Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi Team, My broker recommends I add to my already significant COG position. What is your opinion on their latest report? Is it good or just passable? He also recommends EMR, a junior gold miner. Please advise if it is investible. I was told their all-up production cost is under A$900. Is that correct? Thanks & regards, Sidney
Hi Sidney,
We discussed COG in our Q&A report last week and our view hasn’t changed, our summary is below:
COG is a $185mn financial services business which on the surface looks cheap trading on ~8x while yielding around 9% but the stocks halved since its 2022 high more than offsetting its dividend payouts. Insiders have been buying the stock above this week’s ~95c level with tranches going through between $1 and $1.40.
Loosely termed “Junior” gold miner EMR has a market cap. of $2.6bn having been a major market and sector outperformer over the last 2-years, it only entered the ASX200 in 2023. Its Cambodian gold operation makes it one of the world’s highest-margin producers with an average cost of production ~$US829, or $A1200, though, it’s all in sustaining costs (AISC), which also includes company operating expenses, sustaining capital expenditures, and exploration expenses, is more like $1400.
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