Friday, October 29, 2021

Coeur Mining (CDE)
Lowering Estimates Following 3Q Miss

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in the discovery and mining of gold and silver and generates the vast majority of revenue from the sale of these precious metals. The operating mines of the company are palmarejo, rochester, wharf, and kensington. Its projects are located in the United States, Canada and Mexico, and North America.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Earnings Miss. Coeur reported an adjusted third quarter loss of $2.6 million, or ($0.01) per share, compared to adjusted net income of $38.2 million, or $0.16 per share, during the prior year period. Adjusted EBITDA was $48.8 million and free cash flow amounted to ($49.4) million. We had forecast net income of $16.5 million, or $0.06 per share, and EBITDA of $60.1 million. Variances to our estimates included modestly lower revenue due to production and sales below our estimate, and higher costs applicable to sales. On a GAAP-basis, the company reported a loss of $54.8 million, or $(0.21) per share, which included a lot of items rightfully excluded.


Updating estimates.  We are lowering our 2021 EPS and EBITDA estimates to $0.10 and $223.0 million, respectively, from $0.18 and $237.1 million. The revisions reflect 3Q results and lower operating margin. We have also trimmed our 2022 EPS and EBITDA estimates to $0.32 and $267.4 million from $0.35 and $279.2 million, respectively …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.