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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 09/04/2017)
Risk: Moderate
Coeur Mining Inc
www: www.coeur.com     email: investors@coeur.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
NYSE:CDE 02/20/2018 USD 7.81
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Don's Summary (from last analysis - 09/04/2017)

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 16 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 $1.6 billion FD market cap. The stock had been surging, rising from $2.48 to $14.94 in 2016, but is now back to $8.86 because of high costs.

They are currently producing about 35 million oz of silver equivalent (including gold), with all-in costs (free cash flow) around $17 per oz. They lost money last quarter. So, they are a high risk investment at low gold and silver prices. However, if silver prices take off, they will benefit big time.

I look for this stock to do well, although they need to find some production growth. Their new management team has focused on improving their balance sheet, and have reduced their debt to $284 million, while increasing their cash to $250 million. With some cash flow, they can find a way to grow.

General Details

Financial 09/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $1,608.00M $1,417.44M 09/04/2017 $-190.56M
Total Assets: $1,394.65M $1,394.65M 09/04/2017 $0.00M
Total Liabilities: $617.14M $617.14M 09/04/2017 $0.00M
Current Assets: $481.85M $481.85M 09/04/2017 $0.00M
Current Liabilities: $116.66M $116.66M 09/04/2017 $0.00M
Total Debt: $284.78M $284.78M 09/04/2017 $0.00M
Cash: $250.04M $250.04M 09/04/2017 $0.00M
Enterprise Value: $1,642.74M $1,452.18M 01/07/2016 $-190.56M
Cash Flow: $29.91M $12.12M never $-17.79M
Cash Flow Multiple: 53.75 116.95 never 63.19
Net Debt to Cash Flow Ratio: 1.16 2.87 never 1.70
Finance within 1 year: 09/04/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 09/04/2017 0.00%
Misc 09/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $8.860 $7.810 16:02 on 02/20/2018 $-1.05
Shares Outstanding: 181,440,000 181,440,000 09/04/2017 0
Shares Fully Diluted: 181,490,000 181,490,000 09/04/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 09/04/2017 n/a
Production (Gold Eq Oz.): (guess) 
564,021
(guess) 
547,754
09/04/2017 -16,267
Production (Silver Eq Oz.): (guess) 
42,165,639
(guess) 
44,317,988
09/04/2017 2,152,349
Initial CapEx (Outstanding): n/a n/a 09/04/2017 n/a
Funding Option: n/a n/a 09/04/2017 n/a
Documentation: none PRODUCER 09/04/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 09/04/2017
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 09/04/2017 0.00M
Measured & Indicated: 4.10M 4.10M 09/04/2017 0.00M
Inferred: 1.00M 1.00M 09/04/2017 0.00M
Reserves & Resources: 5.10M 5.10M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.11M 2.11M 09/04/2017 0.00M
Measured & Indicated: 3.31M 3.31M 09/04/2017 0.00M
Inferred: 0.44M 0.44M 09/04/2017 0.00M
Reserves & Resources: 3.75M 3.75M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
350,000oz.
(guess) 
350,000oz.
09/04/2017 0oz.
Cash Cost: $850 $850 09/04/2017 $0.00
Extra Operating Cost: $400 $400 09/04/2017 $0.00
Average Grade: 5.00 g/t 5.00 g/t 09/04/2017 n/a
Recovery Rate: (CG)  88.00% (CG)  88.00% 09/04/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 4.00M 4.00M 09/04/2017 0.00M
Annual Production: 350,000oz. 350,000oz. 09/04/2017 0oz.
Cash Cost: $900 $900 09/04/2017 $0
Extra Operating Cost: $350 $350 09/04/2017 $0
SILVER 09/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 175.00M 175.00M 09/04/2017 0.00M
Measured & Indicated: 350.00M 350.00M 09/04/2017 0.00M
Inferred: 50.00M 50.00M 09/04/2017 0.00M
Reserves & Resources: 400.00M 400.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 148.75M 148.75M 09/04/2017 0.00M
Measured & Indicated: 267.75M 267.75M 09/04/2017 0.00M
Inferred: 21.25M 21.25M 09/04/2017 0.00M
Reserves & Resources: 289.00M 289.00M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
16,000,000oz.
(guess) 
16,000,000oz.
09/04/2017 0oz.
Cash Cost: $12 $12 09/04/2017 $0.00
Extra Operating Cost: $5 $5 09/04/2017 $0.00
Average Grade: 75.00 g/t 75.00 g/t 09/04/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/04/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 300.00M 300.00M 09/04/2017 0.00M
Annual Production: 16,000,000oz. 16,000,000oz. 09/04/2017 0oz.
Cash Cost: $12 $12 09/04/2017 $0
Extra Operating Cost: $6 $6 09/04/2017 $0

