Tag

#Commodity Cyclical

02Reports

2026-07-02 ·黄金矿业 ·内部研究

Coeur Mining: A Stronger Seven-Mine Platform, No Longer Cheap Enough to Ignore the Cycle

Coeur Mining is a North American precious-metals producer whose earnings now come from seven mines spanning gold, silver and, after the March 2026 New Gold deal, copper. Q1 2026 brought record adjusted EBITDA of 474.9 million USD and 340.8 million USD of operating cash flow, ending the quarter in a net-cash position, but 2026 guidance rests on aggressive metal-price assumptions of 4,550 USD per ounce gold and 77.50 USD per ounce silver. Rating Hold: the platform is far stronger than before Rochester, SilverCrest and New Gold, yet at 16.54 USD the price already assumes high metals and smooth integration, leaving no margin of safety against normalization.

CDE.US Coeur Mining, Inc. #Silver #Gold #Copper #Precious Metals Mining #New Gold Acquisition #Commodity Cyclical

Hold

2026-07-02 ·水产养殖 ·内部研究

Mowi ASA: A License-Constrained Salmon Platform at a Fair, Not Forgiving, Price

Mowi is the world's largest and most geographically diversified Atlantic salmon farmer, controlling the full chain from feed and genetics through farming, processing and branded sales across more than 70 countries. Q1 2026 revenue hit a record EUR 1.544 billion even as operational EBIT per kg fell to EUR 1.62 from EUR 1.98 a year earlier, and the June 2026 sale of the loss-making Canada East unit to Cooke for CAD 225 million signals a pivot from chasing tonnes toward cleaner regional returns. Rating Hold: scale and integration are real advantages, but at roughly 16.8x underlying EPS the stock offers too little margin of safety against biology, Norwegian tax risk and weak-region drag.

MOWI.OL Mowi ASA #Aquaculture #Atlantic Salmon #Norway #Vertical Integration #Dividend #Commodity Cyclical

Hold