Newmont Corp

NEM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.00	Mzpc	Yccybfhp

Newmont: Shares Remain Undervalued

Jon Mills

May 29, 2024

Despite rising 43% from five-year lows in February 2024, we think shares in no-moat Newmont remain materially undervalued, trading at a 17% discount to our unchanged USD 51 per share fair value estimate. We think the market expects weak production performance and inflated unit costs to continue, affecting margins.

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