Intrinsic value of Agnico-Eagle Mines - AEM

Previous Close

$40.56

  Intrinsic Value

$4.07

stock screener

  Rating & Target

str. sell

-90%

Previous close

$40.56

 
Intrinsic value

$4.07

 
Up/down potential

-90%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AEM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Agnico-Eagle Mines (AEM) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.71
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,138
  2,181
  2,231
  2,288
  2,353
  2,424
  2,502
  2,587
  2,680
  2,779
  2,886
  3,000
  3,122
  3,251
  3,389
  3,535
  3,690
  3,854
  4,027
  4,211
  4,404
  4,608
  4,824
  5,051
  5,290
  5,541
  5,807
  6,086
  6,379
  6,688
  7,013
Variable operating expenses, $m
 
  2,005
  2,049
  2,100
  2,157
  2,221
  2,290
  2,366
  2,448
  2,536
  2,630
  2,662
  2,770
  2,885
  3,007
  3,137
  3,275
  3,420
  3,574
  3,737
  3,908
  4,089
  4,280
  4,482
  4,694
  4,917
  5,153
  5,400
  5,661
  5,935
  6,224
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,779
  2,005
  2,049
  2,100
  2,157
  2,221
  2,290
  2,366
  2,448
  2,536
  2,630
  2,662
  2,770
  2,885
  3,007
  3,137
  3,275
  3,420
  3,574
  3,737
  3,908
  4,089
  4,280
  4,482
  4,694
  4,917
  5,153
  5,400
  5,661
  5,935
  6,224
Operating income, $m
  360
  176
  182
  188
  195
  203
  212
  222
  232
  243
  255
  338
  351
  366
  382
  398
  416
  434
  453
  474
  496
  519
  543
  569
  596
  624
  654
  685
  718
  753
  790
EBITDA, $m
  973
  793
  811
  832
  855
  881
  910
  941
  974
  1,010
  1,049
  1,091
  1,135
  1,182
  1,232
  1,285
  1,342
  1,401
  1,464
  1,531
  1,601
  1,675
  1,754
  1,836
  1,923
  2,015
  2,111
  2,212
  2,319
  2,432
  2,550
Interest expense (income), $m
  71
  64
  67
  71
  75
  79
  84
  90
  96
  102
  109
  116
  124
  133
  142
  151
  162
  172
  184
  196
  209
  222
  236
  251
  267
  284
  301
  320
  339
  360
  381
Earnings before tax, $m
  268
  111
  114
  117
  120
  124
  128
  132
  136
  141
  146
  221
  227
  233
  240
  247
  254
  262
  270
  278
  287
  297
  307
  317
  329
  340
  353
  366
  379
  394
  409
Tax expense, $m
  109
  30
  31
  32
  33
  33
  35
  36
  37
  38
  39
  60
  61
  63
  65
  67
  69
  71
  73
  75
  78
  80
  83
  86
  89
  92
  95
  99
  102
  106
  110
Net income, $m
  159
  81
  83
  86
  88
  90
  93
  96
  100
  103
  107
  162
  166
  170
  175
  180
  185
  191
  197
  203
  210
  217
  224
  232
  240
  248
  257
  267
  277
  287
  298

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  641
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,108
  6,588
  6,740
  6,913
  7,108
  7,323
  7,560
  7,817
  8,096
  8,396
  8,718
  9,063
  9,431
  9,822
  10,238
  10,680
  11,148
  11,644
  12,168
  12,721
  13,306
  13,922
  14,573
  15,258
  15,981
  16,742
  17,543
  18,386
  19,273
  20,206
  21,188
Adjusted assets (=assets-cash), $m
  6,467
  6,588
  6,740
  6,913
  7,108
  7,323
  7,560
  7,817
  8,096
  8,396
  8,718
  9,063
  9,431
  9,822
  10,238
  10,680
  11,148
  11,644
  12,168
  12,721
  13,306
  13,922
  14,573
  15,258
  15,981
  16,742
  17,543
  18,386
  19,273
  20,206
  21,188
Revenue / Adjusted assets
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
Average production assets, $m
  5,098
  5,199
  5,319
  5,455
  5,609
  5,779
  5,965
  6,168
  6,388
  6,625
  6,879
  7,152
  7,442
  7,751
  8,079
  8,428
  8,797
  9,188
  9,601
  10,038
  10,500
  10,986
  11,499
  12,040
  12,610
  13,211
  13,843
  14,508
  15,208
  15,945
  16,720
Working capital, $m
  806
  305
  312
  320
  329
  339
  350
  362
  375
  389
  404
  420
  437
  455
  474
  495
  517
  540
  564
  589
  617
  645
  675
  707
  741
  776
  813
  852
  893
  936
  982
Total debt, $m
  1,208
  1,122
  1,180
  1,247
  1,321
  1,404
  1,495
  1,594
  1,701
  1,816
  1,940
  2,072
  2,213
  2,364
  2,524
  2,693
  2,873
  3,063
  3,264
  3,477
  3,701
  3,938
  4,188
  4,451
  4,729
  5,021
  5,328
  5,652
  5,993
  6,351
  6,728
Total liabilities, $m
  2,615
  2,530
  2,588
  2,655
  2,729
  2,812
  2,903
  3,002
  3,109
  3,224
  3,348
  3,480
  3,621
  3,772
  3,932
  4,101
  4,281
  4,471
  4,672
  4,885
  5,109
  5,346
  5,596
  5,859
  6,137
  6,429
  6,736
  7,060
  7,401
  7,759
  8,136
Total equity, $m
  4,492
  4,058
  4,152
  4,258
  4,378
  4,511
  4,657
  4,815
  4,987
  5,172
  5,370
  5,583
  5,809
  6,051
  6,307
  6,579
  6,867
  7,172
  7,495
  7,836
  8,196
  8,576
  8,977
  9,399
  9,844
  10,313
  10,806
  11,326
  11,872
  12,447
  13,052
Total liabilities and equity, $m
  7,107
  6,588
  6,740
  6,913
  7,107
  7,323
  7,560
  7,817
  8,096
  8,396
  8,718
  9,063
  9,430
  9,823
  10,239
  10,680
  11,148
  11,643
  12,167
  12,721
  13,305
  13,922
  14,573
  15,258
  15,981
  16,742
  17,542
  18,386
  19,273
  20,206
  21,188
Debt-to-equity ratio
  0.269
  0.280
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.520
Adjusted equity ratio
  0.595
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  159
  81
  83
  86
  88
  90
  93
  96
  100
  103
  107
  162
  166
  170
  175
  180
  185
  191
  197
  203
  210
  217
  224
  232
  240
  248
  257
  267
  277
  287
  298
Depreciation, amort., depletion, $m
  613
  617
  630
  644
  660
  678
  698
  719
  742
  767
  794
  753
  783
  816
  850
  887
  926
  967
  1,011
  1,057
  1,105
  1,156
  1,210
  1,267
  1,327
  1,391
  1,457
  1,527
  1,601
  1,678
  1,760
Funds from operations, $m
  843
  698
  713
  729
  748
  768
  791
  815
  842
  870
  901
  914
  949
  986
  1,025
  1,067
  1,111
  1,158
  1,208
  1,260
  1,315
  1,373
  1,434
  1,499
  1,567
  1,639
  1,715
  1,794
  1,878
  1,966
  2,058
Change in working capital, $m
  64
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
Cash from operations, $m
  779
  692
  706
  721
  739
  758
  780
  803
  829
  856
  886
  898
  932
  968
  1,006
  1,047
  1,090
  1,135
  1,183
  1,234
  1,288
  1,345
  1,404
  1,467
  1,534
  1,604
  1,677
  1,755
  1,837
  1,922
  2,013
Maintenance CAPEX, $m
  0
  -537
  -547
  -560
  -574
  -590
  -608
  -628
  -649
  -672
  -697
  -724
  -753
  -783
  -816
  -850
  -887
  -926
  -967
  -1,011
  -1,057
  -1,105
  -1,156
  -1,210
  -1,267
  -1,327
  -1,391
  -1,457
  -1,527
  -1,601
  -1,678
New CAPEX, $m
  -516
  -101
  -120
  -137
  -153
  -170
  -187
  -203
  -220
  -237
  -254
  -272
  -290
  -309
  -328
  -349
  -369
  -391
  -413
  -437
  -461
  -487
  -513
  -541
  -570
  -600
  -632
  -665
  -700
  -737
  -775
Cash from investing activities, $m
  -553
  -638
  -667
  -697
  -727
  -760
  -795
  -831
  -869
  -909
  -951
  -996
  -1,043
  -1,092
  -1,144
  -1,199
  -1,256
  -1,317
  -1,380
  -1,448
  -1,518
  -1,592
  -1,669
  -1,751
  -1,837
  -1,927
  -2,023
  -2,122
  -2,227
  -2,338
  -2,453
Free cash flow, $m
  226
  54
  39
  25
  11
  -2
  -15
  -28
  -40
  -53
  -66
  -98
  -111
  -124
  -138
  -152
  -167
  -182
  -197
  -213
  -230
  -247
  -265
  -284
  -304
  -324
  -345
  -368
  -391
  -415
  -440
Issuance/(repayment) of debt, $m
  56
  49
  58
  67
  75
  83
  91
  99
  107
  115
  124
  132
  141
  150
  160
  170
  180
  190
  201
  213
  224
  237
  250
  263
  277
  292
  308
  324
  341
  358
  377
Issuance/(repurchase) of shares, $m
  206
  0
  10
  21
  32
  42
  52
  62
  72
  82
  92
  51
  61
  71
  81
  92
  103
  114
  126
  138
  150
  163
  177
  191
  205
  220
  236
  253
  270
  288
  306
Cash from financing (excl. dividends), $m  
  261
  49
  68
  88
  107
  125
  143
  161
  179
  197
  216
  183
  202
  221
  241
  262
  283
  304
  327
  351
  374
  400
  427
  454
  482
  512
  544
  577
  611
  646
  683
Total cash flow (excl. dividends), $m
  487
  103
  107
  113
  118
  123
  128
  133
  139
  144
  149
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  209
  220
  231
  243
Retained Cash Flow (-), $m
  -351
  -72
  -93
  -107
  -120
  -133
  -146
  -159
  -172
  -185
  -198
  -212
  -227
  -241
  -256
  -272
  -288
  -305
  -323
  -341
  -360
  -380
  -401
  -422
  -445
  -469
  -493
  -519
  -547
  -575
  -605
Prev. year cash balance distribution, $m
 
