Tuesday, July 19, 2022

Coeur Mining (CDE)
Lowering Estimates; Maintaining Outperform Rating

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

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

Updating estimates.  We are now forecasting 2022 adjusted EBITDA and EPS of $168.3 million and $0.01 per share, respectively, compared with our previous forecast of $182.1 million and net income of $0.02 per share. Based on lower precious metals prices, we lowered our margin expectations for the second quarter and for the remainder of the year. For 2023, we forecast EBITDA and EPS of $209.7 million and $0.15, respectively.

Second quarter financial results. Coeur Mining will report second quarter 2022 operational and financial results after the market close on August 3, 2022. Management will host a conference call for investors at 11:00 am ET on August 4, 2022. We expect key topics for the call will be: 1) the Rochester expansion, 2) Silvertip, 3) forward sale hedges, and 4) balance sheet strength. …

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.