-to-date. However, during the same period, silver prices gained 4.7% and the Global X Silver Miners ETF (SIL) rose 5.5%.
Understanding the Long-Term Growth Drivers for Silver Miners
After years of cutting back on sustained capital expenditure, silver miners—like their gold mining peers—have started to refocus on production growth.
Analyzing Silver Miners’ Relative Valuations
Precious metals miners with substantial exposure to silver are usually classified as silver miners.
Weighing the Affects of Financial Leverage on Gold Miners in 2015
Because gold mining is a capital-intensive industry, gold miners raise debt to fund their capital expenditures—a risky funding source, given interest.
Which Silver Stock Is Analysts’ Favorite These Days?
Precious metal miners with substantial exposure to silver have also performed well year-to-date. Let’s take a closer look.
Evaluating Gold Production for Intermediate Gold Miners in 2Q15
Gold production is an important metric for gold miners, because miners generally try to increase gold production in order to reduce costs amid low prices.
Why Silver Miners’ Stock Performance Has Diverged in 2017
It’s important for investors to keep tabs on analysts’ recommendations and ratings, as they are market sentiment indicators. In this series, we’ll look at recommendations and ratings for silver miners.
Assessing Free Cash Flows of Intermediate Gold Miners in 2015
FCF is important in that it is used for debt repayment, capital expenditures, and dividends or buybacks. FCF is directly related to gold industry prospects.
Silver Stocks: Keeping Up with Analyst Rating Changes
Following the recent strong run in silver (SLV), several analysts have commented on silver miners (SIL), as we’ll see in this part of the series.
Why Did Silver Outperform Gold in 2016?
While the last two months of 2016 chipped away a large part of the gains made by precious metals, silver outperformed gold on a yearly basis.
Newmont Mining Rejects Barrick Gold’s Hostile Acquisition Bid
In a press release today, Newmont Mining said that Barrick’s unsolicited negative premium proposal is not in shareholders’ best interest.
Which Silver Miners Offer Diversified Exposure to Commodities?
For investors considering silver stocks due to their leveraged exposure to silver prices, the higher the company’s revenues derived from silver, the better.
Silver Miner Production Growth: The Outlook for 4Q16
Hecla Mining (HL) recorded strong 67% silver production growth and 19% gold production growth YoY (year-over-year) in 3Q16.
These Silver Miners Keep Improving Costs
Hecla Mining (HL) reported AISC (all-in sustaining costs) of $9.97 per ounce in 2Q17, an impressive improvement of 22.0% over the same quarter last year.
Interpreting Analyst Recommendations for Intermediate Gold Miners in 2015
Tahoe Resources appears to be a favorite in gold among analysts because it had the highest percentage of “buy” recommendations at a whopping 86%.
Which Silver Miner Offers Optimal Geographic Exposure?
Given rising taxes, royalties, changes to mining codes, and asset nationalizations in the past few years, many big mining projects have become uneconomical.
How Has the Analyst Sentiment Changed for Silver Miners?
Among primary silver miners, Tahoe Resources (TAHO) seems to be an analyst favorite, with the highest “buy” ratings at 100% and no “sell” ratings.
How Are Silver Prices Influencing Major Silver Miners?
Silver miners have shown a significant correlation to gold prices at 0.90 since the start of 2013. Silver prices have a strong correlation as well.
Weighing Liquidity against Leverage for Intermediate Gold Miners
Eldorado is the best-placed mining company in terms of short-term liquidity, whereas Sibanye Gold’s current ratio is the poorest-placed, as it is very low.
What Put Coeur Mining in 2nd Place?
Right now, of the nine Wall Street analysts covering CDE stock, according to Thomson Reuters, 78% recommend a “buy,” while 22% recommend a “hold.”
Pan American to Buy Tahoe Resources in $1.07 Billion Deal
Pan American Silver Corp. (PAAS) announced today that it has agreed to buy Tahoe Resources (TAHO) in a $1.07 billion cash and stock deal.
Barrick Gold Makes a Hostile Bid to Acquire Newmont Mining
Today, Barrick Gold (GOLD) made an unsolicited bid for its rival Newmont Mining (NEM) in an all-share deal.
Will Silver Miners’ Multiples Expand after a Long Dry Spell?
On November 14, 2018, Pan American Silver announced that it was buying Tahoe Resources in a $1.07 billion cash and stock deal.
Why Gold Miners’ Mergers and Acquisitions Are Heating Up
Newmont Mining (NEM) and Goldcorp’s (GG) deal, the gold space’s latest mega-merger, may suggest miners are getting serious about turning things around for stakeholders.
Which Silver Miners Look Primed for a Rebound after a Dry Spell?
