Yamana Gold Inc.

YRI-T

TSE:YRI

7.01
0.02 (0.28%)
Yamana Gold Inc. is a Canadian-based gold producer that began operations in 2003 with significant gold production, gold development stage properties, exploration properties, and land positions in Canada, Brazil, Chile and Argentina.
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Analysis and Opinions about YRI-T

Signal
Opinion
Expert
TOP PICK
TOP PICK
September 19, 2017

Has been a disappointing performer and selling at a discount. There was a lot of worry amongst investors and some analysts about the balance sheet because of their building of the new mine Serra Morro, which is now 90% complete, and will increase their cash flow 20%, if not 30% when it is in full production. People are worried it might breach their debt covenants, resulting in an equity issue, but he heard they had hedged 60% of next year’s gold production, and 70% of copper production, at prices above what they had budgeted for. In addition, Serra Morro will see them increase their silver production by about 40%. Dividend yield of 0.8%. (Analysts’ price target is $3.50.)

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Yamana Gold Inc. (YRI-T)
September 19, 2017

Has been a disappointing performer and selling at a discount. There was a lot of worry amongst investors and some analysts about the balance sheet because of their building of the new mine Serra Morro, which is now 90% complete, and will increase their cash flow 20%, if not 30% when it is in full production. People are worried it might breach their debt covenants, resulting in an equity issue, but he heard they had hedged 60% of next year’s gold production, and 70% of copper production, at prices above what they had budgeted for. In addition, Serra Morro will see them increase their silver production by about 40%. Dividend yield of 0.8%. (Analysts’ price target is $3.50.)

COMMENT
COMMENT
September 15, 2017

Trading cheaper than its peers. Has a good, low cost structure for its gold, but more leveraged than desired. Feels the street is looking for better consistency of generating free cash flow. Thinks the Brazilian assets that went into Brio was a bit of a difficult process to get off the books, and they still own shares of Brio and will slowly drift that out into the market. Feels there is an elevated level of execution risks. Have done a good job of trying to hive out some of the higher cost assets and try to refocus around 3 core assets. At this point, it’s a “wait and see” to restore confidence.

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Yamana Gold Inc. (YRI-T)
September 15, 2017

Trading cheaper than its peers. Has a good, low cost structure for its gold, but more leveraged than desired. Feels the street is looking for better consistency of generating free cash flow. Thinks the Brazilian assets that went into Brio was a bit of a difficult process to get off the books, and they still own shares of Brio and will slowly drift that out into the market. Feels there is an elevated level of execution risks. Have done a good job of trying to hive out some of the higher cost assets and try to refocus around 3 core assets. At this point, it’s a “wait and see” to restore confidence.

DON'T BUY
DON'T BUY
August 17, 2017

They are debt ridden and out of favour. They overpromised and underdelivered. The sellers leave after it goes down. The volatility decreases. He would prefer other golds such as a past pick today.

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Yamana Gold Inc. (YRI-T)
August 17, 2017

They are debt ridden and out of favour. They overpromised and underdelivered. The sellers leave after it goes down. The volatility decreases. He would prefer other golds such as a past pick today.

COMMENT
COMMENT
August 4, 2017

His system is telling him that the balance sheet of this company is not good. There is something on the balance sheet that has to be written off. He wouldn’t buy any more of this unless it went over $3.81. Expects there will be bad news coming in terms of write offs. There has been an 11% correction in the US$, therefore gold should be going up, but it hasn’t done anything.

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His system is telling him that the balance sheet of this company is not good. There is something on the balance sheet that has to be written off. He wouldn’t buy any more of this unless it went over $3.81. Expects there will be bad news coming in terms of write offs. There has been an 11% correction in the US$, therefore gold should be going up, but it hasn’t done anything.

DON'T BUY
DON'T BUY
June 23, 2017

There are concerns over the balance sheet as it has quite a bit of debt. They spun off a few mines into a new vehicle called Brio Gold, and got some cash in the door from that. Operationally, it has been an under performer for such a long period of time, and the stock has really tracked that. There are better places to be in gold. He is Short this against some of his Long positions. (See Top Picks.)

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There are concerns over the balance sheet as it has quite a bit of debt. They spun off a few mines into a new vehicle called Brio Gold, and got some cash in the door from that. Operationally, it has been an under performer for such a long period of time, and the stock has really tracked that. There are better places to be in gold. He is Short this against some of his Long positions. (See Top Picks.)

COMMENT
COMMENT
June 7, 2017

This has been doing some interesting things lately. They recently participated in a gold offering and lowered their interest in that from about 80% down to about 55%. That helped address some of their balance sheet issues. They have some growth going forward that looks promising. The real thing is going to be the execution they have at Serra Morro. Depending on how well that execution occurs, will really tell how well the stock performs within the environment.

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This has been doing some interesting things lately. They recently participated in a gold offering and lowered their interest in that from about 80% down to about 55%. That helped address some of their balance sheet issues. They have some growth going forward that looks promising. The real thing is going to be the execution they have at Serra Morro. Depending on how well that execution occurs, will really tell how well the stock performs within the environment.

