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IAG has corrected in tandem with the gold

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investora2z   Sunday, 12/01/13 09:50:40 AM
Re: None
Post # of 1154 
IAG has corrected in tandem with the gold prices, and the probability of a rebound cannot be ruled out if gold shows some strength. It appears to be a good bet at current levels, especially if one considers the high dividend yield of nearly 6%. Presuming that the company is able to deliver reasonably good financial performance in the next few quarters, the chances of capital appreciation are also high. Gold is expected to rebound like it did last time, though no one can be absolutely sure. Last time it had traveled from $1200 to above $1400 in quick time. IAG is trading at 0.43 times its book value, and the price to sales is also one. This is good considering that the company is profitable on a ttm basis. The operating margins are nearly 25%, and the net margins are 6%. The leverage is also reasonable if one considers the cash position. The ttm P/E is around 17 and the forward P/E is around 15. However, the cost of production increased by 10% in Q3 on a yoy basis. The all-in-sustaining costs came at $1134 per ounce which is high compared to several other players in the sector. There are even some development stage companies with lower expected cost of production like Pershing Gold (PGLC). However, the company has taken the steps to reduce costs, and is on track to achieve the targeted cost savings of $100 million in 2013. The target was for reduction in operating costs by $54 million, exploration cost by $40 million and corporate general and administrative costs by $6 million. At the end of the third quarter, the company had already achieved 77% of planned reductions. So the company can report better numbers going forward which will have a positive impact on the valuations. As always, gold prices remain the key.

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