Property

Last Analysis Data  (09/04/2017)
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
09/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 50.62% 52.60% n/a 1.98%
Percentage Silver: 49.38% 47.40% n/a -1.98%
Total (Gold Eq. Oz.): 4.74M 4.56M n/a -0.18M
Total (Silver Eq. Oz.): 354.42M 369.18M n/a 14.76M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.10M 3.95M n/a -0.15M
Silver Eq. Oz.: 306.64M 319.63M n/a 12.99M
Maximum Profit (Gold): $123.74M $113.69M n/a $-10.05M
Maximum Profit (Silver): $87.47M $-62.48M n/a $-149.94M
Total Maximum Profit: $211.21M $51.21M n/a $-159.99M
Max Profit / Current MCap: 0.131 0.036 n/a -0.095
Max Profit Per Share (Gold): $0.68 $0.63 n/a $-0.06
Max Profit Per Share (Silver): $0.48 $-0.34 n/a $-0.83
Total Max Profit Per Share: $1.16 $0.28 n/a $-0.88
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $392.03 $358.80 n/a $-33.23
FD Mkt. Cap / Silver Eq.: $5.24 $4.43 n/a $-0.81
FD Mkt. Cap / Per Metal
as % Spot Price:
29.39% 27.04% n/a -2.35%
Measured &
Indicated
09/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 46.69% 48.66% n/a 1.97%
Percentage Silver: 53.31% 51.34% n/a -1.97%
Total (Gold Eq. Oz.): 8.78M 8.43M n/a -0.36M
Total (Silver Eq. Oz.): 656.51M 681.73M n/a 25.21M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.89M 6.62M n/a -0.27M
Silver Eq. Oz.: 515.11M 535.46M n/a 20.35M
Maximum Profit (Gold): $193.86M $178.11M n/a $-15.75M
Maximum Profit (Silver): $157.44M $-112.46M n/a $-269.89M
Total Maximum Profit: $351.30M $65.66M n/a $-285.64M
Max Profit / Current MCap: 0.218 0.046 n/a -0.172
Max Profit Per Share (Gold): $1.07 $0.98 n/a $-0.09
Max Profit Per Share (Silver): $0.87 $-0.62 n/a $-1.49
Total Max Profit Per Share: $1.94 $0.36 n/a $-1.57
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $233.37 $214.18 n/a $-19.20
FD Mkt. Cap / Silver Eq.: $3.12 $2.65 n/a $-0.47
FD Mkt. Cap / Per Metal
as % Spot Price:
17.50% 16.14% n/a -1.36%

Reserves &
Resources
09/04/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 48.80% 50.78% n/a 1.98%
Percentage Silver: 51.20% 49.22% n/a -1.98%
Total (Gold Eq. Oz.): 10.45M 10.04M n/a -0.41M
Total (Silver Eq. Oz.): 781.27M 812.63M n/a 31.36M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.61M 7.32M n/a -0.29M
Silver Eq. Oz.: 569.26M 592.31M n/a 23.05M
Maximum Profit (Gold): $219.64M $201.80M n/a $-17.84M
Maximum Profit (Silver): $169.93M $-121.38M n/a $-291.31M
Total Maximum Profit: $389.57M $80.42M n/a $-309.16M
Max Profit / Current MCap: 0.242 0.057 n/a -0.186
Max Profit Per Share (Gold): $1.21 $1.11 n/a $-0.10
Max Profit Per Share (Silver): $0.94 $-0.67 n/a $-1.61
Total Max Profit Per Share: $2.15 $0.44 n/a $-1.70
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $211.17 $193.62 n/a $-17.56
FD Mkt. Cap / Silver Eq.: $2.82 $2.39 n/a $-0.43
FD Mkt. Cap / Per Metal
as % Spot Price:
15.83% 14.59% n/a -1.24%

Future Valuation (Cash Flow & Totals)

Totals 09/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,523.33M $1,457.08M n/a $-66.25M
Mkt. Cap: $1,608.00M $1,417.44M n/a $-190.56M
Annual Gold Production: (guess) 
350,000oz.
(guess) 
350,000oz.
09/04/2017 0oz.
Annual Silver Production: (guess) 
16,000,000oz.
(guess) 
16,000,000oz.
09/04/2017 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $6,000.00M $6,000M n/a $0M
FD Mkt. Cap Growth: 273% 323% n/a 50%
Annual
Production
Gold: 350,000 oz. 350,000 oz. n/a 0 oz.
Silver: 16,000,000 oz. 16,000,000 oz. n/a 0 oz.
Current FD
Mkt. Cap /
Gold Eq. Reserves: 100.50 88.59 n/a -11.91
Silver Eq. Reserves: 4.02 3.54 n/a -0.48
Gold Eq. Production: 1,624.24 1,431.75 n/a -192.49
Silver Eq. Production: 64.97 57.27 n/a -7.70
P&P
Reserves
(oz.)
Gold: 4.00M 4.00M 09/04/2017 n/a
Silver: 300.00M 300.00M 09/04/2017 n/a
Gold Eq.: 16.00M 16.00M 09/04/2017 n/a
Silver Eq.: 400.00M 400.00M 09/04/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.022 0.022 n/a n/a
Silver: 1.653 1.653 n/a n/a
Gold Eq.: 0.088 0.088 n/a n/a
Silver Eq.: 2.204 2.204 n/a n/a
Cash Flow 09/04/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $29.91M $12.12M n/a $-17.79M
Current Multiple: 53.75 116.95 n/a 63.19
F
U
T
U
R
E
@ current prices: $16.04M $0.79M n/a $-15.25M
Multiple @ current prices: 100.24 1,796.50 n/a 1,696.25
Growth @ current prices: -46.38% -93.49% n/a -0.47
@ future prices: $1,049.70M $1,049.70M n/a $0.00M
Multiple @ future prices: 1.53 1.35 n/a -0.18
Growth @ future prices: 8,560.53% 8,560.53% n/a 51.52

Defaults

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