Q2’09 Results
(converted to Canadian dollars)
Again, the companies profiled in the analysis represent most of the prominent mid-tier or near mid-tier gold focused producers in the world.
This analysis focuses on multiples of Q2 Revenues. As such, the formula is Mkt Cap divided by Q2’09 Revenues. It represents multiples of Q2 revenues only (not annual Revenue).
High River Gold is trading at only 2.6 times its Q2 Revenue total. The average multiple for the other 12 companies in the analysis is 21.6. As a result, it is clear that High River’s Mkt Cap has a ways to go before it matches up to the significantly higher multiples of the other companies profiled in the analysis.
Here are the companies, starting with the ones with the highest multiples:
1) Eldorado Gold - 54.3 times ($4.8 Billion Market Cap / $88.5M Q2’09 Revenue)
2) Randgold Resources – 44.5 times ($5.1 Billion Mkt Cap / $113.6M Revenue)
3) Red Back Mining – 30.5 times ($2.3 Billion Mkt Cap / $76.2M Revenue)
4) Alamos Gold - 23.5 times ($1.1 Billion Mkt Cap / $46.1M Revenue)
5) Jaguar Mining - 19.4 times ($700M Mkt Cap / $36M Revenue)
6a) Gammon Gold – 19.0 times ($903M Mkt Cap / $47.6M Revenue)
6b) New Gold Inc. - 19.0 times ($1.3 Billion Mkt Cap / $67.8M Revenue)
8) Aurizon Mines - 16.3 times ($721M Mkt Cap / $44.2M Revenue)
9) Centerra Gold – 13.9 times ($1.6 Billion Mkt Cap / $114.6M Revenue)
10) Semafo - 8.9 times ($752M Mkt Cap / $64.4M Revenue)
11) Golden Star - 6.4 times ($646M Mkt Cap / $100.9M Revenue)
12) Northgate Minerals - 4.4 times ($625M Mkt Cap / $143M Revenue)
13) High River Gold – only 2.6 times ($230M Mkt Cap only / $88.2M Revenue)