AEM - Agnico Eagle Mines: Post-Earnings Swoon Is A Gift

• Agnico Eagle Mines released its Q1 results last month, reporting quarterly production of ~660,600 ounces of gold, or ~806,300 ounces when adjusting for the date of the merger closing.
• This translated to significant growth from pre-merger levels, and the company is set up for a strong second half due to back-end weighted production.
• While the improved unit costs due to synergies and improved labor position are good news short term, it's the long-term potential that makes Agnico stand head and shoulders above its peers.
• Given the rare mix of growth and value here, with Agnico able to grow production ~30% by 2030 and trading at barely 1.0x P/NAV, I see this post-earnings swoon as a gift.

For further details see: