Barrick Gold Corp
NYSE:GOLD
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Intrinsic Value
The intrinsic value of one GOLD stock under the Base Case scenario is 22.81 USD. Compared to the current market price of 20.23 USD, Barrick Gold Corp is Undervalued by 11%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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Barrick Gold Corp
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Fundamental Analysis
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Barrick Gold Corp. is a leading global mining company, renowned for its commitment to gold production and responsible mining practices. Founded in 1983 and headquartered in Toronto, Canada, Barrick has grown to become one of the largest gold producers in the world, with operations spanning across North America, South America, Africa, and the Middle East. The company’s diverse portfolio includes tier-one assets, such as its flagship Cortez and Pueblo Viejo mines, which are characterized by lower-cost operations and significant long-term production potential. Barrick places a strong emphasis on sustainability, aiming to minimize environmental impact while fostering community relationships and...
Barrick Gold Corp. is a leading global mining company, renowned for its commitment to gold production and responsible mining practices. Founded in 1983 and headquartered in Toronto, Canada, Barrick has grown to become one of the largest gold producers in the world, with operations spanning across North America, South America, Africa, and the Middle East. The company’s diverse portfolio includes tier-one assets, such as its flagship Cortez and Pueblo Viejo mines, which are characterized by lower-cost operations and significant long-term production potential. Barrick places a strong emphasis on sustainability, aiming to minimize environmental impact while fostering community relationships and supporting economic development in host countries.
For investors, Barrick Gold represents a strategic opportunity in the commodities market, particularly in times of economic uncertainty when gold often serves as a safe-haven asset. The company's disciplined approach to capital management, coupled with its focus on operational excellence, positions it favorably for continued growth and value creation. With a robust balance sheet and a commitment to returning capital to shareholders through dividends and share buybacks, Barrick is not only dedicated to mining but also to enhancing stockholder value. As the world increasingly prioritizes responsible sourcing and economic resilience, Barrick Gold combines a strong operational framework with a vision for sustainable mining, making it an attractive option for those looking to invest in the future of precious metals.
Barrick Gold Corporation, one of the largest gold miners in the world, operates through several core business segments that are primarily focused on mining and production. Below are the key business segments:
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Gold Production: This is the primary segment of Barrick Gold's operations. It involves the extraction and production of gold from various mines. The company operates several significant gold mines across North America, South America, and Africa. Major mines include:
- Nevada Gold Mines: A joint venture with Newmont, it operates several mines in Nevada, making it one of the largest gold mining operations in the world.
- Pueblo Viejo: Located in the Dominican Republic, this mine is one of Barrick's largest and most profitable assets.
- Quarterly production from other regions, contributing to overall gold output.
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Copper Production: Barrick has a copper segment, although it is smaller compared to its gold operations. Copper is produced as a by-product at some gold mines, and it also operates standalone copper mines, such as the Lumwana mine in Zambia. This segment contributes to diversification and offers additional revenue streams.
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Exploration: Barrick invests significantly in exploration to identify new gold and copper resources. This segment involves evaluating new mining sites, conducting feasibility studies, and improving existing operations through exploration initiatives. The exploration efforts often focus on regions with high geological potential.
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Development: This segment is responsible for advancing new projects from exploration to production. It encompasses feasibility studies, construction, and the development of mining infrastructure. Successful projects in development can extend the company’s operational lifespan and increase future production capacity.
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Environmental, Social, and Governance (ESG): While not a traditional business segment, Barrick emphasizes sustainability practices across its operations. This includes managing environmental impacts, engaging with local communities, and adhering to governance standards. The company's commitment to ESG initiatives is increasingly viewed as crucial for long-term operational viability and investment attractiveness.
These core segments are vital to Barrick Gold's strategy, as they allow the company to leverage its resources, manage risks, and capitalize on market opportunities in the precious metals sector. Barrick's focus on efficient production, cost management, and disciplined capital allocation aligns with the investment philosophies espoused by Warren Buffett and Charlie Munger.
Barrick Gold Corp, one of the largest gold mining companies in the world, possesses several unique competitive advantages over its rivals:
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Established Asset Base: Barrick has a diverse portfolio of high-quality, long-life assets in geologically favorable regions, which reduces geological risk and allows for more consistent production levels.
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Operational Efficiency: The company has a strong focus on operational excellence, boasting low unit costs thanks to advanced technologies, scalable operations, and a commitment to continuous improvement.
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Strong Financial Position: Barrick has maintained disciplined financial management, leading to a robust balance sheet. This strength allows it to weather downturns better than competitors, finance large projects, and return capital to shareholders.
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Strategic Partnerships and Joint Ventures: Barrick has formed strategic alliances and joint ventures, notably with companies like Newmont, that enhance its resource base, operational expertise, and market reach.
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Sustainable Practices: An increasing number of investors are looking for companies that prioritize environmental, social, and governance (ESG) practices. Barrick has invested in sustainable mining initiatives, which can enhance its reputation and attract investment compared to less sustainable rivals.
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Exploration and Production Capabilities: The firm has a strong exploration program, giving it the ability to find and develop high-potential projects. Its experience and technical expertise enable it to effectively manage and develop new resources.
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Risk Management: Barrick employs sophisticated risk management strategies to mitigate commodity price fluctuations and operational risks, allowing it to maintain steadier cash flows than some competitors.
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Market Knowledge and Brand Reputation: Over decades, Barrick has built a reputation for reliability and transparency, which fosters trust among investors, partners, and customers, giving it an edge in negotiations and stakeholder relations.
