The result was below what I was expecting.
I still have not changed my view from a few weeks ago when I said my re entry point is $2.25 - $2.50.
The issues are still the same:
- Lower production guidance.
- Higher future AISC.
- Limited Reserves.
- Falling Gold price.
I could be wrong but I think this result is as good as it will get for the next few years unless the gold price increases by quite a bit.
I still like the company but with next years results likely to show lower production, lower profit and lower net cash flow it is still too expensive for me at current levels.
A company with a PE of 18 needs to show some growth and I am not seeing that in any future projections.
Ann: FY18 Financial Results Presentation, page-14
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