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Kinross Gold Corp K

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Stock XTSE Rating as of
CAD 11.54 +0.21 (1.85%)
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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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K is trading at a 498% premium.
Price
CAD 11.54
Fair Value
CAD 9.00
Uncertainty
High
1-Star Price
CAD 49.40
5-Star Price
CAD 7.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Tasiast and Paracatu, Kinross' two largest operations by production, sit within the lower half of the industry cost curve.

Bears

Kinross sits around the middle of the gold cost curve, making it more leveraged to movements in gold prices compared with its lower-cost competitors.

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Trading Information

Previous Close Price
CAD 11.33
Day Range
CAD 11.41–11.65
52-Week Range
CAD 5.91–11.65
Bid/Ask
CAD 11.50 / CAD 11.60
Market Cap
CAD 14.18 Bil
Volume/Avg
2.8 Mil / 3.5 Mil

Key Statistics

Price/Earnings (Normalized)
18.01
Price/Sales
2.41
Dividend Yield (Trailing)
1.41%
Dividend Yield (Forward)
1.43%
Total Yield
1.41%

Company Profile

Kinross Gold is a Canada-based gold producer, producing roughly 2.2 million gold equivalent ounces in 2023. The company had about a decade of gold reserves at the end of 2023. It operates mines in the Americas and West Africa after selling its low-cost Russian operations in 2022 in response to the invasion of Ukraine. The company has historically used acquisitions to fuel expansion into new regions and production growth. In 2022, Kinross purchased the Great Bear project in Canada, which, if developed, could produce an average of more than 500,000 ounces of gold per year for at least a decade.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Mid Core
Total Number of Employees
6,600
Website
https://www.kinross.com

Competitors

Valuation

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Metric
K
NEM
GOLD
Price/Earnings (Normalized)
 18.0129.0919.61
Price/Book Value
 1.711.781.30
Price/Sales
 2.413.152.66
Price/Cash Flow
 6.7510.717.28
Price/Earnings
K
NEM
GOLD

Financial Strength

Metric
K
NEM
GOLD
Quick Ratio
 0.330.572.09
Current Ratio
 1.152.153.32
Interest Coverage
 12.62−7.469.98
Quick Ratio
K
NEM
GOLD

Profitability

Metric
K
NEM
GOLD
Return on Assets (Normalized)
 5.47%3.70%3.40%
Return on Equity (Normalized)
 9.56%7.22%6.73%
Return on Invested Capital (Normalized)
 6.92%5.73%4.86%
Return on Assets
K
NEM
GOLD
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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
—Cpmcv$64.8 Bil
 Zijin Mining Group Co Ltd Class H
ZIJMF
—Mddvgc$64.8 Bil
 Newmont Corp Chess Depository Interest
NEMCL
—Cvzr$51.3 Bil
 Newmont Corp
NEM
JbljndtpzFzws$51.3 Bil
 Agnico Eagle Mines Ltd
AEM
PwnmhqqrMntdm$34.8 Bil
 Barrick Gold Corp
GOLD
HlhqxlrThg$30.7 Bil
 Wheaton Precious Metals Corp
WPM
HsjdmftlyYskpm$25.3 Bil
 Franco-Nevada Corp
FNV
—Lvhcvxt$23.8 Bil
 Gold Fields Ltd
GFIOF
—Bqmjbx$14.2 Bil
 Kinross Gold Corp
KGC
FzbtTfvpd$10.4 Bil

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