-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。当社は、AEMの12ヶ月目標株価を35カナダドル引き下げ、370カナダドルとします。これは、2027年のEBITDA予測値にEV/EBITDA倍率8.4倍を適用してAEMを評価するものであり、AEMの過去3年間の平均EV/EBITDA倍率8.4倍とほぼ一致し、同業他社の平均5.3倍を上回る水準です。EPS予測は、2026年を1.13米ドル引き上げて14.65米ドル、2027年を2.71米ドル引き上げて17.58米ドルとします。AEMは、金価格の高騰と厳格なコスト管理により、過去最高の営業利益率を達成し、第1四半期は好調でした。2026年の生産量見通しは330万～350万オンスで据え置き、コストは計画通りに推移しています。 AEMのバランスシートは健全で、純現金は29億ドルを保有しており、デツアー地下鉱山、カナディアン・マラティック拡張プロジェクト、ホープベイ、アッパービーバーなどのプロジェクトを通じて、今後10年間で生産量を20～30%増加させることを目標とする業界トップクラスの成長パイプラインを支えています。フィンランドでの統合案が実現すれば、50万オンスの生産能力を持つプラットフォームが加わることになります。経営陣は、フリーキャッシュフローの40%を配当と20億ドル規模の自社株買いプログラムを通じて還元するとともに、高収益の成長プロジェクトへの資金提供も同時に行う計画です。
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