Tag: CDE

Coeur Mining (CDE) – First Quarter Results Mostly In Line with Expectations

Posted on by cpereira@noblefcm.com


Thursday, May 11, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

First quarter 2023 financial results. First quarter revenue totaled $187.3 million compared to $210.1 million in the prior period and $188.4 million in the first quarter of 2022. Coeur reported an adjusted first quarter loss of $33.1 million or $(0.11) per share compared to our first quarter loss estimate of $33.8 million or $(0.11) per share and the median loss estimate of $30.7 million or $(0.10) per share. On a GAAP basis, the first quarter loss was $24.6 million or $(0.08) per share. First quarter adjusted EBITDA amounted to $25.1 million. Free cash flow during the first quarter amounted to $(109.0) million, inclusive of capital expenditures totaling $74 million.

Guidance reaffirmed. First quarter gold and silver ounces produced were 69.0 thousand and 2.5 million, respectively, while gold and silver ounces sold were 70.9 thousand and 2.6 million. We had forecast gold and silver production of 69.2 thousand and 2.3 million ounces, respectively. Silver production at the Rochester mine was ahead of our estimate. Coeur reaffirmed its 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 mine plan sequencing and the anticipated ramp-up and commissioning of the Rochester expansion. Operationally, we expect the third quarter to be the company’s strongest based on the Rochester mine’s production profile.


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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. 

Coeur Mining (CDE) – Lowering 2023 Expectations

Posted on by cpereira@noblefcm.com


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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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Coeur Mining (CDE) – No Big Surprises

Posted on by cpereira@noblefcm.com


Friday, February 24, 2023

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

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

Fourth quarter and full year 2022 financial results. Coeur reported adjusted fourth quarter and full year 2022 losses per share of $(0.06) and $(0.32), respectively, and in line with our estimates. Fourth quarter and full year adjusted EBITDA were $35.9 million and $139.0 million. Full year gold and silver ounces produced were 330.3 thousand and 9.8 million, respectively, while ounces sold were 330.0 thousand and 9.8 million. Free cash flow during the fourth quarter and full year 2022 amounted to $(84.5) million and $(326.7) million due in part to heavy capital expenditures of $113.1 million and $352.4 million, respectively. On balance, financial results were in line with our expectations.

Completion of the Rochester expansion is expected by mid-2023. As of December 31, 2022, approximately $605 million of the $650 million to $670 million project cost has been committed, while $494 million had been incurred.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Coeur Mining (CDE) – Investor Day Highlights

Posted on by cpereira@noblefcm.com


Monday, December 19, 2022

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

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

Investor Day. During a recent investor day webinar, Coeur provided more details about the progress of its Rochester expansion and Silvertip development projects. Additionally, the company provided gold and silver production forecasts through 2025, along with estimates for costs applicable to sales and development capital expenditures. Coeur projects that gold and silver will account for 65% and 35%, respectively, of its 2025 metals mix compared to 70% and 30% in 2021.

Rochester expansion. The expansion is intended to extend the life of the Rochester mine in Nevada. It is roughly 69% complete with construction on track to be completed in mid-2023. Production will steadily increase in the second half of 2023. The total estimated cost is $650 million to $670 million with fourth quarter 2022 and full year 2023 expenditures expected to be in the range of $80 million to $90 million and $197 million to $207 million, respectively. Coeur anticipates de-levering the balance sheet once the Rochester expansion is completed in mid-2023.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Coeur Mining (CDE) – Getting the Rochester Expansion Past the Finish Line

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

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

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

Third quarter 2022 results. Coeur reported a third quarter adjusted net loss of $44.7 million or $(0.16) per share compared to a net loss of $2.9 million or $(0.01) per share during the prior year period. We had forecast a net loss of $3.0 million or $(0.01) per share. Sales were lower and costs applicable to sales were higher than our estimates. Free cash flow was $(115.7) million. For the nine months ended September 30, the company generated adjusted EBITDA in the amount of $103.1 million and free cash flow of $(242.2) million.

Updating estimates. We have lowered our 2022 EBITDA and EPS estimates to $136.3 million and $(0.31), respectively, from $151.8 million and $(0.12). Revisions to our 2022 estimates reflect third quarter results and lower commodity price assumptions in the fourth quarter. Our 2023 estimates remain unchanged.


Get the Full Report

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.