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Kirkland Lake Gold

TSX:KL
Snowflake Description

Outstanding track record with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KL
TSX
CA$10B
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. The last earnings update was 13 days ago. More info.


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KL Share Price and Events
7 Day Returns
-3.8%
TSX:KL
-0.1%
CA Metals and Mining
-0.2%
CA Market
1 Year Returns
81.6%
TSX:KL
-14.3%
CA Metals and Mining
-1.9%
CA Market
KL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kirkland Lake Gold (KL) -3.8% 8.8% 1.1% 81.6% - -
CA Metals and Mining -0.1% -5.5% -4.7% -14.3% -16.1% -22%
CA Market -0.2% -1.6% 2.1% -1.9% 13.3% 4.3%
1 Year Return vs Industry and Market
  • KL outperformed the Metals and Mining industry which returned -14.3% over the past year.
  • KL outperformed the Market in Canada which returned -1.9% over the past year.
Price Volatility
KL
Industry
5yr Volatility vs Market

Value

 Is Kirkland Lake Gold undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kirkland Lake Gold to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kirkland Lake Gold.

TSX:KL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:KL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.098 (1 + (1- 26.5%) (0.31%))
1.068
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.068 * 5.96%)
8.31%

Discounted Cash Flow Calculation for TSX:KL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kirkland Lake Gold is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:KL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.31%)
2019 320.31 Analyst x7 295.73
2020 453.52 Analyst x6 386.60
2021 495.56 Analyst x4 390.02
2022 282.90 Analyst x1 205.57
2023 281.00 Est @ -0.67% 188.52
2024 281.31 Est @ 0.11% 174.25
2025 283.18 Est @ 0.66% 161.95
2026 286.14 Est @ 1.05% 151.09
2027 289.92 Est @ 1.32% 141.34
2028 294.28 Est @ 1.51% 132.46
Present value of next 10 years cash flows $2,227.53
TSX:KL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $294.28 × (1 + 1.95%) ÷ (8.31% – 1.95%)
$4,714.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,714.96 ÷ (1 + 8.31%)10
$2,122.23
TSX:KL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,227.53 + $2,122.23
$4,349.76
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,349.76 / 210.05
$20.71
TSX:KL Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:KL)
1.346
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $20.71 x 1.346
CA$27.87
Value per share (CAD) From above. CA$27.87
Current discount Discount to share price of CA$45.61
= -1 x (CA$45.61 - CA$27.87) / CA$27.87
-63.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Kirkland Lake Gold is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kirkland Lake Gold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kirkland Lake Gold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:KL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.59
TSX:KL Share Price ** TSX (2019-05-17) in CAD CA$45.61
TSX:KL Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.743 $33.89
Canada Metals and Mining Industry PE Ratio Median Figure of 111 Publicly-Listed Metals and Mining Companies 12.65x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 14.85x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kirkland Lake Gold.

TSX:KL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:KL Share Price ÷ EPS (both in USD)

= 33.89 ÷ 1.59

21.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirkland Lake Gold is overvalued based on earnings compared to the CA Metals and Mining industry average.
  • Kirkland Lake Gold is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Kirkland Lake Gold's expected growth come at a high price?
Raw Data
TSX:KL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
-5.3%per year
Canada Metals and Mining Industry PEG Ratio Median Figure of 35 Publicly-Listed Metals and Mining Companies 0.62x
Canada Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

TSX:KL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.35x ÷ -5.3%

-4.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirkland Lake Gold earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kirkland Lake Gold's assets?
Raw Data
TSX:KL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.58
TSX:KL Share Price * TSX (2019-05-17) in CAD CA$45.61
TSX:KL Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.743 $33.89
Canada Metals and Mining Industry PB Ratio Median Figure of 1,093 Publicly-Listed Metals and Mining Companies 1.26x
Canada Market PB Ratio Median Figure of 2,407 Publicly-Listed Companies 1.41x
TSX:KL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:KL Share Price ÷ Book Value per Share (both in USD)

= 33.89 ÷ 6.58

5.15x

* Primary Listing of Kirkland Lake Gold.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirkland Lake Gold is overvalued based on assets compared to the CA Metals and Mining industry average.
X
Value checks
We assess Kirkland Lake Gold's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Kirkland Lake Gold has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Kirkland Lake Gold expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kirkland Lake Gold expected to grow at an attractive rate?
  • Kirkland Lake Gold's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Kirkland Lake Gold's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Kirkland Lake Gold's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:KL Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:KL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts -5.3%
TSX:KL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 1.9%
Canada Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 24.7%
Canada Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:KL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:KL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 1,012 478 261 1
2021-12-31 1,366 663 466 4
2020-12-31 1,324 723 485 10
2019-12-31 1,262 692 485 10
TSX:KL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,023 628 334
2018-12-31 916 543 274
2018-09-30 848 431 226
2018-06-30 802 370 215
2018-03-31 777 324 192
2017-12-31 747 301 157
2017-09-30 666 266 107
2017-06-30 590 246 81
2017-03-31 492 216 53
2016-12-31 403 181 47

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kirkland Lake Gold's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kirkland Lake Gold's revenue is expected to grow by 1.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:KL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Kirkland Lake Gold Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:KL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 1.24 1.24 1.24 1.00
2021-12-31 2.22 2.32 2.11 2.00
2020-12-31 2.20 2.37 1.91 6.00
2019-12-31 2.26 2.38 2.12 4.00
TSX:KL Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.59
2018-12-31 1.30
2018-09-30 1.07
2018-06-30 1.03
2018-03-31 0.92
2017-12-31 0.76
2017-09-30 0.56
2017-06-30 0.48
2017-03-31 0.36
2016-12-31 0.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Kirkland Lake Gold will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Kirkland Lake Gold's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kirkland Lake Gold has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kirkland Lake Gold performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kirkland Lake Gold's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kirkland Lake Gold has delivered over 20% year on year earnings growth in the past 5 years.
  • Kirkland Lake Gold's 1-year earnings growth exceeds its 5-year average (74% vs 62.4%)
  • Kirkland Lake Gold's earnings growth has exceeded the CA Metals and Mining industry average in the past year (74% vs -16.6%).
Earnings and Revenue History
Kirkland Lake Gold's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kirkland Lake Gold Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:KL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,022.59 334.05 96.40
2018-12-31 915.91 273.94 98.18
2018-09-30 847.96 225.54 93.94
2018-06-30 801.96 215.12 90.91
2018-03-31 777.20 192.00 83.77
2017-12-31 747.50 157.33 72.60
2017-09-30 666.03 107.29 62.27
2017-06-30 590.15 80.71 46.09
2017-03-31 491.94 52.99 37.02
2016-12-31 403.34 46.73 26.18
2015-12-31 173.69 8.60 13.37
2015-10-31 171.74 14.08 10.77
2015-07-31 174.89 14.63 10.03
2015-04-30 191.22 16.98 11.26
2015-01-31 160.99 8.46 8.31
2014-10-31 173.74 2.01 10.15
2014-07-31 168.98 -3.99 11.88
2014-04-30 157.99 -10.10 11.91
2014-01-31 164.71 -3.11 14.80
2013-10-31 159.79 -8.58 17.65
2013-07-31 157.77 -5.65 19.50
2013-04-30 150.61 -3.62 22.52
2013-01-31 139.26 -9.77 23.61
2012-10-31 153.47 9.45 23.12
2012-07-31 156.56 19.48 22.39

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kirkland Lake Gold has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Kirkland Lake Gold used its assets more efficiently than the CA Metals and Mining industry average last year based on Return on Assets.
  • Kirkland Lake Gold has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kirkland Lake Gold's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kirkland Lake Gold has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kirkland Lake Gold's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kirkland Lake Gold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kirkland Lake Gold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kirkland Lake Gold's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kirkland Lake Gold's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 21.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kirkland Lake Gold Company Filings, last reported 1 month ago.