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Focus on Gold: Barrick’s concentrated focus on gold mining rather than diversification into other minerals or sectors allows it to specialize and optimize its processes, helping it remain competitive in this niche market.
These competitive advantages collectively empower Barrick Gold Corp to maintain its leadership position in the gold mining industry while differentiating itself from its competitors.
Barrick Gold Corp, like any major mining company, faces a range of risks and challenges. Here are some key factors to consider:
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Commodity Price Volatility: The profitability of Barrick Gold is tightly linked to gold prices. Fluctuations in gold prices due to global economic conditions, inflation rates, and currency values can significantly impact revenue.
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Regulatory Changes: Mining operations are subject to extensive regulations, which can change unexpectedly. New environmental laws, tax changes, or mining policies in countries where Barrick operates could affect operations and profitability.
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Political and Economic Instability: Barrick has operations in various countries, some of which may experience political or economic instability. Such instability can lead to operational disruptions, expropriation risks, or increased costs.
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Operational Risks: Mining is inherently risky, with potential for accidents, equipment failures, and natural disasters (like earthquakes or flooding) that can disrupt production.
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Environmental Concerns: Increased scrutiny on environmental practices and sustainability is crucial for mining companies. Barrick faces challenges in maintaining compliance with environmental regulations and addressing community concerns regarding its environmental footprint.
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Currency Fluctuations: Since Barrick operates globally, fluctuations in foreign currency exchange rates can affect its financial stability and competitiveness.
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Labor Issues: Strikes or workforce shortages can impact production schedules. Labor negotiations and relations in various jurisdictions can pose challenges to maintaining a stable workforce.
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Development and Exploration Risks: Investing in new mining projects or exploring potential sites carries risks related to geological uncertainty, technological challenges, and the potential for failing to find economically viable resources.
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Technological Changes: The mining industry is evolving with new technologies, and failure to adopt or adapt to these innovations could lead to inefficiencies and higher operational costs.
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Market Competition: Barrick competes with other mining companies for resources, talent, and investment. Increased competition can pressure margins and market share.
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Debt and Financial Risks: If Barrick carries significant debt, rising interest rates or reduced cash flows could strain finances, affecting its ability to invest in growth or weather downturns in the market.
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Social License to Operate: Securing and maintaining the approval and support of local communities is vital. Any breakdown in relationships with host communities could jeopardize operations.
By closely monitoring these risks and implementing effective risk management strategies, Barrick Gold Corp can better position itself to navigate the challenges ahead.
Revenue & Expenses Breakdown
Barrick Gold Corp
Balance Sheet Decomposition
Barrick Gold Corp
Current Assets | 7.2B |
Cash & Short-Term Investments | 4B |
Receivables | 566m |
Other Current Assets | 2.6B |
Non-Current Assets | 39B |
Long-Term Investments | 4.3B |
PP&E | 27B |
Intangibles | 3.7B |
Other Non-Current Assets | 4B |
Current Liabilities | 2.4B |
Accounts Payable | 1.4B |
Other Current Liabilities | 1B |
Non-Current Liabilities | 20.2B |
Long-Term Debt | 4.7B |
Other Non-Current Liabilities | 15.5B |
Earnings Waterfall
Barrick Gold Corp
Revenue
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11.8B
USD
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Cost of Revenue
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-8B
USD
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Gross Profit
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3.9B
USD
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Operating Expenses
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-635m
USD
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Operating Income
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3.2B
USD
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Other Expenses
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-1.7B
USD
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Net Income
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1.5B
USD
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Free Cash Flow Analysis
Barrick Gold Corp
USD | |
Free Cash Flow | USD |
Barrick's second quarter of 2024 saw a 48% increase in EBITDA margin and a significant rise in free cash flow. Gold margins grew by 39%, and copper margins soared by 124%. Adjusted net earnings per share surged 68%, and net debt decreased by 12%. With new gold and copper mines ramping up in Nevada, production is set to increase further in the second half. Barrick also restarted its share buyback program and maintained its $0.10 per share dividend. The company aims to grow gold equivalent production by 30% this decade, supported by projects like Lumwana and Reko Diq.
What is Earnings Call?
GOLD Profitability Score
Profitability Due Diligence
Barrick Gold Corp's profitability score is 52/100. The higher the profitability score, the more profitable the company is.
Score
Barrick Gold Corp's profitability score is 52/100. The higher the profitability score, the more profitable the company is.
GOLD Solvency Score
Solvency Due Diligence
Barrick Gold Corp's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Score
Barrick Gold Corp's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
GOLD Price Targets Summary
Barrick Gold Corp
According to Wall Street analysts, the average 1-year price target for GOLD is 24.87 USD with a low forecast of 20.94 USD and a high forecast of 33.91 USD.
Dividends
Current shareholder yield for ABX is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
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Industry
Market Cap
Dividend Yield
Description
Barrick Gold Corp. engages in the production and sale of gold and copper, as well as related activities such as exploration and mine development. The company is headquartered in Toronto, Ontario. The firm holds interest in 14 gold mines, including six Tier One Gold Assets. The firm's asset portfolio includes Carlin, Cortez, Turquoise Ridge, Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, Porgera, North Mara, and Bulyanhulu. The firm gold mines are geographically diversified are located in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania and the United States. The firm's copper mines are located in Zambia, Chile and Saudi Arabia.
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The intrinsic value of one GOLD stock under the Base Case scenario is 22.81 USD.
Compared to the current market price of 20.23 USD, Barrick Gold Corp is Undervalued by 11%.