K:CC - Kinross Gold: Dampened Growth Outlook Followed Recent Divestments

• Kinross Gold released its Q4 and FY2021 results in mid-February, missing guidance and seeing a sharp increase in costs due to lower than expected production at Tasiast and inflationary pressures.
• This wasn't a big deal given that it just deferred Tasiast output, and its outlook was much better medium-term, with investors able to chalk 2021 up to an off-year.
• However, with the company recently letting go of a cash cow, Kupol, and shedding an incredible development project (Udinsk), Kinross has shed its medium-term growth outlook.
• Given the loss of its growth outlook, which was a key differentiator, I see limited margin of safety at a current share price of US$6.21, and I continue to see more favorable opportunities elsewhere.

For further details see: