Endeavour's Q122 adjusted net EPS from continuing operations were within 4% of our prior estimate, at US$0.49/share, with gold sold exceeding our forecasts by 7%, led by outperformance at the company's flagship assets, Hounde, Ity and Sabodala-Massawa. In the wake of these first quarter results, we have revised our earnings estimates for the company - in this case downwards (see Exhibit 4), albeit the reductions reflect non-operational issues such as 1) a downward revision to the gold price, 2) the inclusion of a systematic method for estimating share-based payments on a quarterly basis for the first time and 3) a change in our assumptions regarding interest income. In the aftermath of these changes, however, our forecasts for adjusted net EPS are no more than 9.5% from the market consensus for FY22. By contrast however, our valuation of Endeavour has increased as a result of the inclusion of the Sabodala-Massawa expansion project into our medium- and longer-term cash flow forecasts.Den vollständigen Artikel lesen ...
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