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John ZechnerYamana Gold Inc.YRI.TODON'T BUYFeb 10, 2020

If you buy just YRI you have jurisidictional risk (i.e. a country can change the royalty suddenly). Also YRI has had a pretty good move. Buy GDX instead, an ETF.

John Zechner

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$5.09

Stock price when the opinion was issued

precious metals

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HOLD

Uptrend occurring right now.
Smaller than larger players in sector.
Company trying to breakout.
Hesitant to buy.
Give stock a chance to prove it can breakout.

SELL

With market volatility, gold stocks tend to be more volatile than the overall market and than gold itself. In this choppy period, he'd take it off the table right now. Deal completion risk and market volatility risk.

BUY

Good company. A buy, $8 target. If companies are doing well at these levels, they'll do really well as the commodity price goes up. You just have to wait. Keep buying into dips to keep your weighting at 5%.

WATCH

We are quite far away for the seasonally period for Gold. If you find gold increasing and the stocks increasing at the same time, the you can see YRI-T do very well. If the market sentiment is weak and gold is performing well, he would look to larger cap companies.

WAIT

It has been a relief overall. It is similar to Gold Bullion. He would hold off on it right now. Gold stocks have gotten ahead of the bullion.

DON'T BUY

He does not like gold or gold stocks. If there is a reset to get us out of this mess, these companies will have a hard time because their expenses are going to go up as well due to inflation. He does not see gold stocks seriously outperforming here.

BUY

They basically broke up the company to have the marginal Brazilian assets in Equinox. They sorted out their balance sheet.

COMMENT

YRI is improving dramatically. And it's good they're returning capital to shareholders. He prefers higher-grade companies like FNV and Barrick. But if gold rapidly rises, YRI would outperform those bigger caps.

DON'T BUY

For some reason, they keep missing. So he's stayed away. Not fine-tuned. Target of $6.25, and eventually they'll get there. Other ones have executed much better.

BUY

They just came up to an important technical break point. They were just about to put out a recommendation. The stock is cheap, good value, and has good leverage on earnings based on the price of the bullion.

BUY ON WEAKNESS

YRI had a big move this year, enjoying a strong upside. He really likes this. He targets $6 (20%) higher than now. Also: he predicts a general market pullback in January.

DON'T BUY

Has a $6.50 target. It's never attracted him for some reason.

DON'T BUY

He avoids gold stocks, because of poor metrics. For example, gold stocks have little cash flow. YRI has no ROE, is not cheap in any metric and carries a lot of debt. The stock price has improved a bit, but not as much as its peers.

PARTIAL SELL

It is in a longer term down trend since early 2018. He thinks gold may be forming an intermediate peak and could face a resumption of the bear trend soon over the next month or two. He would be taking profit here and buy back later after the pullback.

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John ZechnerYamana Gold Inc.YRI.TODON'T BUYFeb 10, 2020

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