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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 01/06/2017)
Risk: Moderate
Coeur Mining Inc
www: www.coeur.com     email: investors@coeur.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSE:CDE 08/21/2017 USD 8.18 0.46 15.35 - 7.30 0
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Don's Summary (from last analysis - 01/06/2017)

Coeur Mining has underperformed since 2006. They have to reach $70 per share just to get back to where the share price traded in 2006. However, they have been aggressive, purchasing Orko Silver, Paramount Gold, and a mine from Gold Corp. In 2017, they will produce about 17 million ounces of silver and 350,000 ounces of gold. That is substantial and with rising gold and silver prices, cash flow could reach $1 billion annually. At 10x cash flow, they could reach a $10 billion market cap. That would make them a potential 3 bagger from their current $1.8 billion FD market cap. The stock has been surging, rising from $2.48 to $10.61 in the past year.

I look for this stock to do well, but it's a bit pricey after the recent run. Their new management team has focused on improving their balance sheet, and have reduced their net debt to $5 million. If Coeur can pile up cash, this stock should do very well. For silver producers, I have been down on CDE. However, they seem to be hitting their stride. Let's hope they can pull it off and reach a new high.

Before you get too excited that this stock is going to blast off, they do not have low cash costs. Their all-in costs (free cash flow) are around $17 per oz for silver and $1200 for gold. So they are a high risk investment at low gold and silver prices. However, if silver prices take off, they will benefit big time.

General Details

Financial 01/06/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $1,835.53M $1,484.59M 03/31/2017 $-350.94M
Total Assets: $1,370.94M $1,394.65M 06/30/2017 $23.71M
Total Liabilities: $738.61M $617.14M 06/30/2017 $-121.47M
Current Assets: $467.51M $481.85M 06/30/2017 $14.34M
Current Liabilities: $113.21M $116.66M 06/30/2017 $3.45M
Total Debt: $216.00M $284.78M 06/30/2017 $68.78M
Cash: $211.00M $250.04M 06/30/2017 $39.04M
Enterprise Value: $1,840.53M $1,519.33M 02/22/2018 $-321.20M
Cash Flow: $10.12M $45.16M never $35.05M
Cash Flow Multiple: 181.40 32.87 never -148.53
Net Debt to Cash Flow Ratio: 0.49 0.77 never 0.28
Finance within 1 year: 01/06/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/06/2017 0.00%
Misc 01/06/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $10.610 $8.180 16:08 on 08/21/2017 $-2.43
Shares Outstanding: 170,000,000 181,440,000 06/30/2017 11,440,000
Shares Fully Diluted: 173,000,000 181,490,000 03/31/2017 8,490,000
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 01/06/2017 n/a
Production (Gold Eq Oz.): (guess) 
574,145
(guess) 
560,481
01/06/2017 -13,664
Production (Silver Eq Oz.): (guess) 
40,983,861
(guess) 
42,605,775
01/06/2017 1,621,914
Initial CapEx (Outstanding): n/a n/a 01/06/2017 n/a
Funding Option: n/a n/a 01/06/2017 n/a
Documentation: none PRODUCER 01/06/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/06/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 2.40M 2.40M 01/06/2017 0.00M
Measured & Indicated: 4.10M 4.10M 01/06/2017 0.00M
Inferred: 1.10M 1.10M 01/06/2017 0.00M
Reserves & Resources: 5.20M 5.20M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.11M 2.11M 01/06/2017 0.00M
Measured & Indicated: 3.31M 3.31M 01/06/2017 0.00M
Inferred: 0.48M 0.48M 01/06/2017 0.00M
Reserves & Resources: 3.79M 3.79M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
350,000oz.
(guess) 
350,000oz.
01/06/2017 0oz.
Cash Cost: $800 $800 01/06/2017 $0.00
Extra Operating Cost: $350 $350 01/06/2017 $0.00
Average Grade: 5.00 g/t 5.00 g/t 01/06/2017 n/a
Recovery Rate: (CG)  88.00% (CG)  88.00% 01/06/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 4.00M 4.00M 01/06/2017 0.00M
Annual Production: 350,000oz. 350,000oz. 01/06/2017 0oz.
Cash Cost: $900 $900 01/06/2017 $0
Extra Operating Cost: $350 $350 01/06/2017 $0
SILVER 01/06/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 155.00M 155.00M 01/06/2017 0.00M
Measured & Indicated: 310.00M 310.00M 01/06/2017 0.00M
Inferred: 50.00M 50.00M 01/06/2017 0.00M
Reserves & Resources: 360.00M 360.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 136.40M 136.40M 01/06/2017 0.00M
Measured & Indicated: 245.52M 245.52M 01/06/2017 0.00M
Inferred: 22.00M 22.00M 01/06/2017 0.00M
Reserves & Resources: 267.52M 267.52M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
16,000,000oz.
(guess) 
16,000,000oz.
01/06/2017 0oz.
Cash Cost: $12 $12 01/06/2017 $0.00
Extra Operating Cost: $4 $4 01/06/2017 $0.00
Average Grade: 75.00 g/t 75.00 g/t 01/06/2017 n/a
Recovery Rate: (CG)  88.00% (CG)  88.00% 01/06/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 300.00M 300.00M 01/06/2017 0.00M
Annual Production: 18,000,000oz. 18,000,000oz. 01/06/2017 0oz.
Cash Cost: $12 $12 01/06/2017 $0
Extra Operating Cost: $6 $6 01/06/2017 $0

