Mining / Gold
The world's largest gold mining company with operations and assets on five continents.
View forensic reportNewmont trades at 18.9x earnings with gold near all-time highs, a 58% operating margin, and a $132 billion market cap. The Risk Desk sees four specific threats that gold bulls are choosing to ignore.
Newmont at 16x earnings with gold above $2,300. Freeport with Grasberg ramping into a copper deficit. Vale at 6x earnings yielding 10% FCF. The sector is mispriced.
Gold is trading near all-time highs while Newmont sits at 25x earnings with a 2.2% yield. The ceasefire doesn't eliminate the structural demand drivers pushing gold higher.
Newmont's $7.3 billion in free cash flow and 31% profit margin suggest the world's largest gold miner deserves a re-rating the consensus refuses to give it.