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Eldorado Gold
(NYSE:ELD)
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Rating:69Neutral
Price Target:
C$60.00
▲(33.36% Upside)
Action:Reiterated
Date:08/03/26
The score is driven primarily by strong profitability and a reasonable balance-sheet profile, tempered by weak cash-flow conversion and negative free cash flow. Valuation is supportive due to a relatively low P/E, while technicals are a headwind given the downtrend. The latest earnings call adds a constructive outlook tied to commissioning milestones, but near-term leverage, cost inflation, and execution/timing risks keep the overall score below the high range.
Positive Factors
Strong profitability & margins
Eldorado’s recent results show materially improved margins and profitability versus earlier years, with TTM revenue near $2B and mid-to-high margins. Durable margin strength increases cash generation potential and ROE, supporting reinvestment and resilience across gold cycles if metals prices remain supportive.
Negative Factors
Negative free cash flow & cash conversion
Despite solid operating cash, Eldorado’s free cash flow is negative due to elevated growth capex and working-capital swings. This weak cash conversion reduces financial flexibility, increases reliance on capital markets or debt, and delays the timeframe to self-funded growth until projects reach sustained commercial production.
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Positive Factors
Negative Factors
Strong profitability & margins
Eldorado’s recent results show materially improved margins and profitability versus earlier years, with TTM revenue near $2B and mid-to-high margins. Durable margin strength increases cash generation potential and ROE, supporting reinvestment and resilience across gold cycles if metals prices remain supportive.
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Eldorado Gold (ELD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.81B
Dividend Yield0.38%
Average Volume (3M)598.30K
Price to Earnings (P/E)13.7
Beta (1Y)2.12
Revenue Growth27.53%
EPS Growth41.90%
CountryCA
Employees8,400
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.85
Shares Outstanding261,319,850
10 Day Avg. Volume512,413
30 Day Avg. Volume598,304
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)1.71
Price to Sales (P/S)3.94
P/FCF Ratio-37.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$61.81Price Target Upside37.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)4.72
Revenue Forecast (FY)C$3.74B
Eldorado Gold Business Overview & Revenue Model
Company Description
Headquartered in Vancouver, Canada, Eldorado Gold Corporation is an international mining firm, established in 1992. The company's activities encompass the exploration, development, extraction, and sale of various mineral products across its primar...
How the Company Makes Money
Eldorado Gold makes money primarily by producing and selling gold from its operating mines. Revenue is recognized from the sale of refined gold (e.g., dore or bullion that is further refined) to third-party purchasers, with realized prices largely...
Eldorado Gold Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and strategic outlook with material near-term milestones: Skouries moving through commissioning with first ore crushed and McIlvenna Bay producing first concentrates and ramping toward commercial production. Financial results benefited from a strong realized gold price, producing revenue and adjusted earnings growth, and the company retains robust liquidity. Offsetting risks include elevated project spending driving negative free cash flow this quarter, peak leverage (~$1.75 billion), rising production costs and higher AISC at several mines, and some timing risk on Skouries grid energization (mitigated by gensets). On balance the achievements and clear pathway to transformative production and cash-flow inflection outweigh the near-term cost and timing pressures.Positive Updates
Major Commissioning Milestones at Skouries and McIlvenna Bay
Skouries: first ore crushed, process plant substantially complete, wet commissioning underway, two tailings thickeners ready, 2 of 6 filters commissioned, construction workforce reduced from ~3,200 to ~2,650; McIlvenna Bay: first copper concentrate produced (June) and first zinc concentrate (July), plant operating at ~70% throughput when running, targeting commercial production in Q3.
Negative Updates
Rising Production Costs and Higher AISC
Production costs increased to $185 million in Q2 2026 from $162 million in Q2 2025 (+14.2%); total cash costs averaged $1,432/oz sold and AISC averaged $1,926/oz sold (year-over-year increase driven by higher royalties, labor, contractors, maintenance and lower ounces sold).
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Q2-2026 Updates
Positive
Negative
Major Commissioning Milestones at Skouries and McIlvenna Bay
Skouries: first ore crushed, process plant substantially complete, wet commissioning underway, two tailings thickeners ready, 2 of 6 filters commissioned, construction workforce reduced from ~3,200 to ~2,650; McIlvenna Bay: first copper concentrate produced (June) and first zinc concentrate (July), plant operating at ~70% throughput when running, targeting commercial production in Q3.
Read all positive updates
Company Guidance
The company guided that 2026 is a pivotal year with Skouries reaching first ore crushed and first concentrate expected in Q3 and commercial production targeted in Q4 (plant substantially complete, wet commissioning underway, 2 of 6 filters ready, conveyors largely installed, workforce down from ~3,200 to ~2,650, ~4.0 million tonnes of ore stockpiled), Skouries project cost guidance remains ~$1.315 billion with $1.27 billion spent to Q2 and $201.3 million of $260 million accelerated operating capital incurred, and grid connection (50 MW capacity) is expected by end-August after a mid‑August inspection while temporary gensets provide ~36 MW for commissioning; McIlvenna Bay produced first copper concentrate in June and first zinc in July (Q2 throughput ~5,405 tonnes noted), is operating at roughly 70% throughput when running, and management is targeting commercial production later in Q3 (management’s commercial definition: 60–80% of nameplate for 30–60 days), with Q2 project spend of $78 million, Q3 McBay CapEx budgeted at ~$90 million and longer‑term studies targeting expansion to ~7,000 tpd and a silver‑lead circuit (commissioning targeted 2028, expansion 2030); corporate Q2 actuals and liquidity metrics included production of 105,000 oz gold (103,000 oz sold), revenue $487M, realized gold price $4,379/oz, production costs $185M, total cash costs $1,432/oz sold, AISC $1,926/oz sold, net earnings $173M ($0.68/sh) and adjusted net earnings $137M ($0.54/sh), cash $555M with ~$300M revolver capacity, total debt ~$1.75B, free cash flow -$334M (including ~$214M invested at Skouries; underlying business FCF excluding the two growth projects ~+$41M), H1 buybacks ~2.4M shares for $84M and dividends paid $34M, and management said peak leverage has been reached with debt servicing starting end of year and a minimum cash comfort level around $250M.Eldorado Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.02B | 1.85B | 1.32B | 1.01B | 871.46M | 943.47M |
| Gross Profit | 984.86M | 830.50M | 507.93M | 513.45M | 171.69M | 292.77M |
| EBITDA | 1.10B | 1.04B | 710.50M | 458.20M | 289.46M | 427.12M |
| Net Income | 604.66M | 516.14M | 289.12M | 104.63M | -49.37M | 11.10M |
Balance Sheet | ||||||
| Total Assets | 10.24B | 6.72B | 5.84B | 4.99B | 4.46B | 4.93B |
| Cash, Cash Equivalents and Short-Term Investments | 553.66M | 867.77M | 995.73M | 544.44M | 314.87M | 481.49M |
| Total Debt | 1.76B | 1.30B | 937.72M | 658.81M | 511.36M | 511.89M |
| Total Liabilities | 3.38B | 2.44B | 1.95B | 1.48B | 1.26B | 1.29B |
| Stockholders Equity | 6.85B | 4.27B | 3.90B | 3.52B | 3.20B | 3.57B |
Cash Flow | ||||||
| Free Cash Flow | -624.28M | -195.41M | 15.54M | -29.34M | -108.99M | 55.83M |
| Operating Cash Flow | 658.16M | 686.12M | 645.25M | 383.31M | 211.00M | 362.37M |
| Investing Cash Flow | -1.11B | -783.88M | -630.61M | -395.68M | -370.89M | -265.88M |
| Financing Cash Flow | -66.28M | 88.44M | 301.27M | 273.88M | -41.34M | -67.13M |
Eldorado Gold Technical Analysis
Positive
44.99
Price Trends
44.66
Positive
45.06
Positive
47.58
Positive
Market Momentum
2.01
Negative
69.72
Neutral
90.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELD, the sentiment is Positive. The current price of 44.99 is above the 20-day moving average (MA) of 44.86, above the 50-day MA of 44.66, and below the 200-day MA of 47.58, indicating a bullish trend. The MACD of 2.01 indicates Negative momentum. The RSI at 69.72 is Neutral, neither overbought nor oversold. The STOCH value of 90.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ELD.
Eldorado Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | C$13.52B | 14.66 | 24.39% | 0.43% | 96.03% | 113.85% | |
83 Outperform | C$8.71B | 7.96 | 34.87% | 0.98% | 55.87% | 135.78% | |
75 Outperform | C$9.59B | 16.64 | 48.81% | ― | 411.07% | 541.04% | |
69 Neutral | C$13.81B | 13.72 | 12.38% | 0.46% | 27.53% | 41.90% | |
69 Neutral | C$9.37B | 8.65 | 15.70% | 2.04% | 72.47% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ELD
Eldorado Gold
54.54
23.82
77.54%
TSE:BTO
B2Gold
7.04
2.17
44.50%
TSE:OGC
OceanaGold
39.69
17.22
76.64%
TSE:DPM
DPM Metals
61.89
38.40
163.50%
TSE:ARTG
Artemis Gold
39.93
12.93
47.89%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.