Kinross Gold (TSX:K) (NYSE: KGC) updated 11-11-2020
(all figures stated in USD).
Market Cap: $9.58 B Share Price: $7.66
Shares outstanding: 1.25 Billion
Cash: $933.5 Million as of 30 Sep 2020
Long-term Debt: $1.9 Billion as at 30 Sep 2020
Current operations: Yes
Insiders: Low Institutional: 520 institutions own 70% of shares
CEO: J. Paul Rollinson HQs: Toronto, ON, Canada
Q3 updates:
- Kinross Gold produced 603,312 Au equivalent ounces in 3Q2020
- Earnings were almost tripled at $310 Million or $0.25 per share on revenue of $1.13 Billion
- AISC was $958 and the production cost was stated as $737 per oz of gold
- Operating cash flow doubled to $544 M
- The average realized price of gold was $1908 per oz
- Repaid $750 Million on its Credit facility; has $500 Million in Senior Notes due Sept 2021
- CEO Rollinson discussed an idea of transferring Kinross’ primary listing to London and to exit operations in North & South America, which seemed to negatively impact the shares in October
Bottom line:
- Blow-out quarter for this solid major and respected mine operator with core expertise in building producing gold mines
- Perennial two million+ ounce gold producer
- Could improve the balance sheet
- I personally own it with a +7.2% portfolio weighting
- Attractively priced today at 9.0 PE, 12.8 P/FCF, and 7.9 times forward earnings
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