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Newmont Corp NEM

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Stock XNYS Rating as of
$41.87 +0.03 (0.07%)
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Company Report

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Commodity Price Update Q3 2024: Value in Mineral Sands, Gold, and Thermal Coal

Jon Mills

Base metals prices surged earlier in the June quarter of 2024 before partially reversing due to concerns over China’s economy. Iron ore prices are broadly stable despite China's struggling property market and weak infrastructure spending, leading to questions over China's steel demand. After updating our commodity price assumptions, no-moat Iluka is the cheapest miner we cover, trading 31% below its unchanged fair value estimate of AUD 9.50.

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Price vs Fair Value

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NEM is trading at a 328% premium.
Price
$41.87
Fair Value
$24.00
Uncertainty
Medium
1-Star Price
$13.10
5-Star Price
$88.30
Economic Moat
Flqdx
Capital Allocation
Xgwyphblf

Bulls Say, Bears Say

Bulls

Newmont is the world’s largest gold miner, with copper and other byproducts providing some diversification, representing around 15% of forecast midcycle revenue from 2028.

Bears

Bigger is not always better in gold mining. Newmont's operations span four continents, increasing complexity and difficulty managing the assets.

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Trading Information

Previous Close Price
$41.84
Day Range
$41.63–42.36
52-Week Range
$29.42–45.92
Bid/Ask
$41.70 / $42.17
Market Cap
$48.28 Bil
Volume/Avg
10.3 Mil / 10.5 Mil

Key Statistics

Price/Earnings (Normalized)
27.37
Price/Sales
2.96
Dividend Yield (Trailing)
3.10%
Dividend Yield (Forward)
2.39%
Total Yield
3.10%

Company Profile

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at the end of December 2023.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Mid Core
Total Number of Employees
—
Website
https://www.newmont.com

Competitors

Valuation

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Metric
NEM
GOLD
AEM
Price/Earnings (Normalized)
 27.3718.7526.72
Price/Book Value
 1.671.251.68
Price/Sales
 2.962.554.68
Price/Cash Flow
 10.086.9711.15
Price/Earnings
NEM
GOLD
AEM

Financial Strength

Metric
NEM
GOLD
AEM
Quick Ratio
 0.572.090.69
Current Ratio
 2.153.322.21
Interest Coverage
 −7.469.989.56
Quick Ratio
NEM
GOLD
AEM

Profitability

Metric
NEM
GOLD
AEM
Return on Assets (Normalized)
 3.70%3.40%3.79%
Return on Equity (Normalized)
 7.22%6.73%5.65%
Return on Invested Capital (Normalized)
 5.73%4.86%5.30%
Return on Assets
NEM
GOLD
AEM
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Gold Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Zijin Mining Group Co Ltd ADR
ZIJMY
—Zgklqzy$61.9 Bil
 Zijin Mining Group Co Ltd Class H
ZIJMF
—Clgdfqs$61.9 Bil
 Newmont Corp Chess Depository Interest
NEMCL
—Kkcq$48.3 Bil
 Agnico Eagle Mines Ltd
AEM
DtzltnrjMypx$32.5 Bil
 Barrick Gold Corp
GOLD
FmdbvlvJnxc$29.2 Bil
 Wheaton Precious Metals Corp
WPM
MvtqbynxXrscy$23.7 Bil
 Franco-Nevada Corp
FNV
—Xyjcxz$22.8 Bil
 Gold Fields Ltd
GFIOF
—Ztvpp$13.3 Bil
 Kinross Gold Corp
KGC
SlbDpqz$10.2 Bil

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