TSX:KL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,383.85 22.22 416.11
2018-12-31 1,263.11 22.22 332.23
2018-09-30 1,208.66 26.98 257.21
2018-06-30 1,205.79 30.56 318.36
2018-03-31 1,190.69 39.09 275.34
2017-12-31 1,157.60 38.58 231.60
2017-09-30 1,131.41 83.07 210.48
2017-06-30 1,012.88 73.41 267.38
2017-03-31 957.21 113.23 279.72
2016-12-31 905.91 113.00 234.90
2015-12-31 225.87 89.04 67.72
2015-10-31 237.79 91.47 63.74
2015-07-31 235.92 95.54 62.33
2015-04-30 249.19 101.15 66.28
2015-01-31 204.05 98.76 34.69
2014-10-31 225.30 113.48 36.69
2014-07-31 230.45 120.62 36.94
2014-04-30 216.36 124.18 35.47
2014-01-31 214.36 122.15 46.68
2013-10-31 232.70 131.35 73.43
2013-07-31 239.25 124.48 37.71
2013-04-30 245.60 154.46 76.42
2013-01-31 239.95 148.51 87.92
2012-10-31 240.46 88.69 39.93
2012-07-31 240.58 54.37 73.19
  • Kirkland Lake Gold's level of debt (1.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (57.3% vs 1.6% today).
  • Debt is well covered by operating cash flow (2825.3%, greater than 20% of total debt).
  • Kirkland Lake Gold earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Kirkland Lake Gold's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kirkland Lake Gold has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Kirkland Lake Gold's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.35%
Current annual income from Kirkland Lake Gold dividends. Estimated to be 0.32% next year.
If you bought CA$2,000 of Kirkland Lake Gold shares you are expected to receive CA$7 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kirkland Lake Gold's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.03%).
  • Kirkland Lake Gold's dividend is below the markets top 25% of dividend payers in Canada (5.73%).
Upcoming dividend payment

Purchase Kirkland Lake Gold before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:KL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Canada Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 1.3%
Canada Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:KL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.09 1.00
2020-12-31 0.11 6.00
2019-12-31 0.11 6.00
TSX:KL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 0.119 0.370
2018-12-11 0.117 0.407
2018-09-17 0.089 0.460
2018-06-18 0.090 0.446
2018-05-02 0.091 0.489
2018-03-22 0.062 0.385
2017-12-15 0.061 0.415
2017-11-02 0.062 0.448
2017-09-12 0.031 0.247
2017-06-21 0.030 0.305
2017-05-04 0.029 0.394

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kirkland Lake Gold is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Kirkland Lake Gold is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Kirkland Lake Gold's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Kirkland Lake Gold's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • No need to calculate the sustainability of Kirkland Lake Gold's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Kirkland Lake Gold's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kirkland Lake Gold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kirkland Lake Gold has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Kirkland Lake Gold's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony Makuch
COMPENSATION $4,352,873
AGE 60
TENURE AS CEO 2.5 years
CEO Bio

