AUY - Yamana Gold: Back On The Sale Rack

• Yamana Gold released its Q4 and FY2020 results, reporting annual production of ~901,000 gold-equivalent ounces.
• The company had a strong year with Jacobina reporting record annual production despite COVID-19 headwinds and has announced a positive construction decision for Odyssey Underground at Canadian Malartic.
• While Yamana isn't a leader when it comes to margins, it does have a solid organic growth pipeline, with two major projects providing long-term upside to its current production profile.
• I believe there are better ways to play the sector, but at less than 12x FY2021 annual EPS estimates, I see this pullback as a low-risk area to start a position in the stock.

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