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Metals & Mining Analysts' Ratings & Estimates - Seniors
Monday April 21, 2014 10:41Senior Producers, Larger-Cap Near-Term Production
| Aluminum | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Alcoa Inc | AA | 2.8 | US$13.56 | 1078 | $14,618 | 0.33 | 0.45 | 0.63 | 30.3 | 21.5 | 1.48 | 1.35 | 1.60 | 10.0 | 8.5 | 9.5 | 0.9% | |||||||
| Alumina Ltd | AWC | 3.3 | US$1.28 | 2806 | $3,598 | (0.00) | 0.01 | 0.05 | NM | 28.3 | 0.02 | 0.05 | 0.08 | 26.3 | 17.1 | -- | -- | |||||||
| Aluminum Corp China Ltd (ADR) | ACH | 3.4 | CNY$2.38 | 3944 | $1,510 | (0.58) | (0.21) | (0.08) | -- | -- | 0.61 | 0.55 | 0.80 | 4.3 | 3.0 | 21.1 | -- | |||||||
| Century Aluminum | CENX | 2.8 | US$14.08 | 89 | $1,249 | (0.71) | 0.49 | 0.95 | 28.7 | 14.9 | 0.21 | 1.71 | 1.90 | 8.2 | 7.4 | 9.3 | -- | |||||||
| United Company Rusal Ltd (HK) | 486 | 3.1 | US$0.43 | 15193 | $6,564 | (0.03) | 0.02 | 0.05 | 19.2 | 9.3 | 0.03 | 0.02 | 0.04 | 21.2 | 10.8 | 18.8 | -- | |||||||
| Average | 26.1 | 18.5 | 14.0 | 9.3 | 14.6 | |||||||||||||||||||
| Iron Ore | ||||||||||||||||||||||||
| African Minerals Ltd (UK) | AMI | 1.7 | US$2.18 | 332 | $723 | (0.25) | 0.40 | 0.27 | 5.5 | 8.0 | (0.60) | 0.92 | 1.04 | 2.4 | 2.1 | 3.0 | -- | |||||||
| Atlas Iron Ltd (AU) | AGO | 2.7 | AUD$0.97 | 915 | $832 | -- | 0.13 | 0.10 | 7.5 | 9.6 | -- | 0.30 | 0.30 | 3.2 | 3.2 | 2.2 | 3.1% | |||||||
| China Vanadium Titano Mag (HK) | 893 | 3.0 | HK$0.79 | 2075 | $265 | 0.09 | 0.09 | 0.10 | 8.4 | 7.8 | 0.01 | -- | -- | -- | -- | 0.8 | 2.2% | |||||||
| Cliffs Natural Resources | CLF | 3.1 | US$18.65 | 153 | $2,855 | 2.37 | 0.86 | 1.07 | 21.7 | 17.5 | 6.57 | 4.81 | 5.00 | 3.9 | 3.7 | 7.6 | 3.2% | |||||||
| Fortescue Metals Group Ltd (AU) | FMG | 2.2 | US$4.97 | 3114 | $15,476 | -- | 1.01 | 0.86 | 4.9 | 5.8 | -- | 1.42 | 1.11 | 3.5 | 4.5 | 4.0 | 3.8% | |||||||
| Kumba Iron Ore Ltd (SA) | KIO | 3.1 | ZAR$380.00 | 322 | $11,639 | 48.02 | 45.39 | 36.96 | 8.4 | 10.3 | 71.59 | 55.35 | 48.26 | 6.9 | 7.9 | -- | 10.5% | |||||||
| Labrador Iron Ore Royalty (CN) | LIF | 2.4 | C$31.07 | 64 | $1,806 | 2.33 | 2.73 | 2.77 | 11.4 | 11.2 | 1.91 | 2.52 | 2.56 | 12.3 | 12.1 | -- | 3.2% | |||||||
| MMX Mineracao E Metalicos (BZ) | MMXM3 | 3.7 | BRL$2.68 | 162 | $194 | (2.26) | (0.69) | 0.14 | -- | 19.9 | -- | 0.82 | 1.08 | 3.3 | 2.5 | 2.2 | -- | |||||||
| Mount Gibson Iron Limited (AU) | MGX | 3.1 | AUD$0.83 | 1091 | $848 | -- | 0.11 | 0.06 | 7.6 | 13.3 | -- | 0.20 | 0.13 | 4.1 | 6.5 | 2.3 | 4.8% | |||||||
| Average | 9.4 | 11.5 | 4.9 | 5.3 | 3.2 | |||||||||||||||||||
| Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets. | ||||||||||||||||||||||||
| The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items. | ||||||||||||||||||||||||
| Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) | ||||||||||||||||||||||||
| Base Metals & Diversified | ||||||||||||||||||||||||
| Large Cap | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Anglo American PLC (UK) | AAL | 2.7 | US$25.98 | 1397 | $36,277 | 2.09 | 1.95 | 2.25 | 13.3 | 11.5 | 5.31 | 5.09 | 5.56 | 5.1 | 4.7 | -- | 3.7% | |||||||
| Antofagasta PLC (UK) | ANTO | 3.0 | US$13.91 | 986 | $13,715 | 0.67 | 0.84 | 0.87 | 16.5 | 16.0 | -- | 1.81 | 1.72 | 7.7 | 8.1 | 5.6 | 7.6% | |||||||
| BHP Billiton Ltd | BHP | 2.1 | US$35.53 | 3212 | $114,105 | -- | 2.67 | 2.69 | 13.3 | 13.2 | -- | 4.48 | 4.55 | 7.9 | 7.8 | 4.4 | 3.4% | |||||||
| First Quantum Minerals (CN) | FM | 2.0 | US$19.13 | 591 | $11,305 | 0.96 | 1.05 | 1.77 | 18.2 | 10.8 | 1.54 | 2.18 | 3.19 | 8.8 | 6.0 | 6.3 | 1.7% | |||||||
| Freeport McMoran C&G | FCX | 2.2 | US$33.01 | 1038 | $34,278 | 2.66 | 2.55 | 3.10 | 13.0 | 10.7 | 6.04 | 7.33 | 7.76 | 4.5 | 4.3 | 6.1 | 3.8% | |||||||
| Glencore International PLC (UK) | GLEN | 2.4 | US$5.27 | 13278 | $70,042 | 0.33 | 0.37 | 0.50 | 14.1 | 10.6 | 0.83 | 0.84 | 0.97 | 6.3 | 5.5 | 8.7 | 3.1% | |||||||
