Wednesday, April 12, 2023
Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Expectations for 2023. In February, Coeur provided 2023 gold and silver production guidance of 320.0 to 370.0 thousand ounces and 10.0 to 12.0 million ounces, respectively. Production is weighted toward the second half of the year due to the impact of the Rochester expansion and higher gold production at Wharf. Operationally, we expect the third quarter to be the company’s strongest based on the Rochester mine’s production profile.
Updating estimates. We have lowered our 2023 EBITDA and EPS estimates to $132.7 million and $(0.23) from $158.1 million and $0.00. We have refined our quarterly production estimates and also raised our cost estimates. We note that the company’s guidance on taxes could result in variances to our EPS estimates. While the company expects first quarter cash taxes in the range of $14 to $18 million, we note that cash taxes paid and recorded income tax expense may differ. We have also adjusted our EBITDA estimate to reflect certain items such as inventory adjustments.
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*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.