Endeavour Mining - Yield hits 4%
Endeavour’s Q222 results were better than our expectations. Production for the quarter was 345koz (cf our expectation of 322koz) at an all-in sustaining cost (AISC) of US$954/oz (cf US$995/oz) to result in revenue of US$629.6m (cf US$600.8m), adjusted EBITDA of US$329m (cf US$305m) and adjusted EPS of 45c/share (cf 38c/share). Given that Edison’s expectations were close to consensus, it similarly outperformed the consensus. As a result of its strong H122 performance (702koz produced from continuing operations at an AISC of US$900/oz), the company increased its interim dividend by 43% to US$100m (or US$0.40/share) and increased its minimum FY22 committed dividend by US$50m (or 33%), from US$150m to US$200m (or US$0.80/share) to put the company on a prospective dividend yield of 4.0% with additional shareholder gains available in the form of its share buyback programme.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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