| Grupo Mexico (MX) | GMEXICOB | 2.2 | US$3.16 | 7805 | $24,627 | 0.23 | 0.21 | 0.26 | 15.1 | 12.2 | 0.38 | 0.21 | 0.30 | 15.3 | 10.4 | 6.8 | 2.2% | |||||||
| KGHM Polska Miedz (PO) | KGH | 3.0 | PLN$112.45 | 200 | $7,424 | 15.09 | 11.63 | 12.09 | 9.7 | 9.3 | 24.63 | 18.30 | 19.35 | 6.1 | 5.8 | -- | 8.7% | |||||||
| MMC Norilsk Nickel (RU) | GMKN | 3.0 | US$153.21 | 158 | $24,245 | 4.73 | 13.63 | 16.39 | 11.2 | 9.3 | 26.64 | 20.95 | 22.68 | 7.3 | 6.8 | 9.9 | 5.8% | |||||||
| Rio Tinto PLC (UK) | RIO | 2.2 | US$55.22 | 1414 | $78,061 | 5.53 | 5.58 | 6.08 | 9.9 | 9.1 | 8.16 | 8.06 | 8.83 | 6.8 | 6.3 | 5.9 | 4.0% | |||||||
| Sesa Sterlite Ltd (ADR) | SSLT | 2.5 | INR$192.70 | 2965 | $9,463 | -- | 17.73 | 28.58 | 10.9 | 6.7 | -- | 65.66 | 68.90 | 2.9 | 2.8 | -- | 0.8% | |||||||
| Southern Copper Corp | SCCO | 2.2 | US$29.84 | 834 | $24,873 | 1.92 | 1.76 | 2.08 | 17.0 | 14.4 | 2.21 | 1.94 | 2.35 | 15.4 | 12.7 | 9.4 | 1.9% | |||||||
| Teck Resources Ltd | TCK | 2.5 | C$24.31 | 567 | $12,520 | 1.74 | 1.17 | 1.78 | 20.8 | 13.7 | 4.98 | 3.59 | 4.43 | 6.8 | 5.5 | 7.1 | 3.7% | |||||||
| Vale SA (ADR) | VALE | 2.4 | US$14.10 | 3186 | $44,918 | 2.38 | 2.01 | 1.84 | 7.0 | 7.7 | 2.87 | 3.05 | 2.96 | 4.6 | 4.8 | 2.6 | 11.3% | |||||||
| Average | 13.6 | 11.1 | 7.5 | 6.5 | 6.6 | |||||||||||||||||||
| Mid Cap | ||||||||||||||||||||||||
| Assore Ltd (SA) | ASR | 3.8 | ZAR$427.01 | 140 | $5,669 | -- | 41.80 | 34.77 | 10.2 | 12.3 | -- | 41.02 | 34.13 | 10.4 | 12.5 | 11.8 | 1.9% | |||||||
| Aurubis AG (GR) | NDA | 2.2 | EUR$39.52 | 45 | $2,454 | -- | 3.64 | 4.03 | 10.9 | 9.8 | -- | 8.05 | 6.34 | 4.9 | 6.2 | -- | 2.8% | |||||||
| Boliden AB (SW) | BOL | 2.8 | SEK$96.30 | 274 | $3,992 | 6.43 | 6.62 | 10.26 | 14.5 | 9.4 | 12.81 | 18.51 | 19.16 | 5.2 | 5.0 | 6.2 | 1.8% | |||||||
| Eramet (FR) | ERA | 2.7 | EUR$93.00 | 27 | $3,410 | (2.82) | 0.60 | 4.33 | NM | 21.5 | 6.14 | 11.12 | 14.58 | 8.4 | 6.4 | 9.3 | -- | |||||||
| Exxaro Resources Ltd (SA) | EXX | 2.4 | ZAR$142.00 | 358 | $4,836 | 14.59 | 16.97 | 15.56 | 8.4 | 9.1 | 6.06 | 15.72 | 14.49 | 9.0 | 9.8 | -- | 3.9% | |||||||
| Hindustan Zinc (IN) | HZ | 1.8 | INR$131.70 | 4225 | $9,218 | 17.20 | 16.95 | 18.03 | 7.8 | 7.3 | -- | 16.75 | 17.86 | 7.9 | 7.4 | -- | 2.4% | |||||||
| Iluka Resources Ltd (AU) | ILU | 2.4 | AUD$9.10 | 419 | $3,570 | 0.14 | 0.21 | 0.64 | 43.3 | 14.3 | -- | 0.91 | 1.26 | 10.1 | 7.2 | 12.6 | 1.0% | |||||||
| Jiangxi Copper Co "H" (HK) | 358 | 2.8 | CNY$10.88 | 1387 | $2,426 | 1.03 | 0.89 | 0.91 | 12.2 | 12.0 | -- | 1.52 | 1.25 | 7.2 | 8.7 | -- | 4.6% | |||||||
| Kazakhmys PLC (UK) | KAZ | 3.2 | US$3.93 | 447 | $1,755 | 0.37 | 0.06 | 0.10 | 60.7 | 40.8 | -- | 0.77 | 0.85 | 5.1 | 4.6 | 5.0 | -- | |||||||
| Lundin Mining Corp (CN) | LUN | 2.0 | US$4.77 | 585 | $2,793 | 0.23 | 0.26 | 0.53 | 18.2 | 9.0 | 0.26 | 0.45 | 0.84 | 10.7 | 5.6 | 8.8 | -- | |||||||
| Sumitomo Metal Mining (JP) | 5713 | 2.5 | JPY$1,450 | 582 | $8,250 | -- | 136.08 | 148.17 | 10.7 | 9.8 | -- | 192.32 | 209.91 | 7.5 | 6.9 | 6.3 | 2.6% | |||||||
| Turquoise Hill Resources | TRQ | 3.0 | US$3.84 | 2012 | $7,719 | (0.09) | 0.09 | 0.06 | 42.1 | 63.8 | (0.49) | 0.25 | 0.23 | 15.6 | 16.8 | -- | -- | |||||||
| Vale Indonesia Tbk PT (ID) | INCO | 2.7 | US$0.31 | 9936 | $3,094 | 0.01 | 0.01 | 0.01 | 33.3 | 23.2 | 0.03 | 0.02 | 0.02 | 19.9 | 13.5 | 11.2 | 1.6% | |||||||
| Vedanta Resources PLC (UK) | VED | 2.8 | US$15.43 | 267 | $4,121 | -- | 0.82 | 1.22 | 18.8 | 12.7 | -- | 14.03 | 15.37 | 1.1 | 1.0 | 5.1 | 4.2% | |||||||
| Average | 22.4 | 18.2 | 8.8 | 8.0 | 8.5 | |||||||||||||||||||
| Small Cap | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Capstone Mining Corp (CN) | CS | 1.9 | US$2.58 | 381 | $983 | 0.02 | 0.30 | 0.29 | 8.6 | 8.9 | 0.23 | 0.55 | 0.55 | 4.7 | 4.7 | 5.4 | -- | |||||||
| China Molybdenum Co Ltd (HK) | 3993 | 2.6 | CNY$2.90 | 1311 | $610 | 0.23 | 0.27 | 0.27 | 10.8 | 10.7 | 0.27 | 0.28 | 0.46 | 10.3 | 6.3 | -- | 4.8% | |||||||
