Berenberg lowers target price on Endeavour Mining
By Iain Gilbert
Date: Friday 31 Jan 2025
(Sharecast News) - Analysts at Berenberg lowered their target price on Endeavour Mining from 2,400.0p to 2,300.0p on Friday but said yields looked "strong" as gold nears record highs.
"We update our Endeavour Mining model following its Q4 and FY24 preliminary results, which saw the group deliver a "solid end to a challenging year".
The German bank added that FY25 guidance for production, unit costs and capex were broadly in line with estimates.
"The stock closed up by 7.2% on the day, although we caveat that it was buoyed by the USD gold price testing record highs once more, which lifted the sector materially," said Berenberg.
"Our price targets trim to GBP2,300/CAD40, based on 1.5x NAV and 5x 12-month forward EBITDA, and, with 39% upside, we reiterate our 'buy' rating. The shares are currently trading on 1.18x NAV and 3.2x 2025 EBITDA."
Reporting by Iain Gilbert at Sharecast.com
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