OceanaGold Q1 revenue rises on pricing strength

Overview

• Canada-based gold and copper miner's Q1 revenue rose yr/yr

• Adjusted EPS for Q1 more than doubled yr/yr

• Company completed $77 mln in share repurchases, cash balance up 30%

Outlook

• Company did not provide specific quantitative guidance for the current quarter or full year in the press release

Result Drivers

• HIGHER GOLD PRICE - Record average realized gold price of $4,894/oz supported record revenue and cash flow

• STABLE PRODUCTION - Gold and copper production in line with full year plan, contributing to strong operating cash flow

• GROWTH PROJECTS - Updated technical reports and exploration at Wharekirauponga extended mine lives and highlighted resource potential

Company press release: ID:nPn8JnCCta

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• Wall Street's median 12-month price target for OceanaGold Corp is C$65.00, about 61.9% above its May 5 closing price of C$40.16

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 8 three months ago

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