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Coeur D'alene Mines (CDE)
NYSE:CDE
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Coeur Mining
(NYSE:CDE)65Neutral
Positive Factors
Acquisition Impact
The acquisition of SilverCrest Metals adds consistent, low-cost silver-equivalent production of approximately 10 million ounces per year from the Las Chispas mine to Coeur's production portfolio.
Leverage and Financial Health
Leverage declined to 1.6x, and significant de-leveraging is expected driven by the Rochester expansion and the recent acquisition.
Negative Factors
Earnings Performance
Q4 EPS of $0.11 was below consensus estimates, and production of gold and silver was modestly below forecasts.
Coeur Mining (CDE) vs. S&P 500 (SPY)
Market Cap
$3.29B
Dividend YieldN/A
Average Volume (3M)21.01M
Price to Earnings (P/E)35.7
Beta (1Y)2.50
Revenue Growth27.30%
EPS GrowthN/A
CountryUS
Employees2,074
SectorBasic Materials
Sector Strength56
IndustryMining
Share Statistics
EPS (TTM)0.14
Shares Outstanding638,557,860
10 Day Avg. Volume26,012,594
30 Day Avg. Volume21,009,452
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.12
Price to Cash Flow (P/CF)12.90
P/FCF Ratio20.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.88Price Target Upside71.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Coeur Mining Business Overview & Revenue Model
Company DescriptionCoeur Mining, Inc. is a well-established, publicly traded precious metals mining company based in the United States. It primarily focuses on the discovery, development, and operation of gold and silver mineral properties. With a diverse portfolio of mines located in North America, including key operations in Nevada, Alaska, and South Dakota, Coeur Mining is committed to responsible mining practices and sustainable development. The company employs advanced mining techniques and technologies to maximize resource extraction while minimizing environmental impact.
How the Company Makes MoneyCoeur Mining generates revenue through the extraction, production, and sale of gold and silver from its mining operations. The company's primary revenue streams include the sale of these precious metals, which are priced based on current market conditions. Coeur Mining also engages in exploration activities to discover new mineral reserves, which can lead to increased production capacity and future revenue growth. Additionally, the company may enter into joint ventures or strategic partnerships to enhance operational efficiency and share in the development costs of new mining projects. By focusing on optimizing production processes and managing costs, Coeur Mining aims to maximize profitability and shareholder value.
Coeur Mining Financial Statement Overview
Summary
Coeur Mining's financial performance has shown significant improvement, with increased revenue, profitability, and a strong balance sheet devoid of debt. Despite these positives, there are ongoing challenges with cash flow due to high capital expenditures, which might affect future financial flexibility.Income Statement
Coeur Mining showed significant improvement in its income statement metrics. The gross profit margin increased with a substantial rise in total revenue, indicating better operational efficiency. The net profit margin turned positive, reflecting a turnaround from losses in previous years. Revenue growth rate was robust year-over-year, driven by increased commodity prices and operational efficiency. However, historical volatility in EBIT and EBITDA margins suggests potential risks.75
Positive
Balance Sheet
The balance sheet exhibits a strong equity position with no total debt, improving the debt-to-equity ratio significantly. Stockholders' equity has increased, enhancing the equity ratio and indicating a healthy financial structure. Return on equity has turned positive, reflecting profitability improvements. The transition from leveraging debt to maintaining high equity levels reduces financial risk.80
Positive
