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.

Equity Bottom-Up

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG), Abliva (ABLI) and TIE Kinetix (TIE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.


Newmont Corporation - Termination of coverage

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

<ul><li>Newmont Corporation is among the global leaders in the exploration and production of gold.</li><li>They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine's third production level's development.</li><li>The arrival of a second underground production drill might help deliver the fourth quarter's anticipated development and the ensuing ore tonnes in 2023.</li></ul>

Newmont Corporation is among the global leaders in the exploration and production of gold.They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine's third production level's development.The arrival of a second underground production drill might help deliver the fourth quarter's anticipated development and the ensuing ore tonnes in 2023.

Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on global gold mining giant, Newmont Corporation.</li><li>In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.</li><li>We initiate coverage on the stock of Newmont Corporation with a 'Hold' rating.</li></ul>

This is our first report on global gold mining giant, Newmont Corporation.In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.We initiate coverage on the stock of Newmont Corporation with a 'Hold' rating.

Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although revenue was 5.6% below our forecast for the quarter (in part on account of provisionally priced sales at the end of Q2, but also on account of the timing of shipments from Penasquito), this was roughly balanced by costs (in US$m), which were 4.8% lower, to result in pre-tax profits that were within 1.0% (or US$3m) and adjusted net income that was within 4.1% (or US$9m) of our prior forecasts. At the same time, Newmont’s Q3 dividend was held at US$0.55/share for the quarter which, among other things, augurs well for future payouts at the current gold price.

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although revenue was 5.6% below our forecast for the quarter (in part on account of provisionally priced sales at the end of Q2, but also on account of the timing of shipments from Penasquito), this was roughly balanced by costs (in US$m), which were 4.8% lower, to result in pre-tax profits that were within 1.0% (or US$3m) and adjusted net income that was within 4.1% (or US$9m) of our prior forecasts. At the same time, Newmont’s Q3 dividend was held at US$0.55/share for the quarter which, among other things, augurs well for future payouts at the current gold price.

Newmont Corporation - In line with expectations

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced to the market by Barrick on 13 October.

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as output from Nevada Gold Mines (NGM) and Pueblo Viejo, which were announced to the market by Barrick on 13 October.

Newmont Corporation - Q3 forecasts refined

United States

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper.  Reliance operates processing and distribution centers throughout the United States. Reliance Steel & Aluminum operates in Spain.

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

Freeport-McMoRan Inc. is an international natural resources company. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil, and gas.

Southern Copper Corporation conducts mining operations in Peru and Mexico.  The Company owns and operates open pit mines and metallurgical complexes that produce copper, molybdenum, zinc, and precious metals.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys.  Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

Fortescue Metals Group Ltd. explores for and produces iron ore. The Company conducts business worldwide.

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Newcrest Mining Limited is a gold mining, exploration and production company. The Company is geographically focused in Australia, the Pacific region and Asia. Newcrest Mining operates projects within six provinces in four countries, focusing on the Cadia East and Lihir MOPU expansion projects and the Wafi Golpu and Namosi greenfield projects.

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

China Hongqiao Group Ltd. manufactures aluminum products. The Company's aluminum products consist of molten aluminum alloy, aluminum alloy ingots and aluminum busbars.

Baoshan Iron & Steel Co., Ltd. manufactures and markets a variety of iron and steel products including cold rolled plates and coils, hot rolled plates and coils, seamless steel tubes, high-speed wire rods, and steel billets.  The company also operates in related energy production businesses.

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

Newmont Corporation - Termination of coverage

Edison Investment Research is terminating coverage on Doctor Care Anywhere (DOC), Argentex Group (AGFX), Newmont Corporation (NEM), GB Group (GBG),...

Edison Investment Research

Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Newmont Corporation is among the global leaders in the exploration and production of gold. They are also stepping up development operations in...

Baptista Research

Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers

This is our first report on global gold mining giant, Newmont Corporation. In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold...

Baptista Research

Newmont Corporation - In line with expectations

Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although...

Edison Investment Research

Newmont Corporation - Q3 forecasts refined

Newmont’s Q322 results are scheduled for release on Tuesday 1 November. This report updates our forecasts for Q3–Q422 for metals prices, as well as...

Edison Investment Research

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