GFI - Gold Fields: A Rough Start To 2024

2024-06-05 13:52:14 ET

Summary

• Gold Fields had a rough start to 2024, with production hovering at ~19% of its guidance midpoint.
• Unfortunately, this led to a significant spike in all-in sustaining costs, with Gold Fields being one of the few producers to see margin compression in Q1 2024.
• We'll dig into the Q1 results, recent developments, and how the stock's valuation stacks up vs. peers after its recent underperformance.

The Q1 earnings season for the Gold Miners Index ( GDX ) is finally over and investors are now anxiously awaiting Q2 results, with the average realized gold price set to be up over 10% sequentially. Unfortunately, one name that has its work cut out for it this year to claw itself out of much lower than planned production rates is Gold Fields ( GFI ), one of the top-6 largest gold producers globally. In this update, we'll dig into the Q1 results, recent developments, and how the stock's valuation stacks up vs. peers after its recent underperformance....

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