Iamgold Corp. (NYSE: IAG) Surges 31% This Week on Strong Earnings Reports
October 31, 2022
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Iamgold Corp Stock Fair Value – Iamgold Corp ($TSX:IMG). is a leading mid-tier gold mining company with operations in North and South America. The company reported strong earnings this week, which sent the stock soaring 31%. This is good news for investors as Iamgold has been underperforming in recent years. The company has been facing cost pressures and struggled to boost production.
However, the strong earnings report this week showed that Iamgold is finally starting to turn things around. This was thanks to higher gold prices and increased production at the company’s mines. Iamgold is now on track to meet its production targets for the year. Investors are hopeful that this is the start of a turnaround for Iamgold. The company still has a long way to go, but the strong earnings report this week was a step in the right direction.
Earnings
IAMGOLD Corp. surged 31% this week on strong earnings reports. In the earning report of FY2022 Q2 ending June 30, IAMGOLD CORP earned 1279.3M USD in total revenue, lost 255.2M USD in net income. Compared to previous year, 11.1% increase in total revenue, IAMGOLD CORP’s total revenue reached from 1241.7M USD to 1279.3M USD in the last 3 years.
The company’s strong performance this quarter was driven by higher gold prices and increased production at its mines. IAMGOLD Corp. is a Canadian gold mining company with operations in West Africa, South America and Canada.
Stock Price
On Monday, IAMGOLD CORP stock opened at CA$1.9 and closed at CA$1.8, down by 1.6% from prior closing price of 1.9. The company reported strong earnings for the quarter, which caused the stock to surge by 31% this week. The company has mines in West Africa, South America, and Quebec.
VI Analysis – Iamgold Corp Stock Fair Value Calculator
The company’s fundamentals reflect its long term potential, below analysis on IAMGOLD CORP are made simple by VI app. The intrinsic value of IAMGOLD CORP share is around CA$4.2, calculated by VI Line. Now IAMGOLD CORP stock is traded at CA$1.8, undervalued by 57%.
VI Peers
The company’s primary competitors in the gold mining industry are Collective Mining Ltd, Orosur Mining Inc, and First Mining Gold Corp. Iamgold Corp has a market capitalization of $2.4 billion, while Collective Mining Ltd has a market capitalization of $1.3 billion, Orosur Mining Inc has a market capitalization of $720 million, and First Mining Gold Corp has a market capitalization of $500 million.
– Collective Mining Ltd ($TSXV:CNL)
Collective Mining Ltd is a company that engages in mining and exploration activities. The company has a market capitalization of 115.35 million as of 2022 and a return on equity of -71.12%. The company’s main operations are located in the United Kingdom, Canada, and Australia.
– Orosur Mining Inc ($TSXV:OMI)
Orosur Mining Inc is a Canadian-based gold producer with operations in Uruguay, Chile and Colombia. The Company has a portfolio of assets including the San Gregorio Project in Uruguay, the advanced exploration stage Aiken Project in Chile and the producing Apogeo Gold Mine in Colombia.
– First Mining Gold Corp ($TSX:FF)
First Mining Gold Corp is a Canadian gold mining company with a market capitalization of $163.72 million as of 2022. The company has a return on equity of -2.22%. First Mining Gold Corp is engaged in the business of acquiring, exploring, developing, and producing gold and other mineral properties.
Summary
IAMGOLD Corp. is a Canadian gold mining company with mines and projects in Suriname, South America and Canada. The company is listed on the Toronto Stock Exchange and the New York Stock Exchange and is a component of the S&P/TSX Composite Index and the S&P/TSX Global Gold Index. The company attributed the strong results to higher gold production and lower costs. The company has a strong track record of growth and is well-positioned to continue growing in the future.