Of all the major silver stocks, Tahoe Resources (TAHO) is trading at the lowest forward EV-to-EBITDA (enterprise value-to-EBITDA) multiple of 3.3x.
Which Silver Miners Look Reasonable at Current Valuations?
Of all the stocks we’ve covered in this series, Tahoe Resources (TAHO) is trading at the lowest enterprise-value-to-forward-EBITDA multiple of 3.5x.
Can Tahoe Resources Regain Analysts’ Lost Favor?
YTD (year-to-date), Tahoe Resources (TAHO) has had the worst performance of all silver miners with losses of 44%.
What’s Baked into Analysts’ Pan American Silver Ratings?
Pan American Silver (PAAS) stock has outperformed its peers as well as silver prices YTD.
How Do Analysts Rate Silver Miners?
In 2018 so far, silver prices have significantly underperformed gold prices.
Why Tahoe Resources Has Lost Favor with Analysts
YTD, Tahoe Resources (TAHO) has risen 3.5%. Its “buy” ratings are only better than Hecla Mining (HL).
Why Analysts’ Ratings for Pan American Silver Have Improved
Pan American Silver (PAAS) stock has outperformed its peers as well as silver prices YTD (year-to-date). As of June 26, it has risen 12.7%.
Analyzing Analysts’ Love-Hate Relationship with Silver Stocks
The five silver miners we’ll be discussing in this series have broadly outperformed silver prices and the silver miners’ index YTD.
Silver Underperforms Gold in 2018: Can It Correct Its Course?
As of March 16, 2018, the SPDR Gold Shares ETF (GLD), which tracks gold prices, had risen 0.8% YTD.
4Q17 Preview: Coeur Mining Seeks a Price Reversal in 2018
Coeur Mining (CDE) stock gained ~270.0% in 2016—among the highest in its peer group. In 2017, the situation reversed as CDE stock fell 17.5%.
This Is How Analysts See Gold Prices Moving in 2018
ICBC Standard Bank While ICBC Standard Bank is concerned about gold correcting in the short term due to extremely long inventor positioning, it remains optimistic about its prospects overall in 2018. The bank believes that lower inflation should keep the Fed from raising rates aggressively, thereby supporting gold. It expects gold prices to average $1,312 […]
Here’s What Drove Coeur Mining’s Free Cash Flow Year-to-Date
Coeur Mining’s (CDE) management is focused on generating significant FCF (free cash flow). For 3Q17, however, the company didn’t generate any positive FCF.
Behind the Recent Analyst Rating Changes for Silver Miners
After the Guatemalan government’s decision to suspend Tahoe Resources’ (TAHO) license, the company saw several downgrades.
How Do Analysts View Tahoe Resources despite Its Underperformance?
Tahoe Resources (TAHO) stock has lost 44.1% of its value year-to-date until the end of September.
Coeur Mining Ranks 4th in the Top 10: Are Analyst Ratings Improving?
Coeur Mining has relatively higher costs than its peers (SIL), which makes it more leveraged to the changes in precious metal prices.
Which Silver Miners Look Undervalued?
Among the four silver miners we’re looking at in this part, First Majestic Silver (AG) has the highest forward EV-to-EBITDA multiple of 14.3x.
Why Silver Miners Are Underperforming Silver Prices in 2017
While silver prices often act as a leveraged play on gold, this hasn’t happened so far in 2017.
What Celanese’s Falling Interest Expense Trend Suggests
At the end of 1Q17, CE’s interest coverage ratio stood at 9.24x, indicating that Celanese can easily service its debt.
How Silver Miners Rank Based on Debt Repayment Capacity
Coeur Mining (CDE) has a net debt-to-forward-EBITDA ratio of 0.40x, which seems comfortable. Hecla Mining’s (HL) ratio is slightly higher at 1.3x.
Huntsman and Clariant Agree to Merge
On May 22, 2017, Huntsman (HUN) and Clariant announced that their respective boards have approved a merger to form a new entity called HuntsmanClariant.
Huntsman Increases Price of Titanium Dioxide across Regions
On May 8, 2017, Huntsman’s (HUN) spinoff division Venator announced a price increase for its titanium dioxide pigments.
Comparing Silver Miners’ Valuation
Valuation The EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple is a good measure for capital-intensive industries because it helps investors compare companies with various capital structures. The chart above compares silver miners’ EV-to-forward-EBITDA multiples to their EBITDA margins in 2017. Remember, EV refers to the total market value of a […]
Silver Miners in 2017: Gauging Market Sentiment
Market sentiment So far in this series, we’ve analyzed silver miners’ key operating and financial metrics. In this part, we’ll look at the market sentiment toward these companies. We’ll also look at analysts’ recommendations, target prices, and potential upsides for silver miners (SIL). Analysts’ favorite Among all primary silver producers (SIL), Tahoe Resources (TAHO) seems […]
Which Silver Miner Needs to Work on Its Liquidity?
