NCM -0.38%: A solid FY23 result today for Australia’s largest gold company that is currently under takeover from US-listed Newmont (NEM US). Underlying profit of $778 million, was down 11% on the year but above consensus of $703m while they reported a final dividend of 20cps. All-in sustaining cost per ounce $1,093, was up 4.8% YoY while they guided to FY24 gold production of 2-2.3m ounces, copper production 120,000-140,000 tons & Capex of $560-$640 m. Clearly, the biggest influence on NCM share price is the NEM share price, with NCM trading at a 3.76% discount to the implied bit amount based on this afternoon’s close.
MM remains long NCM
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