| Hudbay Minerals | HBM | 2.5 | C$8.92 | 193 | $1,564 | (0.02) | 0.22 | 0.95 | 40.4 | 9.4 | 0.84 | 0.61 | 1.78 | 14.5 | 5.0 | 10.3 | 0.2% | |||||||
| Independence Group NL (AU) | IGO | 2.9 | AUD$4.19 | 233 | $916 | -- | 0.34 | 0.41 | 12.1 | 10.2 | -- | 0.66 | 0.77 | 6.3 | 5.4 | 5.9 | 1.0% | |||||||
| Mechel OAO (ADR) | MTL | 3.7 | US$1.99 | 416 | $828 | (2.40) | (0.88) | (0.55) | -- | -- | 0.97 | 0.75 | 1.09 | 2.7 | 1.8 | -- | -- | |||||||
| Mitsui Mining & Smelting (JP) | 5706 | 2.5 | JPY$252 | 573 | $1,413 | -- | 27.16 | 33.20 | 9.3 | 7.6 | -- | 71.28 | 79.78 | 3.5 | 3.2 | 7.0 | 1.2% | |||||||
| MMG Ltd (HK) | 1208 | 2.3 | US$0.26 | 5290 | $1,364 | 0.02 | 0.02 | 0.02 | 13.9 | 10.5 | -- | 0.13 | 0.11 | 2.0 | 2.3 | 4.2 | 3.9% | |||||||
| Nevsun Resources Ltd | NSU | 2.0 | US$3.37 | 199 | $672 | 0.06 | 0.64 | 0.61 | 5.3 | 5.5 | 0.08 | 1.10 | 1.04 | 3.1 | 3.2 | 1.5 | 4.2% | |||||||
| Nyrstar NV (BE) | NYR | 3.6 | EUR$2.77 | 170 | $651 | (0.83) | (0.49) | (0.02) | -- | -- | 1.94 | 0.80 | 1.06 | 3.5 | 2.6 | 5.5 | -- | |||||||
| Outokumpu (FN) | OUT1V | 3.4 | EUR$0.19 | 10387 | $2,726 | (0.15) | (0.02) | 0.01 | -- | 26.0 | 0.01 | 0.01 | 0.03 | 21.5 | 7.1 | 20.6 | -- | |||||||
| Oz Minerals (AU) | OZL | 2.5 | AUD$3.76 | 303 | $1,069 | (0.18) | 0.01 | 0.10 | NM | 36.3 | 0.59 | 0.89 | 1.15 | 4.2 | 3.3 | 3.3 | 5.3% | |||||||
| PanAust Ltd (AU) | PNA | 2.3 | US$1.51 | 636 | $960 | 0.12 | 0.08 | 0.12 | 18.1 | 12.5 | 0.29 | 0.24 | 0.30 | 6.4 | 5.0 | 5.8 | 3.7% | |||||||
| Philex Mining Corp (PH) | PX | 3.3 | PHP$8.90 | 4937 | $989 | -- | 0.54 | 0.45 | 16.5 | 19.6 | -- | 0.62 | 0.62 | 14.3 | 14.4 | 8.8 | 0.6% | |||||||
| Sherritt International (CN) | S | 2.1 | C$4.84 | 297 | $1,307 | (0.21) | (0.24) | 0.19 | -- | 25.3 | 0.34 | 0.47 | 1.00 | 10.2 | 4.8 | 14.0 | 0.8% | |||||||
| Taseko Mines Ltd | TGB | 1.8 | C$2.32 | 194 | $408 | (0.07) | 0.18 | 0.33 | 12.7 | 7.0 | 0.35 | 0.49 | 0.57 | 4.8 | 4.1 | 6.0 | -- | |||||||
| Thompson Creek Metals | TC | 3.2 | US$2.79 | 172 | $479 | (0.13) | (0.09) | 0.15 | -- | 19.2 | 0.26 | 0.64 | 0.72 | 4.3 | 3.9 | 6.5 | -- | |||||||
| Volcan Cia Ninera | VOLABC1 | 2.6 | US$0.39 | 2241 | $874 | 0.06 | 0.08 | 0.08 | 5.2 | 4.9 | -- | -- | -- | -- | -- | 3.4 | 2.9% | |||||||
| Western Areas NL (AU) | WSA | 2.5 | AUD$3.94 | 232 | $858 | -- | 0.13 | 0.28 | 29.9 | 14.2 | -- | 0.51 | 0.65 | 7.8 | 6.0 | 7.7 | 0.3% | |||||||
| Average | 15.2 | 14.2 | 7.3 | 4.9 | 7.2 | |||||||||||||||||||
| Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets. | ||||||||||||||||||||||||
| The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items. | ||||||||||||||||||||||||
| Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) | ||||||||||||||||||||||||
| Gold | ||||||||||||||||||||||||
| Large Cap | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| AngloGold Ashanti Ltd | AU | 3.0 | US$17.46 | 403 | $7,039 | 0.31 | 1.32 | 1.64 | 13.2 | 10.6 | 3.07 | 3.97 | 4.69 | 4.4 | 3.7 | 5.5 | 1.6% | |||||||
| Barrick Gold Corp | ABX | 3.0 | US$17.98 | 1165 | $20,941 | 2.51 | 0.97 | 1.23 | 18.6 | 14.7 | 4.15 | 2.54 | 2.88 | 7.1 | 6.2 | 7.5 | 1.1% | |||||||
| Franco-Nevada | FNV | 2.2 | US$46.31 | 147 | $6,818 | 0.94 | 0.95 | 1.06 | 48.9 | 43.9 | 1.69 | 2.05 | 2.19 | 22.6 | 21.1 | 17.7 | -- | |||||||
| Goldcorp Inc | GG | 2.5 | US$23.60 | 813 | $19,185 | 0.78 | 0.68 | 1.08 | 34.9 | 21.8 | 1.18 | 2.01 | 2.69 | 11.7 | 8.8 | 10.9 | -- | |||||||
| Kinross Gold Corp | KGC | 2.6 | US$4.07 | 1144 | $4,658 | 0.28 | 0.20 | 0.22 | 20.0 | 18.2 | 0.69 | 0.88 | 0.89 | 4.6 | 4.6 | 5.1 | -- | |||||||
| Newcrest Mining Ltd (AU) | NCM | 3.1 | AUD$10.24 | 767 | $7,355 | -- | 0.58 | 0.76 | 17.8 | 13.4 | -- | 1.30 | 1.78 | 7.9 | 5.8 | 8.3 | -- | |||||||
| Newmont Mining | NEM | 3.2 | US$23.54 | 498 | $11,721 | 2.49 | 0.84 | 1.40 | 28.1 | 16.8 | 3.13 | 3.54 | 4.57 | 6.6 | 5.1 | 9.1 | 2.5% | |||||||
| Polyus Gold International (UK) | PGIL | 3.6 | US$3.23 | 3032 | $9,801 | 0.17 | 0.12 | 0.12 | 27.8 | 26.7 | 0.14 | 0.19 | 0.20 | 16.8 | 16.4 | 6.5 | -- | |||||||
