Financials Newmont Corporation

Equities

NEM

US6516391066

Gold

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
43.74 ^USD	+2.10%		+2.94%	+5.68%

May. 16	Bernstein Adjusts Price Target on Newmont to $45 From $46, Keeps Market Perform Rating	MT
May. 10	BNP Paribas Exane Adjusts Price Target on Newmont to $52 From $49	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,622	47,990	49,556	37,464	47,704	50,410	-	-
Enterprise Value (EV) ¹	40,213	49,152	50,784	39,890	54,138	55,609	54,144	52,826
P/E ratio	11.4 x	17.1 x	42.5 x	-87.4 x	-14.1 x	20.4 x	14.3 x	13.9 x
Yield	1.29%	2.42%	3.55%	4.34%	3.87%	2.29%	2.44%	2.35%
Capitalization / Revenue	3.66 x	4.17 x	4.05 x	3.14 x	4.04 x	2.96 x	2.74 x	2.73 x
EV / Revenue	4.13 x	4.28 x	4.16 x	3.35 x	4.58 x	3.26 x	2.94 x	2.86 x
EV / EBITDA	10.8 x	8.88 x	8.52 x	8.77 x	12.8 x	7.54 x	6.33 x	6.32 x
EV / FCF	28.5 x	13.7 x	19.3 x	18.6 x	558 x	31.1 x	18.5 x	15.1 x
FCF Yield	3.51%	7.3%	5.17%	5.38%	0.18%	3.21%	5.41%	6.62%
Price to Book	1.64 x	2.08 x	2.26 x	1.93 x	1.64 x	1.63 x	1.52 x	1.44 x
Nbr of stocks (in thousands)	819,830	801,309	799,026	793,739	1,152,544	1,152,488	-	-
Reference price ²	43.45	59.89	62.02	47.20	41.39	43.74	43.74	43.74
Announcement Date	2/20/20	2/18/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,740	11,497	12,222	11,915	11,812	17,056	18,429	18,494
EBITDA ¹	3,734	5,537	5,963	4,550	4,217	7,373	8,556	8,361
EBIT ¹	1,277	2,806	1,257	203	-1,643	4,212	5,774	5,565
Operating Margin	13.11%	24.41%	10.28%	1.7%	-13.91%	24.69%	31.33%	30.09%
Earnings before Tax (EBT) ¹	3,693	3,143	1,108	-51	-1,971	3,920	5,040	5,267
Net income ¹	2,805	2,829	1,166	-429	-2,475	2,521	3,533	3,380
Net margin	28.8%	24.61%	9.54%	-3.6%	-20.95%	14.78%	19.17%	18.27%
EPS ²	3.810	3.510	1.460	-0.5400	-2.940	2.146	3.048	3.140
Free Cash Flow ¹	1,413	3,588	2,626	2,148	97	1,786	2,927	3,498
FCF margin	14.51%	31.21%	21.49%	18.03%	0.82%	10.47%	15.88%	18.91%
FCF Conversion (EBITDA)	37.84%	64.8%	44.04%	47.21%	2.3%	24.23%	34.21%	41.83%
FCF Conversion (Net income)	50.37%	126.83%	225.21%	-	-	70.87%	82.83%	103.49%
Dividend per Share ²	0.5600	1.450	2.200	2.050	1.600	1.000	1.066	1.029
Announcement Date	2/20/20	2/18/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,390	3,023	3,058	2,634	3,200	2,679	2,683	2,493	3,957	4,023	4,107	4,568	4,857	4,966	4,463
EBITDA ¹	1,599	1,390	1,149	850	1,161	990	910	933	1,384	1,694	1,686	1,951	2,248	2,235	2,025
EBIT ¹	-626	799	465	351	-1,431	505	366	238	-2,752	400	1,047	1,390	1,590	1,794	-
Operating Margin	-18.47%	26.43%	15.21%	13.33%	-44.72%	18.85%	13.64%	9.55%	-69.55%	9.94%	25.5%	30.44%	32.73%	36.12%	-
Earnings before Tax (EBT) ¹	-507	628	408	296	-1,383	539	300	232	-3,042	428	1,121	1,434	1,496	1,685	-
Net income ¹	-46	448	387	213	-	351	155	158	-3,139	170	687.1	921.3	1,068	1,127	-
Net margin	-1.36%	14.82%	12.66%	8.09%	-	13.1%	5.78%	6.34%	-79.33%	4.23%	16.73%	20.17%	21.99%	22.69%	-
EPS ²	-0.0600	0.5600	0.4900	0.2700	-1.860	0.4400	0.1900	0.2000	-3.210	0.1500	0.6740	0.8581	0.9115	0.7686	0.6000
Dividend per Share ²	0.5500	0.5500	0.5500	0.5500	0.4000	0.4000	0.4000	0.4000	0.4000	0.2500	0.2500	0.2500	0.2500	0.2998	0.3248
Announcement Date	2/24/22	4/22/22	7/25/22	11/1/22	2/23/23	4/27/23	7/20/23	10/26/23	2/22/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,591	1,162	1,228	2,426	6,434	5,199	3,734	2,416
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.23 x	0.2099 x	0.2059 x	0.5332 x	1.526 x	0.7052 x	0.4364 x	0.289 x
Free Cash Flow ¹	1,413	3,588	2,626	2,148	97	1,786	2,927	3,498
ROE (net income / shareholders' equity)	17.6%	9.63%	10.5%	7.1%	5.61%	9.02%	9.92%	9.42%
ROA (Net income/ Total Assets)	9.24%	6.96%	5.79%	-	2.89%	4.48%	5.23%	5.18%
Assets ¹	30,345	40,670	20,146	-	-85,640	56,325	67,623	65,309
Book Value Per Share ²	26.50	28.80	27.50	24.40	25.20	26.80	28.70	30.40
Cash Flow per Share ²	3.890	6.070	5.340	6.440	3.880	5.050	5.540	5.450
Capex ¹	1,463	1,302	1,653	2,131	2,666	3,226	3,303	3,224
Capex / Sales	15.02%	11.32%	13.52%	17.89%	22.57%	18.91%	17.92%	17.43%
Announcement Date	2/20/20	2/18/21	2/24/22	2/23/23	2/22/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Newmont Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.74 USD

Average target price

46.78 USD

Spread / Average Target

+6.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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