Ann: Update - Dividend/Distribution - NEM, page-32

Just got this in an email today...

Thursday, 4 April 2024

NEM - NEWMONT CORPORATION REGISTERED

Citi rates NEM as Initiation of coverage with Buy (1) - Citi has initiated coverage of the ASX-listed Newmont Corp CDI with a Buy rating and $69 price target, which is a direct translation of the US$45 target for the shares listed in homeland USA.

Newmont Corp is nowadays the owner of former ASX-listed Newcrest Mining.

The positive rating is supported by a positive view on the direction of the price of gold bullion, expected to hit US$2300/oz in the second half of 2024.

The key question, Citi acknowledges, is whether management at the gold producer will be able to deliver on its strategies and promises.

To outperform gold, Newmont needs to both meet guidance and grow free cash flow per share. The broker is more confident about the latter.

Target price is $69.00 Current Price is $56.60 Difference: $12.4 If NEM meets the Citi target it will return approximately 22% (excluding dividends, fees and charges). Current consensus price target is $71.00, suggesting upside of 25.4%(ex-dividends)The company's fiscal year ends in December.

Forecast for FY24:

Current consensus EPS estimate is 305.1, implying annual growth of N/A. Current consensus DPS estimate is 181.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY25:

Current consensus EPS estimate is 357.7, implying annual growth of 17.2%. Current consensus DPS estimate is 179.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.8.

Market Sentiment: 0.8All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources