Target prices are based on last reported NAV (end September). I do not know why this company is not appreciated. Considering the enthusiasm about tech stocks I would expect it to trade above NAV. Maybe too much twitter vs other pre-ipo stories? But in that case the private equity portfolio would be larger and usually that warrants more discount vs book. Puzzled.
Guidance: all-in sustaining costs (AISC) of $950-$1025/oz, +35% YoY production growth and -8% YoY costs. FCF yield (after sustaining capex) rising from 3% in 2014 to 7% in 2015, 9% in 2016 and continuing to improve thereafter.
We are close to a bottom in gold prices and this looks like one of the best intermediate producers.