IAG - Iamgold: Limited Margin Of Safety At Current Levels

• Iamgold released its Q4 and FY2021 results last month, and missed guidance by a country mile, producing ~601,000 ounces at all-in sustaining costs of $1,426/oz.
• This represented a 15% increase in costs on a  year-over-year basis, while production missed the guidance midpoint of 665,000 ounces by nearly 10%.
• Looking ahead to FY2022, investors can look forward to what appears to be another miss on the capex estimate at Cote, much higher costs, and relatively flat consolidated production.
• Although a board shake-up and CEO change are positives, the problem is that it's more difficult to turn around a low-quality portfolio (Rosebel, Westwood), hence I see no reason to chase Iamgold above $3.50.

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