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Agnico Eagle Mines Limited
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$100.6B
Market Cap
19.1
P/E
0.45
PEG
20.9%
ROCE
19.6%
ROE
0.01
D/E
57.2%
OPM
-20.2%
% from 52W High
83
α RS
🔍 AEM is showing a high-conviction setup because it matches 24 of 39 tracked screener presets, RS Rating is 83, and steady_dividend preset's Backtest win rate is 62.2% over 90 days. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating Backtest
Sources
Conviction 24/39 · RS Rating 83 · Backtest win rate 62.2%
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🌏 Global Investor Returns
Currency-adjusted total returns for AEM including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
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About

Agnico Eagle Mines Limited, a gold mining company, engages in the exploration, development, and production of precious metals. It explores for gold, silver, copper, and zinc. The company’s mines are located in Canada, Australia, Finland, and Mexico; and with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States. Agnico Eagle Mines Limited was incorporated in 1953 and is headquartered in Toronto, Canada.

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📈 Growth Pattern
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 12.2K $2.5M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Payable Gold Production
855,816 oz
Second consecutive quarter above budget; no YoY given
Free Cash Flow
$1.335B
Record quarterly; no YoY given
Net Income
$1.600B ($3.19 per share)
Adjusted net income $1.541B ($3.07 per share); no YoY given
Shareholder Returns
$625M
Record quarterly; includes $400M buybacks
Total Cash Costs
$1,054/oz
Within guidance
AISC
$1,459/oz
Within guidance
What Went Right
  • Record quarterly free cash flow of $1.3B and record $625M returned via dividends and buybacks.
  • Record mill throughput at Macassa, Detour, Meliadine and Kittilä helped deliver 856koz, ahead of budget.
  • Hope Bay construction greenlit with >70% engineering complete; first vessel sails to site this weekend, targeting 400,000-450,000oz/yr.
What to Watch
  • Barnat pit wall slide (~1M tonnes) removes ~370koz from Canadian Malartic; 2026 output now guided to lower end of 3.3-3.5Moz range.
  • A third fatality in 12 months underscores safety risk; management is accelerating critical controls and supervision across sites.
  • Inflation and $100+ oil are pressuring costs; labour inflation ~4% and diesel is ~7% of total costs, with 2027 wage/diesel pressure flagged.
Management Guidance
  • FY2026 payable production maintained at 3.3-3.5Moz but now expected near the lower end after Barnat.
  • FY2026 total cash costs unchanged at $1,020-$1,120/oz; AISC unchanged at $1,400-$1,550/oz.
  • FY2026 total capex raised to $2.6-$2.8B (from $2.2-$2.4B) due to Hope Bay; capitalized exploration unchanged at $290-$330M.
  • Expect to exceed ~40% free-cash-flow shareholder return target for the full year after returning ~48% in H1.
Investor Lens
The investment thesis is stronger after this call: record free cash flow generation, an advancing multi-asset growth pipeline (Hope Bay, Detour Underground, Upper Beaver, Ikkari) and a fortress balance sheet (net cash ~$3.3B) support per-share value growth. The Barnat slide and safety record are the main offsets, but management's quick guidance reset and long history of operational recovery limit the damage. At a realized gold price of $4,483/oz, the model is clearly compounding.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record $1.3B FCF, but Barnat slide trims 2026 outlook
Revenue
Revenue was not explicitly disclosed on the call, but payable gold production was 855,816oz and the realized gold price was $4,483/oz. That combination drove record quarterly free cash flow of $1.335B.
Profitability
Net income was $1.600B or $3.19 per share, and adjusted net income was $1.541B or $3.07 per share. Adjusted EBITDA was approximately $2.7B for the quarter; no YoY comparatives were provided.
Margins
Total cash costs came in at $1,054/oz and AISC at $1,459/oz, both within guidance and down versus Q1. Operating margin was not explicitly stated, but strong cost discipline and $4,483/oz realized gold prices produced record cash generation.
Balance Sheet
Cash increased by $352M during Q2 to a record $3.464B, giving a net cash position of ~$3.267B with total debt of only $197M. The company invested over $800M in capex and capitalized exploration in Q2 and received an upgrade from Fitch to A-.
Key Risks
The Barnat pit wall slide is expected to remove ~370koz, including 60koz from 2026, with mining not resuming until Q4. Management also flagged the unacceptable third fatality in 12 months and is intensifying safety programs. Inflation, especially labour and diesel, remains a cost risk into 2027.
Outlook
Full-year 2026 production is expected near the lower end of 3.3-3.5Moz, while cost guidance is unchanged. Capex guidance was raised to $2.6-$2.8B to fund Hope Bay, and shareholder returns could exceed 40% of free cash flow for the year.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Record free cash flow and shareholder returns were achieved in Q2 2026, with gold production exceeding budget and strong cost control despite inflation. Key growth projects advanced, including Hope Bay and major Finland consolidation, while maintaining robust guidance and a strong balance sheet.
Q1 2026 Q1 2026 2026-05-01
Record Q1 results driven by strong operations, high gold prices, and disciplined cost control. Guidance for 2026 is reiterated, with major growth projects advancing and a strengthened balance sheet supporting increased shareholder returns.
Q4 2025 Q4 2025 2026-02-13
Record 2025 results featured strong gold production, disciplined cost control, and robust shareholder returns, with reserves and resources at all-time highs. Growth projects are advancing, supporting a 20%-30% production increase over the next decade and continued peer-leading costs.
Q3 2025 Q3 2025 2025-10-30
Record gold prices and strong operational performance drove record revenue, earnings, and cash flow, enabling significant debt reduction, shareholder returns, and project advancement. Productivity gains and disciplined cost control offset inflation and royalty pressures, supporting a robust outlook.
Q2 2025 Q2 2025 2025-07-31
Record financial results driven by strong gold prices and operational excellence, with robust cash returns to shareholders, continued cost discipline, and accelerated investment in high-return growth projects.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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