-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将AEM的12个月目标价下调35加元至370加元，因为我们采用8.4倍的企业价值/息税折旧摊销前利润（EV/EBITDA）倍数，并基于我们对2027年息税折旧摊销前利润的预估值进行估值，这与AEM过去三年的平均预期EV/EBITDA倍数8.4倍一致，且高于同行平均水平5.3倍。我们上调了AEM的每股收益（EPS）预期：2026年上调1.13美元至14.65美元，2027年上调2.71美元至17.58美元。AEM第一季度业绩强劲，营业利润率创历史新高，这主要得益于金价上涨和严格的成本控制。2026年产量指引维持在330万至350万盎司，成本控制符合预期。 AEM的资产负债表依然稳健，净现金达29亿美元，为其行业领先的增长计划提供了有力支撑。该计划旨在通过Detour地下矿、加拿大马拉蒂克扩建项目、霍普湾矿和上比弗矿等项目，在未来十年实现20%-30%的产量增长。拟议的芬兰合并计划将新增一个潜在的50万盎司黄金储量平台。管理层计划将40%的自由现金流用于分红和扩大20亿美元的股票回购计划，同时为高回报增长项目提供资金。
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