| Randgold Resources (ADR) | GOLD | 1.7 | US$78.70 | 93 | $7,280 | 2.98 | 3.47 | 4.29 | 22.7 | 18.3 | 5.04 | 6.19 | 7.41 | 12.7 | 10.6 | 13.8 | 0.6% | |||||||
| Yamana Gold Inc | AUY | 2.4 | US$7.96 | 753 | $5,996 | 0.36 | 0.35 | 0.46 | 22.8 | 17.1 | 0.87 | 0.95 | 1.18 | 8.4 | 6.8 | 8.1 | 1.9% | |||||||
| Average | 25.5 | 20.2 | 10.3 | 8.9 | 9.3 | |||||||||||||||||||
| Mid Cap | ||||||||||||||||||||||||
| African Barrick Gold Ltd (UK) | ABG | 3.2 | US$4.35 | 410 | $1,784 | 0.26 | 0.26 | 0.35 | 16.8 | 12.3 | 0.46 | 0.92 | 1.25 | 4.7 | 3.5 | 5.8 | 0.8% | |||||||
| Agnico-Eagle Mines Ltd | AEM | 2.6 | US$28.39 | 174 | $4,946 | 0.88 | 0.59 | 0.74 | 48.0 | 38.2 | 2.54 | 2.95 | 3.23 | 9.6 | 8.8 | 9.7 | 1.1% | |||||||
| Alamos Gold | AGI | 2.1 | US$9.09 | 127 | $1,158 | 0.56 | 0.09 | 0.19 | 99.4 | 47.9 | 0.68 | 0.47 | 0.59 | 19.5 | 15.5 | 12.6 | 2.2% | |||||||
| B2Gold Corp | BTG | 1.6 | US$2.74 | 676 | $1,849 | 0.10 | 0.11 | 0.17 | 24.3 | 16.4 | 0.22 | 0.25 | 0.38 | 10.9 | 7.2 | 9.8 | -- | |||||||
| Buenaventura (ADR) | BVN | 3.1 | US$12.73 | 275 | $3,499 | (0.40) | 1.08 | 1.24 | 11.8 | 10.3 | 1.65 | 0.82 | 1.10 | 15.6 | 11.6 | 7.0 | 0.2% | |||||||
| Eldorado Gold Corp | EGO | 2.2 | US$5.79 | 716 | $4,147 | 0.27 | 0.23 | 0.26 | 25.6 | 22.5 | 0.53 | 0.49 | 0.54 | 11.7 | 10.6 | 9.5 | 0.3% | |||||||
| Gold Fields Ltd (ADR) | GFI | 3.3 | US$3.94 | 775 | $3,052 | 0.08 | 0.23 | 0.33 | 17.1 | 12.1 | 0.69 | 1.09 | 1.07 | 3.6 | 3.7 | 4.9 | 2.6% | |||||||
| Harmony Gold (ADR) | HMY | 1.0 | US$3.07 | 436 | $1,338 | -- | 0.27 | -- | 11.3 | -- | -- | 0.77 | -- | 4.0 | -- | 2.9 | -- | |||||||
| Iamgold Corp | IAG | 3.3 | US$3.44 | 377 | $1,296 | 0.36 | 0.16 | 0.20 | 22.0 | 17.2 | 0.65 | 0.81 | 1.03 | 4.2 | 3.3 | 4.1 | -- | |||||||
| New Gold Inc | NGD | 2.4 | US$4.98 | 504 | $2,508 | 0.13 | 0.14 | 0.20 | 35.9 | 25.2 | 0.35 | 0.55 | 0.70 | 9.0 | 7.1 | 9.1 | -- | |||||||
| Osisko Mining Corp (CN) | OSK | 2.9 | C$8.00 | 440 | $3,196 | 0.27 | 0.30 | 0.34 | 26.9 | 23.8 | 0.60 | 0.69 | 0.77 | 11.5 | 10.4 | 10.0 | -- | |||||||
| Polymetal International PLC (UK) | POLY | 2.9 | US$10.30 | 389 | $4,012 | 0.30 | 0.56 | 0.63 | 18.3 | 16.4 | 1.19 | 1.12 | 1.26 | 9.2 | 8.2 | 1.6 | 0.9% | |||||||
| Regis Resources Ltd (AU) | RRL | 2.5 | AUD$2.40 | 500 | $1,124 | -- | 0.21 | 0.29 | 11.5 | 8.2 | -- | 0.32 | 0.42 | 7.6 | 5.7 | 6.1 | 6.3% | |||||||
| Royal Gold Inc | RGLD | 2.2 | US$64.70 | 64 | $4,170 | 0.92 | 1.21 | 1.64 | 53.7 | 39.5 | 2.75 | 2.94 | 3.32 | 22.0 | 19.5 | 15.0 | 1.3% | |||||||
| Sibanye Gold Ltd (SA) | SGL | 2.8 | ZAR$26.28 | 741 | $1,853 | 3.48 | 3.17 | 2.16 | 8.3 | 12.2 | 9.57 | 6.67 | 5.47 | 3.9 | 4.8 | 0.0 | 4.3% | |||||||
| Zijin Mining Group (HK) | 2899 | 3.5 | CNY$1.52 | 6008 | $1,464 | 0.10 | 0.10 | 0.10 | 15.0 | 15.3 | -- | 0.25 | 0.30 | 6.1 | 5.1 | 9.1 | 6.6% | |||||||
| Average | 27.9 | 21.2 | 9.6 | 8.3 | 7.3 | |||||||||||||||||||
| Small Cap | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Alacer Gold Corp (CN) | ASR | 2.6 | US$2.32 | 290 | $673 | 0.39 | 0.20 | 0.10 | 11.8 | 23.4 | 0.64 | 0.39 | 0.26 | 5.9 | 9.0 | 3.7 | 0.9% | |||||||
| Allied Nevada Gold | ANV | 3.6 | US$3.62 | 104 | $376 | 0.12 | (0.40) | 0.05 | -- | 77.4 | (0.23) | 0.45 | 0.81 | 8.0 | 4.5 | 10.7 | -- | |||||||
| Argonaut Gold Ltd (CN) | AR | 2.0 | US$3.45 | 154 | $532 | 0.18 | 0.16 | 0.20 | 21.3 | 17.4 | 0.17 | 0.40 | 0.48 | 8.7 | 7.2 | 7.2 | -- | |||||||
| AuRico Gold Inc | AUQ | 2.4 | US$4.07 | 248 | $1,010 | 0.05 | (0.00) | 0.07 | -- | 56.9 | 0.24 | 0.34 | 0.49 | 11.9 | 8.3 | 11.3 | 3.9% | |||||||
| Centamin Egypt (CN) | CEE | 2.0 | US$0.89 | 1140 | $1,015 | 0.17 | 0.12 | 0.10 | 7.6 | 8.5 | 0.21 | 0.17 | 0.17 | 5.2 | 5.2 | -- | -- | |||||||
| Centerra Gold (CN) | CG | 2.6 | US$4.80 | 236 | $1,135 | 0.64 | 0.30 | 0.42 | 16.1 | 11.5 | 2.04 | 1.45 | 1.45 | 3.3 | 3.3 | 1.9 | 3.0% | |||||||
| Gold Resource Corp | GORO | 2.0 | US$4.60 | 54 | $249 | 0.00 | 0.35 | 0.60 | 13.1 | 7.7 | -- | -- | -- | -- | -- | -- | -- | |||||||
| Highland Gold Mining Ltd (UK) | HGM | 1.8 | US$1.12 | 325 | $365 | 0.14 | 0.15 | 0.16 | 7.4 | 7.2 | 0.32 | 0.31 | 0.34 | 3.6 | 3.3 | 3.9 | 8.2% | |||||||
| Hochschild Mining PLC (UK) | HOC | 3.0 | US$2.79 | 367 | $1,023 | (0.15) | (0.01) | 0.18 | -- | 15.6 | 0.19 | 0.42 | 0.60 | 6.6 | 4.7 | -- | -- | |||||||
| Kingsgate Consolidated Ltd (AU) | KCN | 3.7 | AUD$0.99 | 224 | $206 | -- | 0.02 | 0.04 | 45.6 | 27.8 | -- | 0.27 | 0.28 | 3.6 | 3.5 | 5.7 | -- | |||||||
| Kirkland Lake Gold (CN) | KGI | 3.0 | C$3.00 | 70 | $191 | (0.06) | 0.16 | 0.37 | 18.9 | 8.2 | 0.34 | 0.70 | 0.78 | 4.3 | 3.9 | 5.7 | -- | |||||||
| Lake Shore Gold | LSG | 2.8 | C$0.83 | 417 | $314 | (0.02) | 0.03 | 0.02 | 29.0 | 41.5 | 0.17 | 0.22 | 0.22 | 3.8 | 3.7 | 4.6 | -- | |||||||
| Medusa Mining Ltd (UK) | MML | 2.3 | US$1.72 | 208 | $358 | -- | 0.29 | 0.41 | 6.0 | 4.2 | -- | 0.37 | 0.67 | 4.7 | 2.6 | 4.3 | -- | |||||||
| Nord Gold NV (UK) | NORD | 3.1 | US$1.69 | 378 | $639 | 0.31 | 0.24 | 0.00 | 7.2 | NM | 0.82 | 0.89 | 0.76 | 1.9 | 2.2 | -- | 12.9% | |||||||
| Petropavlovsk PLC (UK) | POG | 3.7 | US$1.38 | 198 | $273 | (0.43) | (0.26) | (0.05) | -- | -- | 1.57 | 0.88 | 0.69 | 1.6 | 2.0 | 7.5 | 2.7% | |||||||
| Primero Mining Corp | PPP | 1.8 | US$6.08 | 158 | $963 | 0.36 | 0.15 | 0.29 | 39.4 | 21.3 | 0.64 | 0.65 | 0.85 | 9.4 | 7.2 | 7.7 | -- | |||||||
| Real Gold Mining Ltd (HK) | 246 | -- | CNY$7.07 | 909 | $1,032 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2.2 | -- | |||||||
| Semafo (CN) | SMF | 2.3 | US$3.58 | 276 | $989 | 0.04 | 0.12 | 0.30 | 29.2 | 12.0 | 0.28 | 0.35 | 0.57 | 10.3 | 6.2 | 9.3 | -- | |||||||
| Zhaojin Mining Industry Co Ltd (HK) | 1818 | 3.1 | CNY$3.88 | 874 | $546 | 0.25 | 0.24 | 0.24 | 15.9 | 16.4 | -- | 0.68 | 0.55 | 5.7 | 7.1 | 9.3 | 2.6% | |||||||
| Average | 19.2 | 22.3 | 5.8 | 4.9 | 6.3 | |||||||||||||||||||
| Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets. | ||||||||||||||||||||||||
| The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items. | ||||||||||||||||||||||||
| Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) | ||||||||||||||||||||||||
| Silver | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Alexco Resource Corp | AXU | 4.0 | C$1.42 | 63 | $81 | (0.07) | (0.04) | (0.00) | -- | -- | 0.05 | (0.02) | 0.25 | -- | 5.7 | -- | -- | |||||||
| Coeur d'Alene Mines Corp | CDE | 3.0 | US$8.51 | 103 | $878 | (0.78) | (1.04) | (0.49) | -- | -- | 1.16 | 0.78 | 1.12 | 11.0 | 7.6 | 11.8 | -- | |||||||
| Endeavour Silver Corp | EXK | 2.6 | US$4.15 | 100 | $414 | 0.15 | 0.16 | 0.15 | 26.6 | 26.9 | 0.77 | 0.52 | 0.56 | 8.0 | 7.4 | 6.9 | -- | |||||||
| First Majestic Silver Corp | AG | 2.0 | US$9.24 | 117 | $1,085 | 0.56 | 0.39 | 0.56 | 23.8 | 16.5 | 1.17 | 0.98 | 1.31 | 9.5 | 7.0 | 8.3 | -- | |||||||
| Fortuna Silver Mines | FSM | 2.1 | US$3.78 | 126 | $477 | 0.07 | 0.18 | 0.27 | 20.8 | 14.2 | 0.36 | 0.41 | 0.51 | 9.3 | 7.5 | 6.2 | -- | |||||||
| Fresnillo (UK) | FRES | 2.9 | US$14.57 | 737 | $10,740 | 0.38 | 0.34 | 0.45 | 43.1 | 32.2 | 0.61 | 0.85 | 0.97 | 17.2 | 15.0 | 15.1 | 2.2% | |||||||
| Great Panther Resources | GPL | 3.0 | C$1.06 | 139 | $133 | 0.00 | 0.02 | 0.05 | 46.0 | 20.2 | 0.06 | 0.12 | 0.17 | 8.9 | 6.4 | 7.7 | -- | |||||||
| Hecla Mining Co | HL | 3.0 | US$3.07 | 343 | $1,053 | (0.04) | 0.01 | 0.09 | NM | 34.6 | 0.08 | 0.31 | 0.43 | 9.8 | 7.1 | 9.4 | 0.3% | |||||||
| Mandalay Resources (CN) | MND | 1.8 | US$0.86 | 340 | $294 | 0.09 | 0.08 | 0.08 | 11.3 | 10.8 | 0.21 | 0.17 | 0.19 | 5.0 | 4.6 | 0.0 | 3.7% | |||||||
| Pan American Silver | PAAS | 3.0 | US$12.86 | 152 | $1,948 | (0.32) | 0.24 | 0.35 | 54.5 | 36.5 | 1.43 | 1.15 | 1.25 | 11.2 | 10.3 | 7.2 | 3.9% | |||||||
| Silver Standard | SSRI | 2.5 | US$9.60 | 81 | $775 | (0.84) | (0.49) | (0.06) | -- | -- | 0.24 | 0.36 | 1.02 | 26.4 | 9.4 | 11.8 | -- | |||||||
| Silver Wheaton | SLW | 1.8 | US$21.87 | 357 | $7,816 | 1.08 | 0.94 | 1.11 | 23.3 | 19.8 | 1.50 | 1.46 | 1.68 | 15.0 | 13.0 | 16.4 | 1.3% | |||||||