  506
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  537
  14
  6
  -2
  -10
  -17
  -25
  -33
  -41
  -49
  -127
  -135
  -144
  -153
  -163
  -172
  -183
  -193
  -204
  -215
  -227
  -240
  -253
  -266
  -280
  -295
  -311
  -327
  -344
  -362
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  515
  13
  5
  -2
  -8
  -13
  -17
  -21
  -23
  -26
  -60
  -58
  -55
  -51
  -48
  -44
  -40
  -36
  -31
  -27
  -23
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  100.0
  99.9
  99.6
  99.3
  98.8
  98.3
  97.7
  97.0
  96.2
  95.4
  95.0
  94.5
  94.0
  93.4
  92.7
  92.0
  91.3
  90.6
  89.8
  89.0
  88.1
  87.3
  86.4
  85.5
  84.6
  83.7
  82.8
  81.9
  80.9
  80.0

Agnico Eagle Mines Ltd is a Canada-based gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut, as well as exploration activities in Canada, Europe, Latin America and the United States. It operates through the business units: Northern Business, which consists of its operations in Canada and Finland, such as the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine, the Meliadine project and the Malartic Mine in Canada, as well as the Kittila mine in Finland; Southern Business, which consists of its operations in Mexico, such as the Pinos Altos mine that includes the Creston Mascota deposit and the La India mine owned by its indirect subsidiary, as well as Exploration Group, which focuses on the identification of new mineral reserves and mineral resources, and new development opportunities in gold producing regions. Its exploration activities are concentrated in Canada, Europe, Latin America and the United States.

FINANCIAL RATIOS  of  Agnico-Eagle Mines (AEM)

Valuation Ratios
P/E Ratio 57.4
Price to Sales 4.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 34.7
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 23.9%
Total Debt to Equity 26.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.7%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 51.7%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 44.5%
EBITDA Margin - 3 Yr. Avg. 39.8%
Operating Margin 16.8%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 55.5%
Payout Ratio 44.7%

AEM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEM stock intrinsic value calculation we used $2138 million for the last fiscal year's total revenue generated by Agnico-Eagle Mines. The default revenue input number comes from 2016 income statement of Agnico-Eagle Mines. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AEM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AEM is calculated based on our internal credit rating of Agnico-Eagle Mines, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agnico-Eagle Mines.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AEM stock the variable cost ratio is equal to 92%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AEM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6% for Agnico-Eagle Mines.

Corporate tax rate of 27% is the nominal tax rate for Agnico-Eagle Mines. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AEM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AEM are equal to 238.4%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Agnico-Eagle Mines operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AEM is equal to 14%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4492 million for Agnico-Eagle Mines - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 233.001 million for Agnico-Eagle Mines is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agnico-Eagle Mines at the current share price and the inputted number of shares is $9.5 billion.