Financial liquidity Previously in this series, we analyzed the financial leverage of five silver mining companies. Financial leverage only considers the long-term[1. more than one year] solvency of a company, whereas financial liquidity checks short-term[2. less than one year] cash outflow and inflow. Amid weak commodity prices, short-term liquidity could come under more pressure. Current ratio […]
Looking at Silver Miners’ Financial Leverage after 4Q16
Leverage ratios Investors in the precious metal mining industry need to know companies’ debt levels. High debt can strain a company’s credit rating. It’s important to know that during an industry downturn, companies with higher leverage usually underperform. However, if metal prices recover, companies with higher leverage ratios can outperform those with lower leverages. This […]
What Could Drive Silver Miners’ Cost Reduction in 2017
Cost discipline Cost discipline and lower cost assets are critical for silver miners (RING) (SIL). They help miners navigate low metal price environments, while improving margins and free cash flow in times of high metal prices. In a commoditized business such as mining, cost efficiency differentiates miners based on long-term premiums and performance. Improving costs […]
Comparing Silver Miners’ Reserves
Reserve replacement Precious metal miners (SIL) (GDXJ) face the problem of compensating for every ounce they take out of the ground. While mines have finite lives, companies operating them don’t, so it’s important to look at miners’ reserves and resource estimates and the assumptions used to calculate them. Reserve additions Coeur Mining (CDE) reported a […]
Reaching for Growth: Charting Silver Miners’ Exploration Spending
Long-term sustained growth After years of cutting back on sustained capital expenditure, silver miners (SIL) have started to refocus on production growth. Increased exploration and capital expenditure budgets have been the key themes of miners’ earnings in 2016. Sustained growth is one of the prerequisites for sustainable outperformance over the long term. Focus on exploration sharpening […]
What Silver Miners Expect for Production in 2017
Higher guidance for 2017 Hecla Mining (HL) recorded strong silver production growth of 9% and gold production growth of 5% YoY (year-over-year) in 4Q16. For fiscal 2017, the company has guided for silver production of 46.5 million–49.4 million ounces of silver equivalent, which implies YoY growth of 4%. This guidance is due to higher expected […]
A Look at Silver Miners’ 2016 Commodity Exposure
Commodity exposure In the previous part of this series, we looked at miners’ geographic exposure, which is important to consider due to the geopolitical risks some jurisdictions face. It’s equally important to consider their revenue compositions in terms of commodity exposure. Contribution from silver Silver companies are rarely pure-play miners. For investors considering silver […]
This Silver Miner Has the Highest Geographic Risk among Peers
Geographic exposure Due to rising taxes, royalties, changes to mining codes, and asset nationalizations in the past few years, many big mining projects have been rendered uneconomical. Investors and miners have become wary of geographic exposure to risky mining jurisdictions. High geopolitical risk The above graph shows the revenue contribution from different geographies for silver miners […]
Silver Shines Brighter Than Gold: How Are Silver Miners Doing?
In this series, we’ll look at various factors affecting precious metal miners, and why some miners have fared better than others this year.
Coeur Mining and Its Peers: Closing the Valuation Gap in 2017
Coeur Mining (CDE) is trading at a forward EV-to-EBITDA multiple of 5.3x. That’s the lowest among its peer group (SIL).
A Look at Technical Indicators for Coeur Mining and Its Peers
Coeur Mining and its closest peers are currently trading below their 20-day and 50-day moving averages.
Can Coeur Mining Generate Positive Free Cash Flow in 2017?
Coeur Mining’s (CDE) management is focused on generating significant FCF. In 4Q16, FCF was -$4.5 million after having positive FCF in the first two quarters.
What’s behind Coeur Mining’s Underperformance Year-to-Date?
Coeur Mining (CDE) was one of the most successful mining stocks in 2016, rising more than 268.0%. In 2017, its has become one of the worst performers.
Looking at Silver Miners after the Federal Reserve’s Rate Hike
Silver miners (SIL) are usually a levered play on gold. Notably, silver has outperformed gold year-to-date.
Latest Rating Changes for Silver Miners: What Do They Mean?
Raymond James cut its target price for Coeur Mining (CDE) from $16.50 to $11.75 on December 22, 2016. Deutsche Bank cut its target price from $11 to $10.50.
What’s Affecting Ratings for Silver Miners as We Enter 2017?
Precious metal miners with substantial exposure to silver have performed quite well in 2016. Silver miners are essentially a leveraged play on silver.
Which Silver Miners Could Re-Rate as We Enter 2017?
First Majestic Silver is trading at the highest EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple among its peers at 12.3x.