Mr. Anthony Paul Makuch, also known as Tony, B.Sc., M.Sc., M.B.A., P.Eng., has been the Chief Executive Officer, President and Director of Kirkland Lake Gold Ltd. (formerly, Kirkland Lake Gold Inc.) since November 30, 2016. Mr. Makuch had been an Executive Vice President and President Canadian Operations of Lake Shore Gold Division since April 2016. He is a Professional Engineer with more than 25 years of management, operating and technical experience in the mining industry, having managed numerous projects in Canada and the United States from advanced exploration through production. He served as the Chief Executive Officer and President Newmarket Gold Inc. since November 30, 2016. He served as an Executive Vice President and President of Canadian Operations at Tahoe Resources Inc. from April 2016 to July 15, 2016. He served as the Chief Executive Officer and President of Lake Shore Gold Corp. from March 1, 2008 to March 2016. He served as the Chief Operating Officer and Senior Vice President of FNX Mining Company, Inc. from January 20, 2006 to February 29, 2008. He served as an Operations Manager of Dynatec Corporation from 1998 to May 15, 2003 and also served as its Vice President of Operations. He served at Dynatec Corporation from 1998 to 2005, where he served as a Vice President of Operations for its subsidiary Sudbury Joint Venture. While at Dynatec, he served as an Operations Manager for the Midas Joint Venture - Ken Snyder Mine in Nevada. He was responsible for the development and start-up of the GoldCorp. Red Lake Mine. From 1995 to 1998, he served as General Manager for Kinross Gold Corporation for their Timmins and Kirkland Lake gold mine operations, where he was able to achieve significant improvements in workplace safety, reductions in the cash operating costs and other efficiencies. He worked at increasing levels of responsibility with Lac Minerals in Kirkland Lake, with Placer Dome's Campbell Mine in Red Lake and at the Kidd Creek Mine in Timmins. He served as the Chairman of Trelawney Mining and Exploration Inc. from April 2010 to March 2011. He serves as a Director of Pembrook Mining Corp. and Orezone Gold Corporation. He has been an Independent Director of Cordoba Minerals Corp. since April 20, 2016, Lake Shore Gold Corp. since May 8, 2007, Barkerville Gold Mines Ltd. since December 16, 2014, Mega Precious Metals Inc. since October 01, 2014 and Newmarket Gold Inc. since November 11, 2016. He serves as an Independent Director of Pembrook Copper Corp. He has been an Independent Director of Premier Gold Mines Limited since June 23, 2016. He serves as a Director of Aurora Platinum Corp., a subsidiary of FNX Mining Co. Inc. He served as a Director of Trelawney Mining and Exploration from September 14, 2009 to March 2011. He is a frequent recipient of mine safety performance awards. Mr. Makuch served as President, Chief Executive Officer and director of Old Kirkland Lake Gold from July 2016 to November 30, 2016. He is the recipient of numerous safety awards throughout his distinguished career. He holds the Institute of Corporate Directors designation, ICD.D. Mr. Makuch holds a Bachelor of Science Degree (Honours with Applied Earth Sciences) from the University of Waterloo in Ontario and received Master of Science Degree in Mine Engineering and Master of Business Administration from Queen's University in Ontario.

CEO Compensation
  • Tony's compensation has been consistent with company performance over the past year.
  • Tony's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Kirkland Lake Gold management team in years:

2.4
Average Tenure
60
Average Age
  • The tenure for the Kirkland Lake Gold management team is about average.
Management Team

Tony Makuch

TITLE
President
COMPENSATION
$4M
AGE
60
TENURE
2.5 yrs

David Soares

TITLE
Chief Financial Officer
COMPENSATION
$962K
TENURE
0.5 yrs

Tina Ouellette

TITLE
Executive Vice President of Human Resources
COMPENSATION
$1M
AGE
65
TENURE
2.3 yrs

Henry Heidrich

TITLE
Director of Technical Services

Mark E. Utting

TITLE
Vice President of Investor Relations
TENURE
2.5 yrs

Jenn Wagner

TITLE
VP of Legal & Corporate Secretary
COMPENSATION
$396K
AGE
41
TENURE
2.5 yrs

Darin Smith

TITLE
Vice President of Corporate Development
TENURE
2 yrs

Alasdair Federico

TITLE
Executive Vice President of Corporate Affairs & Corporate Social Responsibility
TENURE
2.5 yrs

Eric Kallio

TITLE
Senior Vice President of Exploration
TENURE
0.5 yrs

Stew Carmichael

TITLE
Regional Manager of Exploration
Board of Directors Tenure

Average tenure and age of the Kirkland Lake Gold board of directors in years:

2.5
Average Tenure
66
Average Age
  • The average tenure for the Kirkland Lake Gold board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jeff Parr

TITLE
Chairman
COMPENSATION
$215K
AGE
61

Tony Makuch

TITLE
President
COMPENSATION
$4M
AGE
60
TENURE
2.5 yrs

Barry Olson

TITLE
Independent Director
COMPENSATION
$208K
AGE
66
TENURE
2.5 yrs

Arnold Klassen

TITLE
Independent Director
COMPENSATION
$222K
AGE
66
TENURE
2.5 yrs

Ray Threlkeld

TITLE
Independent Director
COMPENSATION
$208K
AGE
71
TENURE
3.8 yrs

Jon Gill

TITLE
Independent Director
COMPENSATION
$213K
AGE
73
TENURE
2.5 yrs

Pam Klessig

TITLE
Independent Director
COMPENSATION
$193K
AGE
63
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • Kirkland Lake Gold insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
30. Mar 19 Buy Jeffrey Parr Individual 29. Mar 19 29. Mar 19 3,550 CA$41.42 CA$147,055
15. Mar 19 Sell Eric Sprott Individual 12. Mar 19 12. Mar 19 -100,000 CA$47.45 CA$-4,745,080
13. Mar 19 Sell Eric Sprott Individual 08. Mar 19 08. Mar 19 -334,600 CA$47.38 CA$-15,854,419
12. Mar 19 Sell Eric Sprott Individual 07. Mar 19 07. Mar 19 -33,300 CA$47.27 CA$-1,574,004
11. Mar 19 Sell Raymond Threlkeld Individual 26. Feb 19 26. Feb 19 -22,250 CA$46.74 CA$-1,040,054
06. Mar 19 Sell Eric Sprott Individual 01. Mar 19 01. Mar 19 -34,800 CA$48.36 CA$-1,682,841
05. Mar 19 Sell Eric Sprott Individual 28. Feb 19 28. Feb 19 -28,100 CA$48.21 CA$-1,354,650
04. Mar 19 Sell Eric Sprott Individual 27. Feb 19 27. Feb 19 -17,100 CA$48.10 CA$-822,510
01. Mar 19 Sell Eric Sprott Individual 25. Feb 19 26. Feb 19 -360,000 CA$47.95 CA$-16,982,988
22. Jan 19 Sell Eric Sprott Individual 17. Jan 19 17. Jan 19 -257,500 CA$36.00 CA$-9,207,525
18. Jan 19 Sell Eric Sprott Individual 14. Jan 19 14. Jan 19 -40,000 CA$35.88 CA$-1,435,000
16. Jan 19 Sell Eric Sprott Individual 11. Jan 19 11. Jan 19 -50,000 CA$35.65 CA$-1,782,500
15. Jan 19 Sell Eric Sprott Individual 10. Jan 19 10. Jan 19 -10,000 CA$35.50 CA$-355,000
14. Jan 19 Sell Eric Sprott Individual 09. Jan 19 09. Jan 19 -100,000 CA$35.23 CA$-3,522,500
04. Jan 19 Sell Eric Sprott Individual 31. Dec 18 31. Dec 18 -80,300 CA$35.35 CA$-2,838,774
18. Dec 18 Sell Jeffrey Parr Individual 17. Dec 18 17. Dec 18 -20,000 CA$32.70 CA$-654,088
18. Dec 18 Buy Jeffrey Parr Individual 17. Dec 18 17. Dec 18 20,000 CA$4.95 CA$99,000
12. Sep 18 Buy Jeffrey Parr Individual 11. Sep 18 11. Sep 18 5,500 CA$23.94 CA$131,670
X
Management checks
We assess Kirkland Lake Gold's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kirkland Lake Gold has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

There's An Opportunity With Kirkland Lake Gold Ltd. (TSE:KL)

This is the best time to buy stocks like Kirkland Lake Gold Ltd. … See our latest analysis for Kirkland Lake Gold Kirkland Lake Gold Ltd. … This continuous market outperformance demonstrates a strong track record of delivering robust returns over many years, raising my confidence in Kirkland Lake Gold as a long-term hold.