Property

Last Analysis Data  (01/06/2017)
Stage Location Name Owned Type Au Ag Cu
Production Gobernador Gregores, Argentina Martha 100% n/a
Production Nsw, Australia Endeavor 100% n/a
Production Bolivia San Bartolome 100% n/a
Production Mexico Palmarejo 100% n/a
Production Juneau, Al, USA Kensington 100% n/a
Production Nevada, USA Rochester 100% n/a
Exploration Argentina Joaquin 51% n/a
Exploration Durango, Mexico La Preciosa 100% n/a
Current Data
Stage Location Name Owned Type Au Ag Cu
Production Gobernador Gregores, Argentina Martha 100% n/a
Production Nsw, Australia Endeavor 100% n/a
Production Bolivia San Bartolome 100% n/a
Production Mexico Palmarejo 100% n/a
Production Juneau, Al, USA Kensington 100% n/a
Production Nevada, USA Rochester 100% n/a
Exploration Argentina Joaquin 51% n/a
Exploration Durango, Mexico La Preciosa 100% n/a

Profitability (by resource)

Proven &
Probable
01/06/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 52.50% 54.07% n/a 1.57%
Percentage Silver: 47.50% 45.93% n/a -1.57%
Total (Gold Eq. Oz.): 4.57M 4.44M n/a -0.13M
Total (Silver Eq. Oz.): 326.32M 337.44M n/a 11.12M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.02M 3.91M n/a -0.12M
Silver Eq. Oz.: 287.16M 296.95M n/a 9.79M
Maximum Profit (Gold): $32.67M $206.98M n/a $174.30M
Maximum Profit (Silver): $40.10M $92.62M n/a $52.51M
Total Maximum Profit: $72.77M $299.59M n/a $226.82M
Max Profit / Current MCap: 0.040 0.202 n/a 0.162
Max Profit Per Share (Gold): $0.19 $1.14 n/a $0.95
Max Profit Per Share (Silver): $0.23 $0.51 n/a $0.28
Total Max Profit Per Share: $0.42 $1.65 n/a $1.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $456.28 $380.05 n/a $-76.23
FD Mkt. Cap / Silver Eq.: $6.39 $5.00 n/a $-1.39
FD Mkt. Cap / Per Metal
as % Spot Price:
38.93% 29.46% n/a -9.47%
Measured &
Indicated
01/06/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 48.56% 50.13% n/a 1.57%
Percentage Silver: 51.44% 49.87% n/a -1.57%
Total (Gold Eq. Oz.): 8.44M 8.18M n/a -0.26M
Total (Silver Eq. Oz.): 602.67M 621.67M n/a 19.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.75M 6.54M n/a -0.21M
Silver Eq. Oz.: 481.71M 497.04M n/a 15.33M
Maximum Profit (Gold): $51.19M $324.26M n/a $273.08M
Maximum Profit (Silver): $72.18M $166.71M n/a $94.53M
Total Maximum Profit: $123.37M $490.97M n/a $367.60M
Max Profit / Current MCap: 0.067 0.331 n/a 0.263
Max Profit Per Share (Gold): $0.30 $1.79 n/a $1.49
Max Profit Per Share (Silver): $0.42 $0.92 n/a $0.50
Total Max Profit Per Share: $0.71 $2.71 n/a $1.99
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $272.00 $227.05 n/a $-44.95
FD Mkt. Cap / Silver Eq.: $3.81 $2.99 n/a $-0.82
FD Mkt. Cap / Per Metal
as % Spot Price:
23.21% 17.60% n/a -5.61%

