In today’s briefing:
- Gold (XAU) – Potential to Confirm a Renewed MT Uptrend at the Weekly Close
- ETU: A Dominant Foothold in a Dominant Jurisdiction
- CEMEX: FY22 Review: Just One Step More for IG
- Albemarle Corporation: Launch Of The Ketjen Brand & Other Drivers
- Pioneer Natural Resources Company: Major Drivers
- Newmont Corporation – Termination of coverage
- Pan American Silver – FY22 results beat consensus expectations
Gold (XAU) – Potential to Confirm a Renewed MT Uptrend at the Weekly Close
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- Gold retraced almost 50% of its aggressive Q4/Q1 uptrend in the past 4-5 weeks. The correction has bottomed at critical MT support.
- The weekly close has the potential to deliver a bullish MT reversal pattern this week and likely set up the next phase of the MT uptrend, targeting 2070/75.
ETU: A Dominant Foothold in a Dominant Jurisdiction
- ETU’s flagship Hawkins project sits in one of the best mining neighbourhoods in the world with its massive 681km2 land package spanning 80km along the Porcupine-Destor Fault which hosts >100 Moz Au
- The Band-Ore Project is an asset that the market is not yet giving ETU any credit for, however, the high-grade historical resources and recent drill results make for a highly promising project
- Committed partners – Kinross & Crescat Capital each own 10%
CEMEX: FY22 Review: Just One Step More for IG
- Weak EBITDA generation in 2022, but margins recovering in 2H22.
- Upgrades from MSCI to ‘A’, and both S&P and Fitch to BB+ are proof of the company’s hard work.
- We recommend a BUY on CEMEX 27 and the CEMEX perp.
Albemarle Corporation: Launch Of The Ketjen Brand & Other Drivers
- Albemarle Corporation’s fourth quarter results were mixed as the company failed to meet the revenue expectations of Wall Street.
- However, its adjusted EBITDA increased by more than 400% yearly resulting in an earnings beat.
- While higher lithium prices were a factor in these outcomes, there was also a notable increase in volume growth.
Pioneer Natural Resources Company: Major Drivers
- Pioneer Natural Resources Company delivered a mixed set of results in the last quarter with revenues falling short of analyst expectations.
- The peer-leading free cash flow of Pioneer per BOE is supported by strong margins.
- We give Pioneer Natural Resources Company a ‘Buy’ rating with a revised target price.
Newmont Corporation – Termination of coverage
Edison Investment Research is terminating coverage on Newmont Corporation (NEM). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Pan American Silver – FY22 results beat consensus expectations
Pan American Silver (PAAS) reported an encouraging set of Q4/FY22 results, with Q4 EBITDA of US$92.3m exceeding consensus expectations by c 21% and FY22 EBITDA coming in at US$272m, c 6% above consensus. The bottom line was negatively affected by US$157.3m of one-off costs relating to the Yamana transaction, which is expected to be completed in Q123. Our valuation and forecasts remain under review.
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