Coeur Mining (CDE) – Getting the Rochester Expansion Past the Finish Line

Natural Resources
0 min read

Wednesday, November 16, 2022

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter 2022 results. Coeur reported a third quarter adjusted net loss of $44.7 million or $(0.16) per share compared to a net loss of $2.9 million or $(0.01) per share during the prior year period. We had forecast a net loss of $3.0 million or $(0.01) per share. Sales were lower and costs applicable to sales were higher than our estimates. Free cash flow was $(115.7) million. For the nine months ended September 30, the company generated adjusted EBITDA in the amount of $103.1 million and free cash flow of $(242.2) million.

Updating estimates. We have lowered our 2022 EBITDA and EPS estimates to $136.3 million and $(0.31), respectively, from $151.8 million and $(0.12). Revisions to our 2022 estimates reflect third quarter results and lower commodity price assumptions in the fourth quarter. Our 2023 estimates remain unchanged.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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