Newmont Corp

NGT: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 59.00	Ysrpc	Rkpvmxcmg

Newmont: We Extend Coverage to Its Australian-Listed CDIs; Shares Undervalued

Jon Mills

Nov 21, 2023

We retain our fair value estimate for no-moat Newmont of USD 53 per share after updating our forecasts to incorporate the acquisition of Newcrest and the latter’s financials at end of September 2023. We also extend our coverage to Newmont’s Australian-listed CDIs with an initial fair value estimate of AUD 82 per share. We do not assign an economic moat to the enlarged Newmont and reiterate our Medium Uncertainty Rating for the company.

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