Endeavour Mining - Refining forecasts ahead of results
Endeavour’s Q122 results are scheduled for distribution to the market on 5 May. Prior to their release, we have refined our forecasts for both the quarter in question plus the remaining three quarters of the year to take into account recent changes to the gold price (US$1,890/oz at the time of writing cf US$1,926/oz previously) and some very minor operational considerations at its mines. The result has been a 1.6% increase in our forecast of adjusted net EPS from continuing operations for the quarter and a modest 2.6% reduction for the full year. Nevertheless, we remain close to the top of the range of analysts’ forecasts for the full year. On a like-for-like basis our valuation of EDV is barely changed. If the Sabodala-Massawa expansion project is added on a standalone basis, however, it increases by c 5.1–8.5%.
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