Newcrest a Reasonable Bet in a Relatively Expensive Market
In a generally overvalued market supported by historically low interest rates and a lack of well-priced investment alternatives, Newcrest, which trades near our fair value estimate, represents a relatively attractive investment option. Despite the impressive share price run this year, we still think it’s one of the best value mining stocks under our Australian coverage. We still see further upside in margins and returns on invested capital from the ramp up of Cadia Valley and improvements at Lih...Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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