This evening, RMS's business is priced (enterprise value) at 8.18x trailing earnings; said earnings generated on 230k ounces produced, with 228k sold at an average realized price of $2018/oz. RMS was running ahead of top end of FY2021 guidance of 260k-280k ounces, at the H1 half, and the next 4 quarters of hedges are 44.7% of production at an average hedge price of $2174/oz.
Based on FY2021 simple cash flow*, we are nearly the cheapest miner out there. We're at 3.195x EV/SCF. Adjusted for hedging we're at 3.457x EV/SCF, and adjusted for both hedging and the H1 guidance beat, we're at 3.31x EV/SCF.
RMS vs some of the other miners: enterprise value/simple cash flow
RMS
straight 3.195
adjusted for hedging 3.457
adjusted for hedging and beating 3.31
SLR
straight 4.83
adjusted for hedging 6.28
adjusted for hedging and beating 6.63 (prob not relevant, since SLR missed H1 on guidance due to mine scheduling)
OBM
straight 3.88
EVN (Evolution)
straight 10.85
SGI (Canadian miner operating Plutonic)
straight 2.28
KL (Kirkland Lake NYSE)
straight 6.64
NEM (Newmont NYSE)
straight 5.77
*Simple Cash Flow SCF = annual production guidance x (spot gold price - annual AISC guidance)
RMS Chart, page-1343
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Last
$2.33 |
Change
-0.090(3.72%) |
Mkt cap ! $2.691B | |||
| Open | High | Low | Value | Volume |
| $2.41 | $2.41 | $2.31 | $7.130M | 3.032M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 24716 | $2.32 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.35 | 35394 | 1 |
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| Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
| RMS (ASX) Chart |