| Silvercorp | SVM | 2.3 | US$1.95 | 171 | $334 | 0.06 | 0.17 | 0.26 | 11.5 | 7.4 | -- | 0.18 | 0.46 | 10.9 | 4.2 | 5.1 | 0.9% | |||||||
| SilverCrest Mines | SVLC | 1.9 | US$1.71 | 119 | $203 | 0.15 | 0.12 | 0.17 | 14.1 | 9.9 | 0.11 | 0.20 | 0.29 | 8.5 | 5.9 | 8.2 | -- | |||||||
| Tahoe Resources | TAHO | 2.2 | US$21.01 | 147 | $3,078 | (0.45) | 1.13 | 1.28 | 18.6 | 16.4 | (0.45) | 1.38 | 1.60 | 15.2 | 13.1 | 13.2 | -- | |||||||
| Average | 26.7 | 20.4 | 11.8 | 8.3 | 9.1 | |||||||||||||||||||
| Platinum Group Metals | ||||||||||||||||||||||||
| African Rainbow Minerals (SA) | ARI | 2.2 | ZAR$207.94 | 217 | $4,284 | -- | 22.26 | 21.94 | 9.3 | 9.5 | -- | 26.42 | 26.70 | 7.9 | 7.8 | -- | 2.5% | |||||||
| Anglo Platinum Ltd (SA) | AMS | 2.9 | ZAR$505.21 | 270 | $12,956 | 5.56 | 16.49 | 26.17 | 30.6 | 19.3 | 23.29 | 36.34 | 42.13 | 13.9 | 12.0 | 13.3 | -- | |||||||
| Aquarius Platinum Ltd (UK) | AQP | 2.7 | US$0.67 | 471 | $317 | (0.29) | (0.00) | 0.01 | -- | 67.2 | -- | 0.08 | 0.14 | 8.2 | 4.7 | 9.2 | -- | |||||||
| Impala Platinum (SA) | IMP | 3.1 | ZAR$122.01 | 632 | $7,335 | -- | 5.42 | 7.94 | 22.5 | 15.4 | -- | 9.67 | 11.93 | 12.6 | 10.2 | 10.8 | 0.5% | |||||||
| Ivanhoe Mines Ltd (CN) | IVP | 1.8 | US$1.58 | 576 | $911 | (0.19) | (0.23) | (0.19) | -- | -- | (0.36) | (0.19) | (0.15) | -- | -- | 0.0 | -- | |||||||
| Lonmin PLC (UK) | LMI | 2.5 | US$4.89 | 569 | $2,785 | -- | 0.20 | 0.36 | 24.8 | 13.6 | -- | 0.48 | 0.65 | 10.2 | 7.5 | 8.9 | -- | |||||||
| North American Palladium | PAL | 3.8 | US$0.34 | 274 | $86 | (0.21) | (0.07) | 0.01 | -- | 33.2 | 0.03 | 0.04 | 0.14 | 8.3 | 2.4 | 9.0 | -- | |||||||
| Northam Platinum Ltd (SA) | NHM | 2.9 | ZAR$41.56 | 398 | $1,571 | -- | 1.34 | 2.72 | 31.0 | 15.3 | -- | 2.42 | 3.99 | 17.2 | 10.4 | 15.5 | -- | |||||||
| Platinum Group Metals Ltd | PLG | 2.1 | C$1.11 | 551 | $556 | (0.04) | (0.02) | (0.00) | -- | -- | -- | (0.02) | (0.01) | -- | -- | -- | -- | |||||||
| Stillwater Mining Co | SWC | 1.8 | US$15.50 | 120 | $1,854 | 0.47 | 0.48 | 0.79 | 32.2 | 19.7 | 1.26 | 0.49 | 0.91 | 32.0 | 17.0 | 10.8 | -- | |||||||
| Average | 25.1 | 24.1 | 13.8 | 9.0 | 9.7 | |||||||||||||||||||
| Fertilizers | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Agrium Inc | AGU | 2.5 | US$93.10 | 144 | $13,379 | 6.94 | 7.30 | 8.91 | 12.8 | 10.5 | 11.98 | 10.36 | 11.76 | 9.0 | 7.9 | 7.8 | 3.2% | |||||||
| Arab Potash Co (JR) | APOT | 3.5 | JOD$27.91 | 83 | $3,286 | 1.68 | 1.12 | 1.37 | 24.9 | 20.4 | 2.73 | 1.56 | 1.21 | 17.9 | 23.0 | 15.3 | 9.0% | |||||||
| CF Industries | CF | 2.7 | US$242.34 | 54 | $13,162 | 23.60 | 19.67 | 21.09 | 12.3 | 11.5 | 24.78 | 28.57 | 28.75 | 8.5 | 8.4 | 6.5 | 1.7% | |||||||
| Compass Minerals | CMP | 2.8 | US$85.84 | 34 | $2,876 | 3.80 | 4.04 | 4.55 | 21.2 | 18.8 | 7.13 | 5.79 | 8.03 | 14.8 | 10.7 | 11.7 | 2.8% | |||||||
| Incitec Pivot Ltd (AU) | IPL | 2.2 | AUD$2.84 | 1645 | $4,377 | -- | 0.22 | 0.27 | 12.9 | 10.7 | -- | 0.34 | 0.41 | 8.4 | 6.9 | 7.6 | 3.2% | |||||||
| Intrepid Potash | IPI | 3.6 | US$15.11 | 76 | $1,150 | 0.31 | 0.07 | 0.32 | NM | 46.8 | 0.86 | 1.40 | 1.56 | 10.8 | 9.7 | 15.6 | -- | |||||||
| Israel Chemical (IS) | ICL | 2.8 | US$8.92 | 1273 | $11,357 | 0.64 | 0.66 | 0.75 | 13.5 | 11.9 | 0.88 | 0.95 | 1.09 | 9.4 | 8.2 | 9.3 | 9.5% | |||||||
| K & S Aktiengesellschaft (GR) | SDF | 2.9 | EUR$23.30 | 191 | $6,161 | 2.27 | 1.29 | 1.43 | 18.1 | 16.2 | 3.95 | 2.32 | 2.42 | 10.1 | 9.6 | 7.1 | 1.1% | |||||||
| Mosaic Co | MOS | 2.7 | US$48.72 | 390 | $18,993 | -- | 2.83 | 3.53 | 17.2 | 13.8 | 4.76 | 5.02 | 5.87 | 9.7 | 8.3 | 7.8 | 2.1% | |||||||
| Potash Corp | POT | 2.7 | US$34.90 | 852 | $29,720 | 2.09 | 1.66 | 2.03 | 21.1 | 17.2 | 3.68 | 2.52 | 2.87 | 13.9 | 12.2 | 12.0 | 4.0% | |||||||
| Sociedad Quimica Minera (ADR) | SQM | 3.2 | US$32.32 | 120 | $3,891 | 1.77 | 1.52 | 1.75 | 21.3 | 18.4 | -- | 2.61 | 2.52 | 12.4 | 12.8 | 7.0 | 2.8% | |||||||
| Uralkaliy (RU) | URKA | 3.5 | US$4.65 | 2936 | $13,652 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 4.3 | 2.3% | |||||||
| Yara International ASA (NO) | YAR | 2.8 | NOK$272.30 | 279 | $12,700 | 24.79 | 22.66 | 23.35 | 12.0 | 11.7 | 43.69 | 30.61 | 35.65 | 8.9 | 7.6 | 6.6 | 3.7% | |||||||
| Average | 17.0 | 17.3 | 11.1 | 10.4 | 9.1 | |||||||||||||||||||
| Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets. | ||||||||||||||||||||||||
| The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items. | ||||||||||||||||||||||||
| Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) | ||||||||||||||||||||||||
| Uranium | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Cameco Corp | CCJ | 2.3 | C$25.11 | 396 | $9,025 | 1.12 | 0.92 | 1.32 | 27.4 | 19.0 | 1.34 | 1.40 | 2.01 | 17.9 | 12.5 | 17.6 | 1.6% | |||||||
| Denison Mines | DNN | 2.2 | US$1.52 | 485 | $736 | (0.08) | (0.04) | (0.03) | -- | -- | (0.05) | (0.03) | (0.03) | -- | -- | -- | -- | |||||||
| Energy Resources Australia (AU) | ERA | 3.0 | AUD$1.35 | 518 | $655 | (0.23) | (0.27) | (0.22) | -- | -- | (0.03) | 0.04 | 0.10 | 33.3 | 13.4 | -- | -- | |||||||
| Paladin Resources Ltd (AU) | PDN | 3.0 | US$0.42 | 964 | $405 | 0.21 | (0.02) | 0.02 | -- | 18.7 | 0.18 | (0.02) | 0.08 | -- | 5.5 | 22.9 | -- | |||||||
| Uranium Participation Corp (CN) | U | 1.9 | C$5.36 | 117 | $569 | -- | 1.26 | -- | 4.3 | -- | -- | (0.05) | -- | -- | -- | 3.9 | -- | |||||||
| Average | 15.8 | 18.9 | 25.6 | 10.5 | 14.8 | |||||||||||||||||||
| Coal | ||||||||||||||||||||||||
| Large - Mid Cap | Price | Shrs O/S | Mkt Cap | Earnings Per Share | Price/Earnings | Cash Flow Per Share | Price/Cash Flow | EV/EBITDA | Div Yld | |||||||||||||||
| Symbol | Rating | 18-Apr-14 | (MM) | (US$MM) | 2013 | 2014E | 2015E | 2014E | 2015E | 2013 | 2014E | 2015E | 2014E | 2015E | 2014E | % | ||||||||
| Adaro Energy TBK (ID) | ADRO | 2.6 | US$0.09 | 31986 | $2,746 | 0.01 | 0.01 | 0.01 | 8.7 | 8.4 | -- | 0.01 | 0.02 | 5.9 | 4.8 | -- | 2.9% | |||||||
| Alpha Natural Resources | ANR | 3.1 | US$4.40 | 221 | $974 | (2.15) | (2.31) | (1.71) | -- | -- | 0.49 | 0.37 | 1.22 | 11.8 | 3.6 | 14.6 | -- | |||||||
| Banpu Public Co Ltd (TH) | BANPU | 2.8 | THB$28.50 | 2582 | $2,284 | 1.22 | 1.81 | 2.25 | 15.8 | 12.7 | 5.11 | 4.96 | 5.47 | 5.7 | 5.2 | -- | 4.2% | |||||||
| China Coal Energy Co (HK) | 1898 | 3.3 | CNY$3.46 | 4107 | $2,287 | 0.29 | 0.27 | 0.31 | 12.8 | 11.3 | 0.51 | 0.84 | 0.91 | 4.1 | 3.8 | 9.0 | 2.3% | |||||||
| China Shenhua Energy Co (HK) | 1088 | 2.2 | HK$17.72 | 3399 | $9,684 | 2.27 | 2.09 | 2.17 | 8.5 | 8.2 | 2.73 | 3.51 | 3.53 | 5.0 | 5.0 | 4.7 | 5.1% | |||||||
| Consol Energy | CNX | 2.0 | US$41.81 | 230 | $9,607 | 2.54 | 0.98 | 1.69 | 42.5 | 24.8 | 2.86 | 3.45 | 4.58 | 12.1 | 9.1 | 11.9 | 0.6% | |||||||
| Fushan Int'l Energy Group (HK) | 639 | 2.9 | HK$2.49 | 5302 | $1,703 | 0.21 | 0.18 | 0.19 | 13.5 | 13.0 | -- | 0.31 | 0.30 | 8.0 | 8.4 | -- | 4.2% | |||||||
| Neyveli Lignite Corp (IN) | NLC | 1.0 | INR$69.55 | 1678 | $1,933 | -- | 9.54 | -- | 7.3 | -- | -- | -- | -- | -- | -- | -- | 4.0% | |||||||
| New Hope Corp Ltd (AU) | NHC | 2.9 | AUD$2.97 | 831 | $2,312 | -- | 0.08 | 0.11 | 39.2 | 26.5 | -- | 0.13 | 0.17 | 22.3 | 17.2 | 13.2 | 3.7% | |||||||
| Peabody Energy | BTU | 2.1 | US$16.71 | 271 | $4,534 | 0.34 | (0.25) | 0.59 | -- | 28.5 | -- | 2.39 | 3.34 | 7.0 | 5.0 | 11.0 | 2.0% | |||||||
| PT Tambang Batubara Bukit (ID) | PTBA | 2.5 | IDR$9,700 | 2304 | $1,955 | 822.00 | 765.59 | 887.08 | 12.7 | 10.9 | 923.84 | 674.76 | 903.39 | 14.4 | 10.7 | 8.7 | 4.8% | |||||||
| Yanzhou Coal Mining Co Ltd (HK) | 1171 | 3.4 | CNY$4.99 | 1958 | $1,571 | 0.14 | 0.38 | 0.44 | 13.2 | 11.2 | (0.45) | 1.42 | 1.47 | 3.5 | 3.4 | 8.8 | 0.4% | |||||||
| Average | 17.4 | 15.6 | 9.1 | 6.9 | 10.5 | |||||||||||||||||||
| Small Cap | ||||||||||||||||||||||||
| Arch Coal | ACI | 3.0 | US$5.01 | 212 | $1,064 | (1.08) | (1.56) | (1.01) | -- | -- | 0.26 | 0.48 | 0.78 | 10.4 | 6.5 | 16.8 | 0.2% | |||||||