Reserves &
Resources
01/06/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 50.77% 52.34% n/a 1.57%
Percentage Silver: 49.23% 47.66% n/a -1.57%
Total (Gold Eq. Oz.): 10.24M 9.94M n/a -0.31M
Total (Silver Eq. Oz.): 731.19M 755.29M n/a 24.10M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.54M 7.31M n/a -0.23M
Silver Eq. Oz.: 538.26M 555.84M n/a 17.58M
Maximum Profit (Gold): $58.67M $371.69M n/a $313.02M
Maximum Profit (Silver): $78.65M $181.65M n/a $103.00M
Total Maximum Profit: $137.33M $553.34M n/a $416.01M
Max Profit / Current MCap: 0.075 0.373 n/a 0.298
Max Profit Per Share (Gold): $0.34 $2.05 n/a $1.71
Max Profit Per Share (Silver): $0.45 $1.00 n/a $0.55
Total Max Profit Per Share: $0.79 $3.05 n/a $2.26
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $243.42 $203.03 n/a $-40.39
FD Mkt. Cap / Silver Eq.: $3.41 $2.67 n/a $-0.74
FD Mkt. Cap / Per Metal
as % Spot Price:
20.77% 15.74% n/a -5.03%

Future Valuation (Cash Flow & Totals)

Totals 01/06/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,325.73M $1,414.88M n/a $89.15M
Mkt. Cap: $1,835.53M $1,484.59M n/a $-350.94M
Annual Gold Production: (guess) 
350,000oz.
(guess) 
350,000oz.
01/06/2017 0oz.
Annual Silver Production: (guess) 
16,000,000oz.
(guess) 
16,000,000oz.
01/06/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $6,000.00M $6,000M n/a $0M
FD Mkt. Cap Growth: 227% 304% n/a 77%
Annual
Production
Gold: 350,000 oz. 350,000 oz. n/a 0 oz.
Silver: 18,000,000 oz. 18,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 114.72 92.79 n/a -21.93
Silver Eq. Reserves: 4.59 3.71 n/a -0.88
Gold Eq. Production: 1,715.45 1,387.47 n/a -327.98
Silver Eq. Production: 68.62 55.50 n/a -13.12
P&P
Reserves
(oz.)
Gold: 4.00M 4.00M 01/06/2017 n/a
Silver: 300.00M 300.00M 01/06/2017 n/a
Gold Eq.: 16.00M 16.00M 01/06/2017 n/a
Silver Eq.: 400.00M 400.00M 01/06/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.023 0.022 n/a -0.001
Silver: 1.734 1.653 n/a -0.081
Gold Eq.: 0.092 0.088 n/a -0.004
Silver Eq.: 2.312 2.204 n/a -0.108
Cash Flow 01/06/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $10.12M $45.16M n/a $35.05M
Current Multiple: 181.40 32.87 n/a -148.53
F
U
T
U
R
E
@ current prices: $-33.42M $-2.72M n/a $30.70M
Multiple @ current prices: 0.00 0.00 n/a 0.00
Growth @ current prices: 0.00% 0.00% n/a 0.00
@ future prices: $1,148.10M $1,148.10M n/a $0.00M
Multiple @ future prices: 1.60 1.29 n/a -0.31
Growth @ future prices: 2,442.07% 2,442.07% n/a -88.04

Defaults

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