Coeur Mining, Inc. (NYSE: CDE)

Sector: Basic Materials Industry: Gold CIK: 0000215466
Market Cap 12.08 Bn
P/B 3.91
P/E 29.57
P/S 7.11
ROIC (Qtr) 21.00
Div Yield % 0.00
Rev 1y % (Qtr) 76.91
Total Debt (Qtr) 363.52 Mn
Debt/Equity (Qtr) 0.12

About

Coeur Mining, Inc. (CDE), a prominent player in the mining industry, is dedicated to generating sustainable, high-quality cash flow and returns from its balanced, prospective asset base in mining-friendly jurisdictions. The company's operations span across the United States, Canada, and Mexico, with a focus on precious metals production. Coeur's business activities are segmented into four primary areas: Palmarejo, Rochester, Kensington, and Wharf. The Palmarejo gold-silver complex, located in Mexico, has been operational since 2009, while the Rochester...

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Price action

Investment thesis

Bull case

  • Strong operating cash flow of 576.09M provides robust 1.58x coverage of total debt 363.52M, indicating excellent debt servicing capability and financial flexibility.
  • Healthy cash reserves of 266.34M provide 10.71x coverage of short-term debt 24.86M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of 576.09M provides strong 39.03x coverage of stock compensation 14.76M, indicating sustainable incentive practices.
  • Operating cash flow of 576.09M provides exceptional 15.63x coverage of interest expenses 36.86M, showing strong debt service capability.
  • Strong tangible asset base of 3.88B provides 10.67x coverage of total debt 363.52M, indicating robust asset backing and low credit risk.

Bear case

  • Operating cash flow of 576.09M barely covers its investment activities of (114.24M), with a coverage ratio of -5.04, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (114.24M) provide weak support for R&D spending of 84.81M, which is -1.35x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating earnings of 448.16M show weak coverage of depreciation charges of 234.34M, with a 1.91 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of 368.54M represents just -1.39x of debt issuance (265.17M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • High depreciation of 234.34M relative to operating cash flow of 576.09M, which is 0.41x suggests significant maintenance capital requirements affecting free cash flow.

Segments Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Gold
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NEM NEWMONT Corp /DE/ 121.63 Bn 16.92 5.66 5.65 Bn
2 AEM Agnico Eagle Mines Ltd 96.06 Bn 27.86 9.09 0.34 Bn
3 B Barrick Mining Corp 82.76 Bn 23.10 5.67 4.71 Bn
4 WPM Wheaton Precious Metals Corp. 56.61 Bn 56.52 30.93 0.01 Bn
5 FNV FRANCO NEVADA Corp 44.11 Bn 47.96 28.52 0.00 Bn
6 KGC Kinross Gold Corp 38.43 Bn 21.85 5.96 1.24 Bn
7 PAAS Pan American Silver Corp 19.78 Bn 31.19 6.08 0.86 Bn
8 AGI Alamos Gold Inc 17.45 Bn 32.41 10.85 0.28 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.74 3.17
EV to Cash from Ops. EV/CFO 21.44 -11.55
EV to Debt EV to Debt 33.98 548.67
EV to EBIT EV/EBIT 27.57 12.24
EV to EBITDA EV/EBITDA 18.16 3.14
EV to Free Cash Flow [EV/FCF] EV/FCF 33.52 12.17
EV to Market Cap EV to Market Cap 1.02 1.72
EV to Revenue EV/Rev 7.26 7.50
Price to Book Value [P/B] P/B 3.91 5.26
Price to Earnings [P/E] P/E 29.57 -1.39
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.54
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 5.40
Dividend per Basic Share Div per Share (Qtr) 0.00 0.17
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.25
Interest Coverage Int. cover (Qtr) 12.16 406.21
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 8.97 -97.36
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 246.28 130.91
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -5.27
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 5,410.42 518.35
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 200.01 53.19
EBIT Growth (1y) % EBIT 1y % (Qtr) 348.87 679.30
EBT Growth (1y) % EBT 1y % (Qtr) 675.19 144.05
EPS Growth (1y) % EPS 1y % (Qtr) 3,550.00 224.62
FCF Growth (1y) % FCF 1y % (Qtr) 805.01 171.65
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 160.49 84.25
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.38 0.26
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 0.80 3.14
Current Ratio Curr Ratio (Qtr) 2.00 4.90
Debt to Equity Ratio Debt/Equity (Qtr) 0.12 0.27
Interest Cover Ratio Int Coverage (Qtr) 12.16 406.21
Times Interest Earned Times Interest Earned (Qtr) 12.16 406.21
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 40.10 -19.19
EBIT Margin % EBIT Margin % (Qtr) 26.35 -44.57
EBT Margin % EBT Margin % (Qtr) 24.18 -34.79
Gross Margin % Gross Margin % (Qtr) 38.00 30.59
Net Profit Margin % Net Margin % (Qtr) 24.00 -40.44