| Borneo Lumbung Energi & Mtl (ID) | BORN | -- | IDR$115 | 17693 | $178 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 4.7 | -- | |||||||
| China Qinfa Group Ltd (HK) | 866 | 3.0 | CNY$0.26 | 2078 | $88 | 0.01 | 0.16 | -- | 1.7 | -- | -- | -- | -- | -- | -- | 6.7 | 3.0% | |||||||
| Cloud Peak Energy | CLD | 2.3 | US$20.75 | 61 | $1,273 | 0.73 | 0.18 | 0.49 | NM | 42.4 | 2.96 | 2.31 | 2.59 | 9.0 | 8.0 | 7.9 | -- | |||||||
| New World Resources (UK) | NWRN | 4.0 | EUR$0.47 | 265 | $173 | (0.87) | (0.49) | (0.27) | -- | -- | (0.16) | (0.07) | 0.23 | -- | 2.0 | 18.1 | -- | |||||||
| PT Bumi Resources (ID) | BUMI | 3.4 | US$0.02 | 20773 | $382 | (0.03) | (0.01) | (0.00) | -- | -- | -- | 0.01 | 0.02 | 1.8 | 0.9 | 8.6 | -- | |||||||
| SouthGobi Resources (CN) | SGQ | 3.4 | US$0.57 | 187 | $107 | (0.52) | (0.21) | (0.26) | -- | -- | 0.04 | 0.03 | 0.07 | 18.8 | 8.3 | 36.6 | -- | |||||||
| Walter Energy | WLT | 3.0 | US$7.91 | 63 | $495 | (3.37) | (4.82) | (2.41) | -- | -- | (0.43) | 0.16 | 1.66 | 48.2 | 4.8 | 22.4 | 0.5% | |||||||
| Average | 1.7 | 42.4 | 17.7 | 5.1 | 15.2 | |||||||||||||||||||
| Limited Partnership | ||||||||||||||||||||||||
| Alliance Resource Partners LP | ARLP | 2.3 | US$84.60 | 37 | $3,133 | 7.26 | 7.24 | 8.42 | 11.7 | 10.0 | 19.07 | 12.17 | 13.70 | 7.0 | 6.2 | 5.1 | 5.7% | |||||||
| Natural Resource Partners LP | NRP | 2.7 | US$16.17 | 110 | $1,776 | 1.54 | 1.22 | 1.38 | 13.3 | 11.7 | 2.25 | 1.84 | 2.03 | 8.8 | 8.0 | 10.5 | 8.7% | |||||||
| Penn Virginia Resource Prtns LP | PVR | 1.9 | US$16.95 | 66 | $1,111 | (0.49) | 0.09 | 0.55 | NM | 30.7 | 4.20 | 5.54 | 6.81 | 3.1 | 2.5 | -- | -- | |||||||
| Rhino Resources Inc | RNO | 2.7 | US$13.81 | 29 | $402 | 0.44 | 0.22 | 0.33 | 62.8 | 42.5 | 1.84 | 1.16 | 0.95 | 12.0 | 14.5 | 7.6 | 12.9% | |||||||
| Average | 29.3 | 23.7 | 7.7 | 7.8 | 7.7 | |||||||||||||||||||
| Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets. | ||||||||||||||||||||||||
| The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items. | ||||||||||||||||||||||||
| Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) | ||||||||||||||||||||||||
| Recent and Forecast Commodity Prices | ||||||||||||||||||||||||
| Cash Price (18-Apr-14) | 2010 | 2011 | 2012 | 2013 | 2014E | 2015E | 2016E | 2017E | 2018E | |||||||||||||||
| Aluminum ($0.83 / lb) | $0.99 | $1.09 | $0.92 | $0.84 | $0.85 | $0.91 | $0.95 | $1.01 | $1.08 | |||||||||||||||
| Copper ($3.01 / lb) | $3.43 | $4.00 | $3.61 | $3.33 | $3.25 | $3.22 | $3.22 | $3.25 | $3.35 | |||||||||||||||
| Lead ($0.96 / lb) | $0.97 | $1.09 | $0.94 | $0.97 | $0.98 | $1.00 | $1.01 | $1.01 | $0.98 | |||||||||||||||
| Nickel ($8.16 / lb) | $9.91 | $10.38 | $7.95 | $6.81 | $6.81 | $7.17 | $7.59 | $7.95 | $8.93 | |||||||||||||||
| Zinc ($0.93 / lb) | $0.98 | $1.00 | $0.88 | $0.87 | $0.94 | $0.98 | $1.03 | $1.08 | $1.15 | |||||||||||||||
| Gold ($1295 / oz) | $1,226 | $1,571 | $1,668 | $1,411 | $1,296 | $1,316 | $1,325 | $1,330 | $1,344 | |||||||||||||||
| Palladium ($794 / oz) | $528 | $733 | $643 | $725 | $781 | $819 | $866 | $686 | $875 | |||||||||||||||
| Platinum ($1408 / oz) | $1,611 | $1,719 | $1,549 | $1,485 | $1,560 | $1,627 | $1,681 | $1,650 | $1,808 | |||||||||||||||
| Silver ($19.65 / oz) | $20.24 | $35.29 | $31.13 | $23.82 | $22.12 | $22.45 | $22.71 | $22.80 | $22.16 | |||||||||||||||
| Uranium ($33.00 / lb) | $45.97 | $56.32 | $48.97 | $40.42 | $43.17 | $55.92 | $67.71 | $68.56 | $80.00 | |||||||||||||||
| Base metal prices are LME cash prices quoted in US$ per lb. Precious metal prices are London spot prices quoted in US$ per oz. | ||||||||||||||||||||||||
Bill Matlack is associated with Scarsdale Equities LLC, a registered broker/dealer and member FINRA, SIPC.
William Matlack
Scarsdale Equities LLC
10 Rockefeller Plaza - Suite 720
New York, NY 10020
(646) 775-4829
wmatlack@scarsdale-equities.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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