2024-05-16 15:41:19 ET
Summary
- Newmont's stock has delivered a 40% total return since February, outperforming the broader market.
- The company delivered a solid Q1 performance and expectations around the next earnings release are quite bullish.
- Gold prices continue to soar, and Newmont has been quite efficient in absorbing positive industry trends. However, ramping up CAPEX amid the gold rush increases risks for investors.
- My valuation analysis suggests that all positive catalysts are already priced in by the market and the stock is around 13% overvalued.
Investment thesis
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For further details see:
Newmont: Optimism Priced In (Rating Downgrade)