Cash Flow
Cash flow from operations improved, yet free cash flow remained negative due to high capital expenditures. The operating cash flow to net income ratio is solid, showcasing efficient cash conversion. However, the free cash flow to net income ratio indicates challenges in generating positive free cash flow despite net income improvements, suggesting a need for better capital expenditure management.60
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 808.38M | 1.05B | 821.21M | 785.64M | 832.83M | 785.46M | Gross Profit |
| 132.83M | 322.84M | 88.49M | 67.48M | 192.97M | 213.74M | EBIT |
| 9.21M | 164.18M | -36.11M | 27.08M | 29.80M | 75.78M | EBITDA |
| 34.85M | 300.24M | 76.87M | 85.21M | 160.39M | 226.52M | Net Income Common Stockholders |
| -135.28M | 58.90M | -103.61M | -78.11M | -31.32M | 25.63M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 55.09M | 55.09M | 61.63M | 93.50M | 56.66M | 92.79M | Total Assets |
| 2.30B | 2.30B | 2.08B | 1.85B | 1.73B | 1.40B | Total Debt |
| 601.66M | 601.66M | 555.28M | 515.93M | 487.50M | 275.50M | Net Debt |
| 546.57M | 546.57M | 493.65M | 454.47M | 430.84M | 182.71M | Total Liabilities |
| 1.18B | 1.18B | 1.06B | 957.13M | 934.16M | 710.50M | Stockholders Equity |
| 2.17B | 2.17B | 1.02B | 889.02M | 800.26M | 693.48M |
| Cash Flow | Free Cash Flow | ||||
| -241.79M | -8.95M | -297.33M | -326.74M | -199.30M | 49.43M | Operating Cash Flow |
| 73.00M | 174.23M | 67.29M | 25.62M | 110.48M | 148.71M | Investing Cash Flow |
| -298.69M | -193.51M | -303.70M | -146.16M | -304.08M | -65.67M | Financing Cash Flow |
| 175.85M | 13.89M | 236.05M | 125.03M | 158.14M | -46.53M |
Coeur Mining Technical Analysis
Negative
5.17
Price Trends
6.19
Negative
6.38
Negative
6.22
Negative
Market Momentum
-0.38
Positive
32.71
Neutral
11.27
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDE, the sentiment is Negative. The current price of 5.17 is below the 20-day moving average (MA) of 6.26, below the 50-day MA of 6.19, and below the 200-day MA of 6.22, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 32.71 is Neutral, neither overbought nor oversold. The STOCH value of 11.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDE.
Coeur Mining Risk Analysis
Coeur Mining disclosed 34 risk factors in its most recent earnings report. Coeur Mining reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Coeur Mining Peers Comparison
Overall Rating
UnderperformOutperform
Sector (47)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$12.36B | 81.16 | 2.37% | 1.68% | 23.70% | ― | |
71 Outperform | $1.96B | 58.01 | 1.77% | ― | 40.02% | ― | |
69 Neutral | $3.24B | 90.64 | 1.76% | 0.78% | 29.12% | ― | |
65 Neutral | $3.29B | 35.72 | 2.72% | ― | 27.30% | ― | |
54 Neutral | $1.31B | ― | -7.13% | ― | -4.65% | -304.16% | |
53 Neutral | $3.76B | ― | -5.68% | 0.36% | -9.39% | 54.38% | |
47 Neutral | $2.64B | -4.00 | -31.55% | 3.33% | 2.93% | -29.90% |
* Basic Materials Sector Average
Performance Comparison
CDE
Coeur Mining
5.17
2.26
77.66%
HL
Hecla Mining Company
5.11
1.32
34.83%
TSE:AG
First Majestic Silver
7.78
1.14
17.12%
TSE:FVI
Fortuna Silver Mines
6.19
2.11
51.72%
TSE:PAAS
Pan American Silver
34.12
16.51
93.78%
TSE:EDR
Endeavour Silver
5.21
2.89
124.57%
Coeur Mining Earnings Call Summary
Earnings Call Date: Feb 19, 2025 | % Change Since: -18.58% | Next Earnings Date: Apr 23, 2025
Earnings Call Sentiment Positive
The earnings call for Coeur Mining, Inc. highlighted significant achievements, including record free cash flow, a doubling of adjusted EBITDA, and successful expansions and acquisitions. However, challenges such as production issues at Rochester and cost increases at Kensington were noted. The company's strengthened financial position and exploration success suggest a positive outlook, despite some short-term financial impacts.Highlights
Record Free Cash Flow and Debt Reduction
The company generated $85 million of free cash flow and reduced debt by $80 million in the second half of 2024.