What Do Coeur Mining’s Technical Indicators Point To?
Coeur Mining and its closest peers are currently trading below their 20-day and 50-day moving averages.
Which Miners Could Offer a Valuation Upside in the Silver Space?
Precious metal miners with substantial exposures to silver are usually classified as silver miners.
What Are the Key Catalysts for Coeur Mining’s Stock Valuation?
Coeur Mining (CDE) is trading at a 2017 EV-to-EBITDA of 5.1x. This is the lowest among its peer group
As Silver Outperforms Gold, How Do Analysts View Silver Miners?
Precious metal miners with substantial exposure to silver have performed quite well YTD (year-to-date) since silver has outperformed gold.
Should You Bet on Silver Miners as the Fed Sparks Gold?
Precious metals miners with substantial exposures to silver are usually classified as silver miners. Tahoe Resources, Coeur Mining, and Pan American Silver are a few.
Analyzing Market Sentiment: Which Silver Miner Do Analysts Favor?
So far in this series, we’ve analyzed the key operating and financial metrics for silver miners. Here, we’ll look at market sentiment for these companies.
Silver Miners: Which Stocks Have Comfortable Liquidity Profiles?
While financial leverage is important in gauging a company’s long-term solvency, short-term liquidity profiles are also important. In a weaker commodity price environment, short-term liquidity might come under more pressure.
Coeur Mining’s Trying to Improve Its Financial Health: Here’s How
While precious metal prices have remained buoyant since the start of the year, miners are leaving no stone unturned in their mission to prune their balance sheets wherever possible.
Which Silver Miners Could Have an Upside to Cost Guidance in 2016?
In a commoditized business such as mining, cost efficiency differentiates miners based on command premium and outperformance over the long term.
Which Silver Miners Can Deliver Production Growth in 2016?
Hecla Mining (HL) recorded strong 71% silver production growth and 41% gold production growth year-over-year in 2Q16.
Silver Miners’ Commodity Exposure: What You Need to Know
In the previous part of this series, we looked at miners’ geographic exposure—which is important to consider, given the geopolitical risks some jurisdictions face.
Should You Worry about Tahoe Resources’ Geographic Exposure?
Due to rising taxes, royalties, changes to mining codes, and asset nationalizations in the last few years, many big mining projects have been rendered uneconomical.
Why Have Coeur and Hecla Outperformed in 2016?
Along with gold, silver has risen as one of the best-performing metals in 2016. Here’s what you need to know.
Coeur Mining’s Valuation Going Forward: What’s the Key?
Coeur’s EBITDA margin is only higher than PAAS. This is mainly due to higher costs, which results in a lower valuation multiple.
As Silver Outshines Gold, Which Silver Miners Are in Favor?
Precious metal miners with substantial exposure to silver have also performed quite well year-to-date, as silver has outshined gold.
What’s Driving Analysts’ Estimates for Tahoe Resources?
Tahoe is an intermediate precious metals producer with high-quality assets in attractive mining jurisdictions and a strong growth profile.
Tahoe Resources Is an Analyst Favorite
Among all the primary silver producers (SIL), Tahoe Resources (TAHO) seems to be an analyst favorite.
What Could Drive Estimates Higher for Pan American Silver?
Being a high-cost producer, Pan American Silver had EBITDA margins of just 10.5% in 2015, which is the lowest among its peers.
Why Growth in Gold Production Is Important for Gold Miners
Future gold production growth is important because the gold market is forward-looking, making future gold production a key driver of gold miners’ revenue.
Analyzing the Valuations and Returns of Intermediate Gold Miners
Gold mining companies appear to have better future EBITDA growth potentials, even though they are trading at lower multiples.
Evaluating the Financial Strength of Major Gold Miners in 2015
Gold miners should have enough liquidity to repay their debts. If mining companies have higher debt and less liquidity, they may face cash problem.
Comp: Is Barrick Gold’s High Debt a Cause for Concern?
Barrick Gold’s high debt has been a major concern for investors. As of 2Q15, Barrick is close to nearly 90% of its reduction in the debt target of $3 billion.
Can Goldcorp Withstand the Lower Gold Price Environment?
Going forward, Goldcorp plans to repay its debt from asset proceeds, which should be a positive in a weaker gold price environment.
Goldcorp’s FCF Growth Could Strengthen Its Balance Sheet
Goldcorp has the strongest balance sheet in its peer group. Goldcorp’s liquidity is also comfortable at $3.2 billion, including $940 million in cash and cash equivalents.
How Goldcorp is Managing in a Volatile Gold Price Market
Goldcorp took several steps during 2Q15 to weather the current weaker gold price environment. The company reduced dividends by 60% to $0.02 per month.
