AEM - Agnico Eagle: A Sleep Well At Night Sector Leader
2024-02-16 10:02:53 ET
Summary
- Agnico Eagle beat its guidance midpoint in FY2023 and also delivered on its cost guidance midpoint, a positive divergence vs. some of its larger peers.
- Meanwhile, we saw multiple positive developments across the portfolio with exploration success at Hope Bay, a mine life extension at Meadowbank, and continued reserve growth company-wide.
- In this update, we'll dig into the Q4/FY2023 results, recent developments, and why the stock is a must-own name for those looking for gold exposure given three key attributes.
It's been a volatile start to the year for the VanEck Gold Miners ETF ( GDX ) which is down over 14% year-to-date in one of the worst starts to the year since 2020. This can be attributed to less than stellar results from a couple of the larger producers, continued negative sentiment which has resulted in a significant divergence between GDX and gold, and a softer gold price, which hasn't helped matters. Fortunately, Agnico Eagle Mines Limited ( AEM ) has maintained its impressive track record of delivering on promises, with its Q4 and FY2023 results beating my estimates and the company tagging the top end of its FY2023 production guidance....
Agnico Eagle: A Sleep Well At Night Sector Leader