Simply Wall St -

Has Kirkland Lake Gold Ltd. (TSE:KL) Got Enough Cash?

Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Kirkland Lake Gold Ltd. … Let’s take a look at KL’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Check out our latest analysis for Kirkland Lake Gold

Simply Wall St -

What Type Of Shareholder Owns Kirkland Lake Gold Ltd.'s (TSE:KL)?

Every investor in Kirkland Lake Gold Ltd. … Kirkland Lake Gold is a pretty big company. … Check out our latest analysis for Kirkland Lake Gold

Simply Wall St -

What Does Kirkland Lake Gold Ltd.'s (TSE:KL) P/E Ratio Tell You?

Kirkland Lake Gold has a P/E ratio of 25.04, based on the last twelve months. … Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) … P/E of 25.04 = $32.56 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $1.3

Simply Wall St -

A Closer Look At Kirkland Lake Gold Ltd.'s (TSE:KL) Impressive ROE

Our data shows Kirkland Lake Gold has a return on equity of 22% for the last year. … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.22 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Should You Know About Kirkland Lake Gold Ltd.'s (TSE:KL) Earnings Trend?

The latest earnings release Kirkland Lake Gold Ltd.'s (TSE:KL) announced in December 2018a

Simply Wall St -

Kirkland Lake Gold Ltd. (TSE:KL): What We Can Expect From This Growth Stock

(TSE:KL) released its earnings update. … as a 68% rise in profits is expected in the upcoming year, … similar to the range of average earnings growth for the past five years of 66% per year

Simply Wall St -

Need To Know: Kirkland Lake Gold Ltd. (TSE:KL) Insiders Have Been Selling Shares

So before you buy or sell Kirkland Lake Gold Ltd. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Kirkland Lake Gold insiders sold more than they bought over the last year

Simply Wall St -

Here's What Kirkland Lake Gold Ltd.'s (TSE:KL) ROCE Can Tell Us

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Estimating The Intrinsic Value Of Kirkland Lake Gold Ltd. (TSE:KL)

by taking the foreast future cash flows of the company and discounting them back to today's value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Company Info

Description

Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. It owns and operates four underground gold mines, including the Macassa, Holt, and Taylor mines located in northeastern Ontario, Canada; and the Fosterville Mine located in Victoria, Australia, as well as three milling facilities in Canada and Australia. The company was formerly known as Newmarket Gold Inc. and changed its name to Kirkland Lake Gold Ltd. in December 2016. Kirkland Lake Gold Ltd. is headquartered in Toronto, Canada.

Details
Name: Kirkland Lake Gold Ltd.
KL
Exchange: TSX
Founded:
CA$9,580,527,774
210,053,229
Website: http://www.klgold.com
Address: Kirkland Lake Gold Ltd.
South Tower,
Suite 3120,
Toronto,
Ontario, M5J 2J1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX KL Common Shares The Toronto Stock Exchange CA CAD 06. Dec 2016
NYSE KL Common Shares New York Stock Exchange US USD 06. Dec 2016
DB NGDA Common Shares Deutsche Boerse AG DE EUR 06. Dec 2016
LSE 0V38 Common Shares London Stock Exchange GB CAD 06. Dec 2016
BMV KL N Common Shares Bolsa Mexicana de Valores MX MXN 06. Dec 2016
ASX KLA NPV CDI (1:1) Australian Securities Exchange AU AUD 30. Nov 2017
CHIA KLA NPV CDI (1:1) Chi-X Australia AU AUD 30. Nov 2017
Number of employees
Current staff
Staff numbers
1,690
Kirkland Lake Gold employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:16
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.