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Newcrest Mining Ltd - Stock Quote NCM

Rating as of

Morningstar's Newcrest Mining Ltd Stock Analysis

Valuation
Currency in AUD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Retaining Our Newcrest FVE of AUD 33 Following Transition in Analyst Coverage

Analyst Note

| Jon Mills, CFA |

We transfer coverage of Newcrest Mining to a new analyst with a no-moat rating and AUD 33 per share fair value estimate. This reflects our recently updated forecasts for gold and copper prices, which were incorporated into the prior fair value estimate and which we reiterate. Our higher gold and copper price forecasts are partially offset by a stronger AUD/USD rate, increased unit costs, and a reduction in our fair value estimate for the Wafi-Golpu project in Papua New Guinea.

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Newcrest Mining Ltd's Company Profile

Business Description

Newcrest is an Australia-based gold and, to a lesser extent, copper miner. Operations are mainly in Australia and Papua New Guinea. The company also owns a 32% stake in the Fruta Del Norte gold mine in Ecuador, while the acquisition of Brucejack in 2022 adds to its 70% stake in the Red Chris mine in Canada. The company is likely to produce around 2 million ounces of gold per year over the next decade, making it one of the larger global gold producers but still only accounting for less than 2% of total supply. Cash costs are below the industry average and amongst the lowest of the global gold miners, underpinned by improvements at Lihir and Cadia. Organic growth options include its Havieron prospect, the Red Chris underground mine, and the high-grade Wafi-Golpu copper-gold prospect in PNG.

Contact
600 Saint Kilda Road, Level 8
Melbourne, VIC, 3004, Australia
T +61 395225333
Sector Basic Materials
Industry Gold
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 1,947

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