Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.</li>
<li>We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).</li>
<li>With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target</li>
</ul>


We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.
We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).
With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target


Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul><li>Agnico Eagle Mines has already delivered outstanding results in a period of less than 6 months.</li><li>The risk profile of Agnico remains low with an exceptionally high dividend yield.</li><li>The company appears very attractive in spite of the inflationary headwinds, according to the company's chief executive.</li></ul>

Agnico Eagle Mines has already delivered outstanding results in a period of less than 6 months.The risk profile of Agnico remains low with an exceptionally high dividend yield.The company appears very attractive in spite of the inflationary headwinds, according to the company's chief executive.

Agnico Eagle Mines: The Real Money Printing Press

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul><li>Producers, developers, and explorers continue to trade at low multiples.</li><li>These low multiples make for great buying opportunities; there are plenty of standout winners despite the weak performance</li><li>We anticipate the number of bankruptcies to rise as companies struggle to raise funds and treasuries dwindle</li></ul>

Producers, developers, and explorers continue to trade at low multiples.These low multiples make for great buying opportunities; there are plenty of standout winners despite the weak performanceWe anticipate the number of bankruptcies to rise as companies struggle to raise funds and treasuries dwindle

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Agnico Eagle Mines (AEM) reported a strong set of Q3 results, delivering gold production of 816,795oz at competitive cash and all-in sustaining costs (AISC) of US$779/oz and US$1,106/oz, respectively, notwithstanding cost pressures, constraints regarding workforce availability and the lingering aftermath of COVID-19. Material mark-to-market losses on foreign exchange and oil hedges of US$134.5m distorted headline earnings. However, excluding these non-cash, exceptional items, adjusted net income was US$235.4m or US$0.52/share, compared to US$119.0m or US$0.49/share in Q321. The quarterly dividend was held at US$0.40/share.</p>

Agnico Eagle Mines (AEM) reported a strong set of Q3 results, delivering gold production of 816,795oz at competitive cash and all-in sustaining costs (AISC) of US$779/oz and US$1,106/oz, respectively, notwithstanding cost pressures, constraints regarding workforce availability and the lingering aftermath of COVID-19. Material mark-to-market losses on foreign exchange and oil hedges of US$134.5m distorted headline earnings. However, excluding these non-cash, exceptional items, adjusted net income was US$235.4m or US$0.52/share, compared to US$119.0m or US$0.49/share in Q321. The quarterly dividend was held at US$0.40/share.

Agnico Eagle Mines - Moving forward during difficult times

<p>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%.</p>

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%.

Agnico Eagle Mines - First view of an emerging champion

Canada

Agnico Eagle Mines Limited is a gold producer with operations primarily in northwestern Quebec, northern Mexico, northern Finland and Nunavut.  The Company also has exploration activities in Canada, Europe, Latin America, and the United States.  Agnico Eagle Mines focuses on the exploration, development, and expansion of its gold properities primarily from underground operations.

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Agnico Eagle Mines (AEM CN)

Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

With yesterday's break above 3910 in $SPX we see a tradable rally, but 4100-4165 is likely to cap upside; reduce risk into that area. Buy ideas...

Vermilion Research

Agnico Eagle Mines: The Real Money Printing Press

Agnico Eagle Mines has already delivered outstanding results in a period of less than 6 months. The risk profile of Agnico remains low with an...

Vladimir Dimitrov, CFA

Mining Monthly: November Edition

Producers, developers, and explorers continue to trade at low multiples. These low multiples make for great buying opportunities; there are plenty...

Atrium Research

Agnico Eagle Mines - Moving forward during difficult times

Agnico Eagle Mines (AEM) reported a strong set of Q3 results, delivering gold production of 816,795oz at competitive cash and all-in sustaining...

Edison Investment Research

Agnico Eagle Mines - First view of an emerging champion

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...

Edison Investment Research

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