Doubling of Adjusted EBITDA
Full-year 2024 adjusted EBITDA more than doubled to $339 million compared to the prior year.
Significant Increase in Gold and Silver Production
Coeur Mining expects production levels to reach over 400,000 ounces of gold and over 18 million ounces of silver in 2025, 20% and 62% higher than last year, respectively.
Rochester Expansion and Las Chispas Acquisition
Successful ramp-up of Rochester expansion and the acquisition of Silvercrest, contributing to a 12% boost in reserve grade.
Exploration Success and Resource Increases
Investments in exploration led to a 26% increase in gold reserves, a 30% increase in silver reserves, and significant resource increases at Palmarejo and Wharf.
Strong Financial Performance
Revenue exceeded $1 billion, with capital expenditures cut in half, allowing increased exploration expenditures.
Strengthened Balance Sheet
Net debt to EBITDA ratio improved to 1.6 times from 3.4 times a year ago, with plans to further reduce debt using cash and bullion from the Las Chispas acquisition.
Lowlights
Rochester Production Challenges
Slightly lower than planned silver production due to larger size fraction of direct-to-pad material and crusher downtime.
Increased Costs at Kensington
Higher labor and camp costs, more expensed underground mine development, and increased costs per ounce due to maintenance timing and sensitivity to grade.
One-time Outflows Impacting Cash Flow
Q1 2025 will incur several one-time outflows such as tax payments, transaction costs, and property tax, impacting operating cash flow.
Company Guidance
During the Coeur Mining, Inc. Fourth Quarter 2024 Financial Results Conference Call, the company provided significant guidance for the upcoming year. Coeur anticipates record production levels in 2025, with gold production expected to exceed 400,000 ounces and silver output projected to surpass 18 million ounces, marking increases of 20% and 62% respectively from the previous year. The company aims to achieve record levels of EBITDA, earnings, and free cash flow, which will be strategically utilized to reduce debt significantly, targeting a net debt to EBITDA ratio of nil. Key drivers for this growth include the first full year of production from the expanded Rochester operation and the newly acquired Las Chispas asset. Furthermore, Coeur plans to invest approximately $85 million in exploration activities, with an emphasis on extending mine lives and enhancing resource conversion. Despite a slightly messy first quarter due to one-time outflows, Coeur projects quarterly free cash flow between $75 million and $100 million starting Q2 2025, supported by strong commodity prices and operational efficiencies.Coeur Mining Corporate Events
M&A TransactionsShareholder Meetings
Coeur Mining Completes Acquisition of SilverCrest Metals
Positive
Feb 14, 2025
On February 14, 2025, Coeur Mining, Inc. announced the completion of its acquisition of SilverCrest Metals Inc., pursuant to an agreement from October 2024. SilverCrest shareholders received 1.6022 shares of Coeur for each SilverCrest share. To facilitate the transaction, Coeur amended its certificate of incorporation to increase its authorized shares to 900 million, following shareholder approval. This acquisition is expected to influence Coeur’s production and cost guidance for 2025, which will be detailed in its upcoming financial results release.
Executive/Board ChangesM&A TransactionsShareholder MeetingsBusiness Operations and Strategy
Coeur Mining Expands Board and Prepares for SilverCrest Arrangement
Positive
Feb 7, 2025
On February 6, 2025, Coeur Mining announced the election of N. Eric Fier and Pierre Beaudoin to its board of directors, expanding the board from eight to ten members. Both appointees bring extensive international mining experience, with Mr. Fier having a background in geology and engineering and Mr. Beaudoin in mineral processing. The special stockholders’ meeting held on the same day approved proposals to increase authorized shares and to issue shares to SilverCrest shareholders, facilitating the anticipated closing of an arrangement with SilverCrest around February 14, 2025. These actions reinforce Coeur’s strategic positioning in the mining sector and aim to enhance its operational capabilities and shareholder value.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.