07-27-2019: Agnico Eagle Mines, Ltd. (AEM): Gold Prices at last Anticipate a Market Correction

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Agnico Eagle Mines, Ltd.



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Comparison

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Bond Issue

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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Agnico Eagle Mines Limited (AEM)                          Exchange: NYSE
145 King Street East
Suite 400                        Sector: Basic Materials
Toronto, ON M5C 2Y7              Industry: Gold
Canada

Agnico Eagle Mines Limited engages in the exploration, development, and
production of mineral properties in Canada, Mexico, and Finland. The
company operates through Northern Business and Southern Business
segments. It primarily produces and sells gold deposit, as well as
explores for silver, zinc, and copper deposits. The company's flagship
property is the LaRonde mine located in the Abitibi region of
northwestern Quebec, Canada. As of December 31, 2018, its LaRonde mine
had a proven and probable mineral reserve of approximately 3.1 million
ounces of gold. The company is also involved in exploration activities
in Europe, Latin America, and the United States. Agnico Eagle Mines
Limited was founded in 1953 and is headquartered in Toronto, Canada.

Last Trade:  53.20                           52-Week Range:  54.20 -  32.18
Employees: 5,990                             Avg.Volume:   1,358,780 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 2; Shareholder Rights: 1; Compensation: 9.
         (A lower number means less governance risk.)

EPS: -1.43    Dividend Amount: $ 0.50          Yield:  0.93%
             Ex-Dividend Date: Aug 28, 2019    Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:   0.00              Forward P/E (est.):  43.98
                                           Target Price:  56.44

Qrtly Stock Price Growth (yoy):  25.26%               Beta:   0.00
Qrtly S&P Index   Growth (yoy):   0.00%        Short Ratio:   3.66%
    Qrtly Revenue Growth (yoy):   5.92%         Shares Out:  234790000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   0.00                    Debt/Equity:   0.00%
    Price/Book Value:   2.76        Operating Profit Margin:   0.00%
         Price/Sales:   5.88                  Profit Margin:   0.00%
         Market Cap:  12,611,000,000       Return on Equity:   0.00%
    Enterprise Value:  14,030,000,000      Return on Assets:   0.00%

    Operating Cash Flow:        605,650
         Free Cash Flow:       -872,817



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2018  12/31/2017  12/31/2016

  Total Revenue                              2,191,221   2,242,604   2,138,232
  Cost of Revenue                            1,144,355   1,055,342   1,025,292
  Gross Profit                               1,046,866   1,187,262   1,112,940

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            150,234     137,603     102,781
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                      27,592     -11,445      -1,578
  Total Operating Expenses                   2,089,099   1,809,150   1,802,641

Operating Income or Loss                       102,122     433,454     335,591

Income from Continuing Operations:
  Total Other Income/Expenses Net             -361,174     -94,165     -67,130
  Earnings Before Interest & Taxes             102,122     433,454     335,591
  Interest Expense                             -83,649     -68,086     -65,422
  Income Before Taxes                         -259,052     339,289     268,461
  Income Tax Expense                            67,649      98,494     109,637
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s               -326,701     240,795     158,824

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                  -326,701     240,795     158,824
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares             -326,701     240,795     158,824



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2018    12/31/2017    12/31/2016

  Net Income                              -326,701       240,795       158,824

Operating Activities:
  Depreciation                             654,609       508,739       613,160
  Adjustments to Net Income                317,630        89,836       -57,798
  Changes in Accounts Recv'bls               1,945        -3,815          -471
  Changes in Liabilities                    29,034        44,694       -35,408
  Changes in Investories                   -52,316       -64,889        20,355
  Changes in other Oper'g Acts             -16,260       -15,890        51,873

Total Cash Flow f Operations               605,650       767,557       778,617

Investing Activities:
  Capital Exenditures                   -1,251,579      -874,153      -528,484
  Investments                               11,175       -53,886       -25,293
  Other Cash Flows fr Investing                790           -24           287

Total Cash Flows from Investing         -1,204,368             0      -553,490

Financing Activities:
  Dividends Paid                           -83,961       -76,075       -71,375
  Sale of Purchase of Stock                      0             0             0
  Net Borrowings                           346,618       164,336        56,207
  Other Cash Flows fr Financing             -3,215        -3,505           287

