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Building It Piece by Piece

After a fourth quarter result that was 13.7% ahead of Edison Group's expectations, it expects Newmont Corporation’s financial performance to be restrained in the first two quarters of FY22, principally as a result of lingering constraints owing to the coronavirus pandemic. However, Edison believes that it will then pick up again strongly and, at current gold prices and have therefore upgraded its FY22 basic adjusted net EPS forecast by 7.8%. Assuming 2.0% per annum real increases in cash flows beyond FY27, our valuation in FY27 increases to US$111.60 cum-dividend and to US$85.50/share as at the start of FY22 with a current share price of US$82.59. Newmont Corporation is the world’s leading gold company with a world-class portfolio of assets in North and South America, Australia and Africa. It is the only gold producer in the S&P 500 Index, and is widely recognised for its ESG practices and as a leader in value creation, safety and mine execution.

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