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Agnico Eagle Mines Ltd AEM

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Stock XTSE Rating as of
CAD 95.14 +1.65 (1.76%)
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Company Report

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Commodity Price Update Q3 2024: Value in Mineral Sands, Gold, and Thermal Coal

Jon Mills

Base metals prices surged earlier in the June quarter of 2024 before partially reversing due to concerns over China’s economy. Iron ore prices are broadly stable despite China's struggling property market and weak infrastructure spending, leading to questions over China's steel demand. After updating our commodity price assumptions, no-moat Iluka is the cheapest miner we cover, trading 31% below its unchanged fair value estimate of AUD 9.50.

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Price vs Fair Value

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AEM is trading within a range we consider fairly valued.
Price
CAD 95.14
Fair Value
CAD 92.00
Uncertainty
Medium
1-Star Price
CAD 355.68
5-Star Price
CAD 65.80
Economic Moat
Bzqm
Capital Allocation
Czcjjsq

Bulls Say, Bears Say

Bulls

Agnico Eagle has around 15 years of reserves at end December 2023, with various opportunities to incrementally increase gold production in coming years.

Bears

The company’s production sits within the second quartile of the gold cost curve, meaning it is more leveraged to changes in the gold price than its lower-cost competitors.

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Trading Information

Previous Close Price
CAD 93.49
Day Range
CAD 93.88–96.09
52-Week Range
CAD 59.36–96.20
Bid/Ask
CAD 95.08 / CAD 95.17
Market Cap
CAD 47.40 Bil
Volume/Avg
1.2 Mil / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
28.81
Price/Sales
5.04
Dividend Yield (Trailing)
2.28%
Dividend Yield (Forward)
2.29%
Total Yield
2.35%

Company Profile

Agnico Eagle is a gold miner with mines in Canada, Mexico, Finland, and Australia. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines online in rapid succession in the following years. It merged with Kirkland Lake Gold in 2022, acquiring the Detour Lake and Macassa mines in Canada along with the high-grade, low-cost Fosterville mine in Australia. It produced more than 3.4 million gold ounces in 2023 and had about 15 years of gold reserves at end 2023. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions and bought the remaining 50% of its Canadian Malartic mine along with the Wasamac project and other assets from Yamana Gold in 2023.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Large Growth
Total Number of Employees
10,447
Website
https://www.agnicoeagle.com

Competitors

Valuation

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Metric
AEM
NEM
GOLD
Price/Earnings (Normalized)
 28.8129.0919.61
Price/Book Value
 1.801.781.30
Price/Sales
 5.043.152.66
Price/Cash Flow
 12.0210.717.28
Price/Earnings
AEM
NEM
GOLD

Financial Strength

Metric
AEM
NEM
GOLD
Quick Ratio
 0.690.572.09
Current Ratio
 2.212.153.32
Interest Coverage
 9.56−7.469.98
Quick Ratio
AEM
NEM
GOLD

Profitability

Metric
AEM
NEM
GOLD
Return on Assets (Normalized)
 3.79%3.70%3.40%
Return on Equity (Normalized)
 5.65%7.22%6.73%
Return on Invested Capital (Normalized)
 5.30%5.73%4.86%
Return on Assets
AEM
NEM
GOLD
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Gold Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Zijin Mining Group Co Ltd ADR
ZIJMY
—Gxmqpd$64.8 Bil
 Zijin Mining Group Co Ltd Class H
ZIJMF
—Ycyrbp$64.8 Bil
 Newmont Corp Chess Depository Interest
NEMCL
—Bkzj$51.3 Bil
 Newmont Corp
NEM
PnbnvsfcWfxn$51.3 Bil
 Agnico Eagle Mines Ltd
AEM
HzvybxfRrd$34.8 Bil
 Barrick Gold Corp
GOLD
FgvpyfqCxfr$30.7 Bil
 Wheaton Precious Metals Corp
WPM
RmcgytddvSmsmt$25.3 Bil
 Franco-Nevada Corp
FNV
—Frfwxnr$23.8 Bil
 Gold Fields Ltd
GFIOF
—Vjxn$13.9 Bil
 Kinross Gold Corp
KGC
ZsvbYcfb$10.4 Bil

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