Total Cash Flows from Financing            274,099       329,167       190,386

  Effect of Exchange Rate Chg               -6,533        -3,668           311

Change in Cash & Cash Equiv.              -331,152        93,004       415,824



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2018    12/31/2017    12/31/2016
Current Assets:
  Cash & Cash Equivalents                   301,826       632,978       539,974
  Short Term Investments                      6,080       133,694       100,734
  Net Receivables                           121,154       109,191        85,565
  Inventory                                 494,150       500,976       443,714
  Other Current Assets                       17,564        31,192        12,776
  Total Current Assets                    1,072,452     1,461,534     1,230,179

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                6,234,302     5,626,552     5,106,036
  Goodwill                                  407,792       696,809       696,809
  Intangible Assets                               0             0             0
  Accumulated Amortization                        0             0             0
  Other Assets                              138,297        80,706        74,927
  Deferred LT Asset Charges                       0             0             0

Total Assets                              7,852,843     7,865,601     7,107,951

Current Liabilities:
  Accounts Payable                          163,032       144,135       111,173
  Current Portion LT Debt                         0             0       129,896
  Other Current Liabilities                  53,307        46,438        64,361
  Total Current Liabilities                 361,449       333,821        423,622

  Long Term Debt                          1,721,308     1,371,851     1,072,790
  Other Liabilities                       1,220,074     1,211,023     1,112,746
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         3,302,831     2,918,610     2,615,477

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                            5,362,169     5,288,432     4,987,694
  Retained Earnings                        -988,913      -598,889      -744,453
  Treasury Stock                            139,502       220,194       211,979
  Capital Surplus                            37,254        37,254        37,254
  Other Stockhohlder Equity                 139,502       220,194       211,979
  Total Stockholder Equity                4,550,012     4,946,991     4,492,474

Net Tangible Assets                       4,142,220     4,250,182     3,795,665


Agnico Eagle Mines Limited (AEM)            [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.0000          P/E Ratio > 5?             0.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    0.6367
Price/Sales Ratio < 2.3?   0.3912          Inventory/Sales < 5%?      0.2217
Sales < $1 Billion?        0.4564          Operating Margin < 7.5%?   0.0000

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:    2.6433
LTD Being Reduced?        -3.0000          Short-Term Debt Service:  -1.2208
Current Ratio > 2?         1.4835          Working Capital >= 1.5?    0.5123
Leverage Ratio < 20%?      0.1246          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.2365
Share Equity Increase:     2.0209          Market Cap.< 1.5 Billion?  0.1189
                                           Intangibles < 3% Assets?   0.5777
Income Tests:
Profit Margin < 7.5%?      0.0000          EPS Annual Growth > 10%?  -0.0737
Dividend Yield > 2.0%?     2.1505          EPS 3-yr Growth > 15?     -0.0729
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      2.2298
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%? -1.2347
Stock Performance Tests:
Volatility > 25%?          1.6251          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.0000          % Held by Institut. < 50?  0.6563
50 Da MA > 200 Da MA?      0.3417          % Held by Institut. > 30?  2.5397
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.7320
Price/Book Value < 3?      3.0000          Short % of Float > 20?     0.0000
Return on Assets > 17%?    0.0000          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F: -0.6939          Positive Free Cash Flow?  -1.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.3137
                                           Cash Flow / Assets > 10%?  2.6540

AEM    Agnico Eagle Mines Limited          Overall Zenith Index:      0.9872


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Financial Statements

AGNICO EAGLE MINES LTD  (AEM)               INCOME STATEMENT

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Revenue                                            1,896,766       1,985,432       2,138,232       2,242,604       2,191,221       2,145,009
Cost of revenue                                    1,438,187       1,603,904       1,645,052       1,566,581       1,714,288       1,689,727
Gross profit                                         458,579         381,528         493,180         676,023         476,933         455,282


Costs and expenses
Sales, General and administrative                    118,771          96,973         102,781         115,064         124,873         120,505
Interest expense                                      73,393          75,228          74,641          78,931          96,567         100,517
Other operating expenses                              77,277         126,699          47,297         139,647         514,545         510,144
Total costs and expenses                             269,441         298,900         224,719         333,642         735,985         731,166
Income before income taxes                           189,138          82,628         268,461         342,381        -259,052        -275,884
Provision for income taxes                           106,168          58,045         109,637          98,494          67,649          58,715
Net income from continuing operations                 82,970          24,583         158,824         243,887        -326,701        -334,599

