Coeur Mining (NYSE:CDE) - Share price, News & Analysis

Q: What is the Fair Price of CDE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CDE ($3.33) is trading below our estimate of [[fair value]] ($10.46)

CDE fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	4/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

CDE Stock Overview

Coeur Mining, Inc. explores for precious metals in the United States, Canada, and Mexico.

Rewards

Trading at 68.2% below our estimate of its fair value

Earnings are forecast to grow 87.36% per year

Risk Analysis

Has less than 1 year of cash runway

Shareholders have been diluted in the past year

Coeur Mining Competitors

Compañía de Minas BuenaventuraA

NYSE:BVN

US$1.5b

DRDGOLD

NYSE:DRD

US$559.4m

Gold Resource

NYSEAM:GORO

US$167.0m

McEwen Mining

NYSE:MUX

US$159.8m

Price History & Performance

Summary of all time highs, changes and price drops for Coeur Mining
Historical stock prices
Current Share Price	US$3.33
52 Week High	US$7.64
52 Week Low	US$2.54
Beta	1.76
1 Month Change	21.09%
3 Month Change	-1.77%
1 Year Change	-52.02%
3 Year Change	-32.73%
5 Year Change	-56.87%
Change since IPO	-98.44%

Shareholder Returns

	CDE	US Metals and Mining	US Market
7D	6.7%	4.8%	3.2%
1Y	-52.0%	-11.9%	-10.2%

Return vs Industry: CDE underperformed the US Metals and Mining industry which returned -11.9% over the past year.

Return vs Market: CDE underperformed the US Market which returned -10.2% over the past year.

Price Volatility

Is CDE's price volatile compared to industry and market?
CDE volatility
CDE Average Weekly Movement	10.2%
Metals and Mining Industry Average Movement	9.3%
Market Average Movement	7.7%
10% most volatile stocks in US Market	16.9%
10% least volatile stocks in US Market	3.2%

Stable Share Price: CDE is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: CDE's weekly volatility (10%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1928	2,105	Mitch Krebs	https://www.coeur.com

Coeur Mining, Inc. explores for precious metals in the United States, Canada, and Mexico. The company primarily explores for gold, silver, zinc, and lead properties. It holds 100% interests in the Palmarejo gold and silver mine covering an area of approximately 67,296 net acres located in the State of Chihuahua in Northern Mexico; the Rochester silver and gold mine that covers an area of approximately 43,441net acres situated in northwestern Nevada; the Kensington gold mine comprising 3,972 net acres located to the north of Juneau, Alaska; the Wharf gold mine covering an area of approximately 3,243 net acres situated in the northern Black Hills of western South Dakota; and the Silvertip silver-zinc-lead mine comprising 97,298 net acres located in northern British Columbia, Canada.

Coeur Mining Fundamentals Summary

How do Coeur Mining's earnings and revenue compare to its market cap?
CDE fundamental statistics
Market Cap	US$935.29m
Earnings (TTM)	-US$135.28m
Revenue (TTM)	US$808.38m

1.2x

P/S Ratio

-6.9x

P/E Ratio

Is CDE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CDE income statement (TTM)
Revenue	US$808.38m
Cost of Revenue	US$594.97m
Gross Profit	US$213.41m
Other Expenses	US$348.69m
Earnings	-US$135.28m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.48
Gross Margin	26.40%
Net Profit Margin	-16.73%
Debt/Equity Ratio	56.4%

How did CDE perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is CDE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CDE?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CDE. This is calculated by dividing CDE's market cap by their current preferred multiple.
What is CDE's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$935.29m

CDE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	8.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CDE's PS Ratio compare to its peers?

CDE PS Ratio vs Peers

The above table shows the PS ratio for CDE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.5x
BVN Compañía de Minas BuenaventuraA	1.8x	7.2%	US$1.5b
DRD DRDGOLD	1.9x	3.2%	US$559.4m
GORO Gold Resource	1.1x	-3.1%	US$167.0m
MUX McEwen Mining	1.2x	41.9%	US$159.8m
CDE Coeur Mining	1.2x	9.8%	US$935.3m

Price-To-Sales vs Peers: CDE is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1.5x).

Price to Earnings Ratio vs Industry

How does CDE's PE Ratio compare vs other companies in the US Metals and Mining Industry?

Price-To-Sales vs Industry: CDE is expensive based on its Price-To-Sales Ratio (1.2x) compared to the US Metals and Mining industry average (1.2x)

Price to Sales Ratio vs Fair Ratio

What is CDE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CDE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	1.3x

Price-To-Sales vs Fair Ratio: CDE is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

Share Price vs Fair Value

What is the Fair Price of CDE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CDE ($3.33) is trading below our estimate of fair value ($10.46)

Significantly Below Fair Value: CDE is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Coeur Mining forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

87.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDE is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: CDE is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CDE is expected to become profitable in the next 3 years.

Revenue vs Market: CDE's revenue (9.8% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: CDE's revenue (9.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CDE's Return on Equity is forecast to be low in 3 years time (9.8%).

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Past Performance

How has Coeur Mining performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-10.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CDE is currently unprofitable.

Growing Profit Margin: CDE is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: CDE is unprofitable, and losses have increased over the past 5 years at a rate of 10.8% per year.

Accelerating Growth: Unable to compare CDE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CDE is unprofitable, making it difficult to compare its past year earnings growth to the Metals and Mining industry (93%).

Return on Equity

High ROE: CDE has a negative Return on Equity (-15.78%), as it is currently unprofitable.

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Financial Health

How is Coeur Mining's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CDE's short term assets ($379.6M) exceed its short term liabilities ($241.1M).

Long Term Liabilities: CDE's short term assets ($379.6M) do not cover its long term liabilities ($762.1M).

Debt to Equity History and Analysis

Debt Level: CDE's net debt to equity ratio (37.6%) is considered satisfactory.

Reducing Debt: CDE's debt to equity ratio has increased from 31.5% to 56.4% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CDE has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: CDE has less than a year of cash runway if free cash flow continues to reduce at historical rates of 44.7% each year

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Dividend

What is Coeur Mining current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CDE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CDE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CDE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CDE's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CDE has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

4.5yrs

Average management tenure

CEO

Mitch Krebs (50 yo)

11.08yrs

Tenure

US$3,703,859

Compensation

Mr. Mitchell J. Krebs, also known as Mitch, has been the Chief Executive Officer and President of Coeur Mining, Inc. since July 12, 2011. Mr. Krebs served as the Chief Financial Officer of Coeur Mining, In...

CEO Compensation Analysis

Compensation vs Market: Mitch's total compensation ($USD3.70M) is about average for companies of similar size in the US market ($USD3.86M).

Compensation vs Earnings: Mitch's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: CDE's management team is considered experienced (4.5 years average tenure).

Board Members

Experienced Board: CDE's board of directors are seasoned and experienced ( 10.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.3%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/14 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31