Thanks for SA article, here is the conclusion
Book value is my preferred poison. However, Claude appears to be undervalued in the sector on any chosen metric. An eye-opening slide from the Corporate Presentation:
(click to enlarge)
P/E of 5.5? Wow.
Conclusion
I believe gold is due for an upside swing based on macro economic factors that I've explained above and in previous articles. The combination of well run companies in sectors due for a correction offers some of the most intriguing investment opportunities in the market today.
My sentiment aside, Claude is simply a good company who is profiting in a difficult and ultra competitive sector. While the company is obviously directly impacted by the price of gold, management has done a remarkable job in reducing AISC by high grading, reducing/refinancing debt, and building a strong cash position allowing the Company flexibility to withstand - and profit - under current, or worse, conditions. If gold prices take a turn north, look out above.
Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
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