Net income                                            82,970          24,583         158,824         243,887        -326,701        -334,599
Net income available to common shareholders           82,970          24,583         158,824         243,887        -326,701        -334,599

Earnings per share
Basic                                                   0.43            0.11            0.71            1.06           -1.40           -1.43 
Diluted                                                 0.39            0.11            0.70            1.05           -1.40           -1.43 

Weighted average shares outstanding
Basic                                                195,223         216,168         222,737         230,252         233,251         233,771
Diluted                                              196,201         217,101         225,754         232,461         233,251         233,771

____________________________________________________________________________________________________________________________________________


AGNICO EAGLE MINES LTD  (AEM)               BALANCE SHEET

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             

Assets

Current assets

Cash

Short-term investments                                61,089          39,307         100,734         133,694          82,612
Total cash                                           238,626         163,457         640,708         766,672         384,438

Receivables                                          132,025         110,132          85,565         109,191         121,154
Inventories                                          446,660         461,976         443,714         500,976         494,150
Prepaid expenses                                      39,608          71,811          47,416          53,503          55,146
Other current assets                                  51,141          22,049          12,776          31,192          17,564
Total current assets                                 908,060         829,425       1,230,179       1,461,534       1,072,452

Non-current assets

Property, plant and equipment
Gross property, plant and equipment                8,956,950       9,471,434       8,878,584      10,033,352      11,255,516
Accumulated Depreciation                          -3,655,454      -4,382,467      -3,772,548      -4,406,800      -5,021,214
Net property, plant and equipment                  5,301,496       5,088,967       5,106,036       5,626,552       6,234,302

Goodwill                                             582,461         696,809         696,809         696,809         407,792
Other long-term assets                                48,521          67,979          74,927          80,706         138,297
Total non-current assets                           5,932,478       5,853,755       5,877,772       6,404,067       6,780,391

Total assets                                       6,840,538       6,683,180       7,107,951       7,865,601       7,852,843 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Accounts payable                                      91,120         132,914         111,173         144,135         163,032
Short-term debt                                       52,182          14,451         129,896               0               0
Capital leases                                        22,142           9,589           5,535           3,412           1,914
Income taxes payable                                  19,328          14,852          35,070          16,755          18,671
Accrued liabilities                                   92,613          85,378          89,113         109,101         112,718
Other current liabilities                             51,281          54,338          52,835          60,418          65,114
Total current liabilities                            328,666         311,522         423,622         333,821         361,449

Non-current liabilities
Long-term debt                                     1,322,461       1,118,187       1,072,790       1,371,851       1,721,308
Capital leases                                        21,137           9,547           6,319           1,915               0
Deferred taxes liabilities                           832,201         802,114         819,562         827,341         796,708
Pensions and other postretirement benefits            17,507          17,146          19,273          33,542          32,881
Other long-term liabilities                          250,076         283,644         273,911         350,140         390,485
Total non-current liabilities                      2,443,382       2,230,638       2,191,855       2,584,789       2,941,382

Total liabilities                                  2,772,048       2,542,160       2,615,477       2,918,610       3,302,831 

Stockholders' equity

Additional paid-in capital                         4,637,042       4,745,194       5,024,948       5,325,686       5,399,423
Retained earnings                                   -779,382        -823,734        -744,453        -595,797        -988,913
Accumulated other comprehensive income               210,830         219,560         211,979         217,102         139,502
Total Stockholders' equity                         4,068,490       4,141,020       4,492,474       4,946,991       4,550,012
Total liabilities and stockholders' equity         6,840,538       6,683,180       7,107,951       7,865,601       7,852,843

____________________________________________________________________________________________________________________________________________


AGNICO EAGLE MINES LTD  (AEM)               Statement of CASH FLOW

Fiscal year ends in December. USD in thousan         2014-12         2015-12         2016-12         2017-12         2018-12             TTM           