RELATED COMPANIES Price Int.Val. Rating
AUY Yamana Gold 2.95 1.07  str.sell
NEM Newmont Mining 38.69 9.09  str.sell
EGO Eldorado Gold 1.08 1.09  sell
GG Goldcorp 12.84 3.88  str.sell
KGC Kinross Gold 3.59 0.80  str.sell
IAG IAMGOLD 5.43 1.20  str.sell
ABX Barrick Gold 12.18 1.41  str.sell

COMPANY NEWS

▶ Agnico Eagle Mines Plunges   [Feb-18-18 06:28PM  GuruFocus.com]
▶ Agnico Eagle Participates in Orla Mining Ltd. Financing   [Feb-15-18 05:00PM  PR Newswire]
▶ Agnico beats 4Q profit forecasts   [Feb-14-18 06:52PM  Associated Press]
▶ Top 4 Gold Stocks as of February 2018   [Feb-02-18 05:40PM  Investopedia]
▶ What Led to the Decline in Gold and Silver?   [Jan-22-18 01:29PM  Market Realist]
▶ These Factors Could Be Priced into AEMs Earnings Estimates   [Jan-16-18 07:30AM  Market Realist]
▶ Why Agnico Eagle Mines Is an Analyst Favorite   [Jan-15-18 10:30AM  Market Realist]
▶ How Miners Were Moving in the 1st Week of January   [Jan-10-18 10:00AM  Market Realist]
▶ What Mining Stocks Indicators at the End of December Tell Us   [Jan-03-18 03:35PM  Market Realist]
▶ Will Bitcoin Steal Golds Luster in 2018?   [Dec-27-17 02:32PM  Market Realist]
▶ Miners and Their Moving Averages   [Dec-18-17 03:46PM  Market Realist]
▶ Agnico Eagle Mines Is on Many Analysts Wish ListsHeres Why   [Dec-14-17 05:45PM  Market Realist]
▶ How Are Mining Stocks Moving?   [Dec-11-17 09:25AM  Market Realist]
▶ Investing in Gold: Newmont Mining   [Dec-08-17 03:03PM  GuruFocus.com]
▶ Could Gold Be a Good Inflation Hedge?   [Dec-05-17 02:27PM  Market Realist]
▶ What Are Miners Correlation Trends?   [Dec-04-17 04:19PM  Market Realist]
▶ Citigroup Acts on Canada"s Largest Gold Producers   [Dec-01-17 12:07PM  GuruFocus.com]
▶ The Performances of Mining Stocks in November 2017   [Nov-29-17 10:27AM  Market Realist]
▶ What the Miners Correlation Figures Indicate   [07:36AM  Market Realist]
▶ Analyzing Trends in Mining Stocks Correlation   [Nov-24-17 07:32AM  Market Realist]
▶ What Led to the Recent Rebound in Precious Metals?   [Nov-23-17 05:10PM  Market Realist]
▶ Important Technical Indicators for Mining Stocks   [Nov-17-17 02:51PM  Market Realist]
▶ Analyzing the Movement in Mining Stocks in November 2017   [Nov-16-17 04:00PM  Market Realist]
▶ Directional Trend in Correlation of Miners: An Analysis   [Nov-15-17 09:24AM  Market Realist]
▶ These Projects Could Drive Kinross Golds Production Growth   [Nov-14-17 04:10PM  Market Realist]
▶ Mining Stocks Movement in the First Week of November   [Nov-10-17 07:34AM  Market Realist]
▶ Why Gold Prices Could Stay Weak for the Rest of 2017   [Nov-09-17 10:32AM  Market Realist]
▶ Heres How US Economic Growth Could Impact Gold Prices   [Nov-08-17 03:31PM  Market Realist]
▶ Mining Shares: What Direction Is the RSI Level Taking?   [Nov-07-17 07:46AM  Market Realist]
▶ Top 4 Gold Stocks as of November 2017   [Nov-06-17 12:33PM  Investopedia]
▶ Where Are Mining Stocks Headed Now?   [Nov-03-17 03:40PM  Market Realist]
▶ What Spooked Investors after Barrick Golds 3Q17 Results?   [Oct-27-17 02:30PM  Market Realist]
▶ How Mining Stocks Have Moved in October 2017   [01:40PM  Market Realist]
Financial statements of AEM
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