COMMENT
COMMENT
May 18, 2017

Like all gold companies, it is not doing great at the moment, but valuations look really good. All gold companies look very similar.

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Like all gold companies, it is not doing great at the moment, but valuations look really good. All gold companies look very similar.

COMMENT
COMMENT
April 28, 2017

In today’s environment, with low interest rates and low inflation, it is a good environment for a lot of gold companies. They have begun to clean up their act in being more cautious in terms of development of new projects. Overall, a lot of the gold companies are in much better shape than they were 5 years ago. He prefers others. (See Top Picks.)

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In today’s environment, with low interest rates and low inflation, it is a good environment for a lot of gold companies. They have begun to clean up their act in being more cautious in terms of development of new projects. Overall, a lot of the gold companies are in much better shape than they were 5 years ago. He prefers others. (See Top Picks.)

WAIT
WAIT
April 25, 2017

Gold tends not to do well at this time of year. Also, gold stocks tend not to do well. This has broken its downtrend which started in mid-2016, and that is good. Chart shows it is basing out, which is a positive sign. A little channel is developing, and at about $3.25 would be the point of support. He wouldn’t be a fan of jumping into this right now, based upon seasonal trends.

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Gold tends not to do well at this time of year. Also, gold stocks tend not to do well. This has broken its downtrend which started in mid-2016, and that is good. Chart shows it is basing out, which is a positive sign. A little channel is developing, and at about $3.25 would be the point of support. He wouldn’t be a fan of jumping into this right now, based upon seasonal trends.

COMMENT
COMMENT
February 10, 2017

This has a long road ahead of it. There is a lot of debt on their balance sheet. They tried to spin out a subsidiary, which raised a fraction of what they thought it would. Not a favourite he would look for in this market.

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Yamana Gold Inc. (YRI-T)
February 10, 2017

This has a long road ahead of it. There is a lot of debt on their balance sheet. They tried to spin out a subsidiary, which raised a fraction of what they thought it would. Not a favourite he would look for in this market.

COMMENT
COMMENT
February 1, 2017

This has been lagging some peers lately. Their last report showed that their all-in sustaining costs were relatively high at around $930. Thinks there were some setbacks in 1 or 2 projects. However, overall this is a fairly good company, and relative to the others, it looks fairly inexpensive. There is going to be a fair amount of CapX going forward. Over the next year, this is kind of an unknown, but if looking at it for the long-term, they’ll probably be alright.

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Yamana Gold Inc. (YRI-T)
February 1, 2017

This has been lagging some peers lately. Their last report showed that their all-in sustaining costs were relatively high at around $930. Thinks there were some setbacks in 1 or 2 projects. However, overall this is a fairly good company, and relative to the others, it looks fairly inexpensive. There is going to be a fair amount of CapX going forward. Over the next year, this is kind of an unknown, but if looking at it for the long-term, they’ll probably be alright.

COMMENT
COMMENT
January 4, 2017

They tried to do a Rights Offering to spin out Brio Gold, and only about 25% were taken up. It has left the company with a bit of a debt situation. Going into 2018, they are going to have to raise some money somehow, to pay down some debt. There are other options where you don’t have this overhang.

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Yamana Gold Inc. (YRI-T)
January 4, 2017

They tried to do a Rights Offering to spin out Brio Gold, and only about 25% were taken up. It has left the company with a bit of a debt situation. Going into 2018, they are going to have to raise some money somehow, to pay down some debt. There are other options where you don’t have this overhang.

HOLD
HOLD
December 23, 2016

Wouldn’t be his top pick, as he sees them having less cash flow generation, and more political risk with some of the jurisdictions they are in. They have a lot of mines on the go right now and having a hard time managing the growth operationally. He is getting a little more bullish on golds. (See Top Picks.)

Show full opinionHide full opinion
Yamana Gold Inc. (YRI-T)
December 23, 2016

Wouldn’t be his top pick, as he sees them having less cash flow generation, and more political risk with some of the jurisdictions they are in. They have a lot of mines on the go right now and having a hard time managing the growth operationally. He is getting a little more bullish on golds. (See Top Picks.)

SELL
SELL
December 22, 2016

If you want to recognize the tax loss, tomorrow is the last day. This is not his favourite name in the gold space. However, he thinks it is oversold and getting to a valuation level that is somewhat attractive. They have constantly missed on the cost side of their production. He tends to like gold companies that are growing their ounce base, and this one is no longer in that position. He is short on this. If he held this, he would switch to Mag Silver (MAG-T).

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Yamana Gold Inc. (YRI-T)
December 22, 2016

If you want to recognize the tax loss, tomorrow is the last day. This is not his favourite name in the gold space. However, he thinks it is oversold and getting to a valuation level that is somewhat attractive. They have constantly missed on the cost side of their production. He tends to like gold companies that are growing their ounce base, and this one is no longer in that position. He is short on this. If he held this, he would switch to Mag Silver (MAG-T).

COMMENT
COMMENT
December 6, 2016

He doesn’t see a long-term secular story on gold and would just use this as a trade.

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Yamana Gold Inc. (YRI-T)
December 6, 2016

He doesn’t see a long-term secular story on gold and would just use this as a trade.

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