FINWIRES · TerminalLIVE
FINWIRES

Research Alert: CFRA Maintains Buy Rating On Shares Of Barrick Mining Corporation

By

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by CAD1 to CAD77, on an EV/EBITDA of 5.3x applied to our 2027 EBITDA estimate, vs. Barrick's three-year avg. fwd EV/EBITDA of 5.2x and peers' avg. of 5.7x. We raise our 2026 EPS estimate by USD0.24 to $4.04 and 2027 by USD0.38 to USD4.63. Production guidance is maintained at 2.90-3.25M gold ounces and 190-220k tonnes of copper, with sequential increases through the year. A strong fundamental position is underpinned by robust FCF generation, with Q1 FCF surging 195% Y/Y to $1.2B, reflecting significant operating leverage to higher gold prices. The balance sheet remains strong with $2.4B in net cash. Key growth catalysts include the Lumwana expansion (Q1 2028 first production), advancing Fourmile project (potential Tier-One asset), and the planned year-end North American IPO, which should unlock value. With improving operational consistency, a de-risked portfolio focus, and strong leverage to gold prices, we believe Barrick is well-positioned to deliver sustainable value creation.

Related Articles

Research

Research Alert: Ccl Industries: Q1 Beats Estimates, Aluminum And Energy Costs Pressure Margins

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CCL Industries posted Q1 2026 adjusted EPS of CAD1.20 vs. CAD1.17 consensus, though the beat was mechanical from buybacks rather than fundamental acceleration. Sales grew 2.8% to CAD1,939M vs. CAD1,925M consensus on 1.9% organic growth, while operating income was flat at CAD317.5M but beat the CAD299M estimate. The print removes downside risk but does not change the earnings trajectory, with limited catalyst for expansion absent margin recovery at Checkpoint and Innovia. Management expects the Pennsylvania aluminum facility to return to full operation in Q2 following equipment outages. The core CCL segment delivered 3.1% organic sales growth and 5.2% operating income increase to CAD210.8M despite capacity constraints. Geographically, mid-teens APAC growth and mid-single-digit Europe/Latin America growth offset single-digit North America declines from soft consumer markets. The balance sheet remains strong, with 0.85x leverage and CAD1B cash, supporting CAD130M in capital returns during the quarter.

$CCL.B
Research

Research Alert: Strength In Asia Paced Manulife Financial's Q1 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MFC posted Q1 core EPS of CAD1.06 versus CAD0.99 prior year, missing our CAD1.10 estimate and CAD1.09 consensus view despite 11% Y/Y growth. Net income surged to CAD1.147B from CAD485M, due to lower market experience charges and underlying business growth. We are encouraged by these results, particularly Asia's standout performance, with core earnings up 22% to CAD820M, APE sales up 11%, and NBV up 15%, reinforcing the region as MFC's key growth engine. Management's call is scheduled for 8 a.m. EST tomorrow to provide additional color and outlook for 2026 amid macroeconomic uncertainty. Global WAM delivered core earnings of CAD448M, up 2% on constant currency, with EBITDA margin improving 60 bps to 29.0% despite eMPF transition headwinds. MFC maintained strong capital metrics with LICAT ratio of 136% and returned CAD1.2B to shareholders through dividends and buybacks, while book value per share reached an all-time high of CAD26.30.

$MFC
Research

Research Alert: Strength In Asia Paced Manulife Financial's Q1 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MFC posted Q1 core EPS of CAD1.06 versus CAD0.99 prior year, missing our CAD1.10 estimate and CAD1.09 consensus view despite 11% Y/Y growth. Net income surged to CAD1.147B from CAD485M, due to lower market experience charges and underlying business growth. We are encouraged by these results, particularly Asia's standout performance, with core earnings up 22% to CAD820M, APE sales up 11%, and NBV up 15%, reinforcing the region as MFC's key growth engine. Management's call is scheduled for 8 a.m. EST tomorrow to provide additional color and outlook for 2026 amid macroeconomic uncertainty. Global WAM delivered core earnings of CAD448M, up 2% on constant currency, with EBITDA margin improving 60 bps to 29.0% despite eMPF transition headwinds. MFC maintained strong capital metrics with LICAT ratio of 136% and returned CAD1.2B to shareholders through dividends and buybacks, while book value per share reached an all-time high of CAD26.30.

$MFC