Cash Flows From Operating Activities
Depreciation & amortization                          433,628         608,609         613,160         508,739         553,933         547,805
Investment/asset impairment charges                   15,763          12,035        -120,161           8,532         389,693               0
Investments losses (gains)                            -5,635         -24,600          -3,500            -168               0               0
Deferred income taxes                                 37,058           6,550           7,609          10,855         -30,961         -24,373
Stock based compensation                              37,565          35,822          33,804          43,674          50,658          50,209
Accounts receivable                                   17,237          52,019            -471          -3,815           1,945           3,471
Inventory                                             -1,354         -40,547          20,355         -64,889         -52,316         -60,654
Accounts payable                                      -3,391          20,464         -35,408          44,694          29,034           1,440
Accrued liabilities                                     -126             710          -1,136          -2,168           2,066           5,796
Interest payable                                        -126             710          -1,136          -2,168           2,066           5,796
Other working capital                                 31,684         -77,149          82,227         -43,467         -22,683         -45,055
Other non-cash items                                 106,021          21,615         183,274         267,738        -317,785          62,199
Net cash provided by operating activities            668,324         616,238         778,617         767,557         605,650         546,634

Cash Flows From Investing Activities
Investments in property, plant, and equipmen        -475,412        -449,758        -516,050        -874,153      -1,089,100      -1,106,359
Property, plant, and equipment reductions                  0               0               0               0          35,246          35,511
Acquisitions, net                                   -400,032         -12,983         -12,434         -71,989        -162,479               0
Purchases of investments                             -29,650         -22,638         -34,754         -54,219         -11,163         -30,423
Sales/Maturities of investments                       44,692          61,075           9,461             333          22,338          23,246
Other investing activities                             8,783          49,785             287             -24             790             768
Net cash used for investing activities              -851,619        -374,519        -553,490      -1,000,052      -1,204,368      -1,077,257

Cash Flows From Financing Activities
Debt issued                                        1,011,027         486,000         475,000         580,000         650,000         400,000
Debt repayment                                      -745,503        -720,743        -415,378        -415,664        -303,382         -55,840
Common stock issued                                   10,428           9,411          29,027         224,896          13,757          14,285
Repurchases of treasury stock                         -7,518         -11,899         -15,576         -24,684         -30,062         -27,876
Cash dividends paid                                  -54,065         -59,512         -71,375         -76,075         -83,961         -86,790
Other financing activities                            14,867          15,983         188,688          40,694          27,747          31,214
Net cash provided by (used for) financing            229,236        -280,760         190,386         329,167         274,099         274,993

Effect of exchange rate changes                       -7,505         -14,346             311          -3,668          -6,533          -6,590
Net change in cash                                    38,436         -53,387         415,824          93,004        -331,152        -262,220
Cash at beginning of period                          139,101         177,537         124,150         539,974         632,978         452,258
Cash at end of period                                177,537         124,150         539,974         632,978         301,826         190,038

Free Cash Flow
Operating cash flow                                  668,324         616,238         778,617         767,557         605,650         546,634
Capital expenditure                                 -475,412        -449,758        -516,050        -874,153      -1,089,100      -1,106,359
Free cash flow                                       192,912         166,480         262,567        -106,596        -483,450        -559,725
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (AEM)     Agnico Eagle Mines Ltd.

                               2014    2015    2016    2017    2018

          Annual Earnings:     0.43    0.14    0.93    1.36   -1.82
Average Price During Year:    31.86   28.31   43.02   45.46   40.94

                P/E Ratio:    74.09  202.21   46.26   33.43   22.50

 Average 5-Year P/E Ratio  =  75.70
             Current Price =  53.78

Previous 5 Quarter Earnings:   0.24    0.03    0.09   -2.22    0.21

          Current Annualized (Last Four Quarters) Earnings =  -1.92
                                                           ________
                                 Average PE / Current PE =    -2.70
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair Value



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Projected Earnings

Earnings Estimates



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Research Reports

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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for AGNICO EAGLE MINES LTD.:
Symbol? AEM
Total Months Available:  25
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  45.75   32.18     44.95   34.05     54.20   39.66

RANGE   =  54.20  TO   32.18            Close =  53.65
CHANNEL =  44.95  TO   39.66           Degree =   2
Volatility =   9.86%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry 1
Bond Issue 0
Zenith Index - 1
Non-GAAP vs. GAAP Earnings + 1
Cash Flow - 1
Average to Current P/E - 1
Ratios - 1
Intrinsic Value DCF - 1
Fair Value Estimator - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 2
Place 560 shares of Agnic Eagle Mines, Ltd. (AEM) on the Active List.