{"id":45436,"date":"2024-01-25T16:13:01","date_gmt":"2024-01-25T16:13:01","guid":{"rendered":"https:\/?p=45436"},"modified":"2024-01-25T16:15:01","modified_gmt":"2024-01-25T16:15:01","slug":"capstone-mining-cstsx-cibc-rate-with-a-outperform-rating","status":"publish","type":"post","link":"https:\/\/www.stocktargetadvisor.com\/blog\/capstone-mining-cstsx-cibc-rate-with-a-outperform-rating\/","title":{"rendered":"Capstone Mining (CS:TSX)  CIBC rate with a &#8220;Outperform&#8221; rating"},"content":{"rendered":"<p>This analysis provides an overview of <a href=\"https:\/\/www.stocktargetadvisor.com\/stock\/Canada\/TSX\/CS\/analyst-rating\">Capstone Mining&#8217;s<\/a> Q4\/23 operating results and its 2024 guidance, along with a price target calculation and key risks. Here&#8217;s a breakdown of the key points:<\/p>\n<h3>Operational Results:<\/h3>\n<ol>\n<li><strong>Q4\/23 Performance:<\/strong>\n<ul>\n<li>Q4\/23 copper production of 44kt Cu was below the analyst&#8217;s 49kt estimate but beat Street estimates.<\/li>\n<li>Q4 results were the best of 2023, setting up a positive outlook for H1 production.<\/li>\n<\/ul>\n<\/li>\n<li><strong>H2\/23 Performance:<\/strong>\n<ul>\n<li>Production in H2\/23 of 85kt was within the company&#8217;s guidance (83kt-93kt).<\/li>\n<li>H2\/23 includes MVDP (nameplate) production and costs, which is considered a key milestone.<\/li>\n<\/ul>\n<\/li>\n<li><strong>2024 Guidance:<\/strong>\n<ul>\n<li>Consolidated production guidance for 2024 is 5% below the analyst&#8217;s estimates, with costs 20% above expectations.<\/li>\n<li>Cash costs are higher due to slower ramp-up at MVDP, Pinto Valley, and Cozamin, transitioning to cut-and-fill mining.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3>Key MVDP Milestones (Expected in 2024):<\/h3>\n<ol>\n<li>First ore to crushing circuit (Complete Q4\/23).<\/li>\n<li>First ore to grinding circuit (Q1\/24E).<\/li>\n<li>First saleable concentrate (Q2\/24E).<\/li>\n<li>Nameplate capacity and operating rates (Q3\/24E).<\/li>\n<\/ol>\n<h3>Price Target Calculation:<\/h3>\n<ul>\n<li>CIBC has a\u00a0 price target of C$7.75 is derived through a sum-of-parts analysis using a weighted average of P\/SFCF and EV\/EBITDA (40% each) and a mine-by-mine NAV (20% weight).<\/li>\n<li>Target multiples for Capstone operating\/project asset NAV, P\/SFCF, and EV\/EBITDA are 1.0x, 8.0x, and 6.0x, respectively.<\/li>\n<li>The EV\/EBITDA calculation assumes net debt of $800.4M.<\/li>\n<\/ul>\n<h3>Key Risks to Price Target:<\/h3>\n<ol>\n<li>Unexpected slowdown in global economic growth, particularly in China, and its potential negative effects on copper prices.<\/li>\n<li>Operational execution risks.<\/li>\n<li>Execution of Pinto Valley optimization projects.<\/li>\n<li>Development risk at Chilean assets.<\/li>\n<li>Lack of further exploration success at the Cozamin mine.<\/li>\n<\/ol>\n<h2>Capstone Stock Analysis<\/h2>\n<p><strong>Average Analyst Target Price:<\/strong><\/p>\n<p>The average analyst target price for Capstone Mining Corp is CAD 7.78 over the next 12 months.<\/p>\n<p><strong>Analyst Rating:<\/strong><\/p>\n<p>The average analyst rating is reported as &#8220;Strong Buy,&#8221; suggesting a positive outlook on the stock.<\/p>\n<p><strong>Stock Target Advisor&#8217;s Analysis:<\/strong><\/p>\n<p><a href=\"https:\/\/www.stocktargetadvisor.com\/\">Stock Target Advisor&#8217;s<\/a> own analysis is &#8220;Neutral.&#8221;<br \/>\nThe neutrality is based on 5 positive signals and 6 negative signals.<br \/>\nRecent Stock Performance:<\/p>\n<p>At the last closing, Capstone Mining Corp&#8217;s stock price was CAD 6.71.<br \/>\nOver the past week, the stock price has changed by +10.18%.<br \/>\nOver the past month, the stock price has changed by +1.05%.<br \/>\nOver the last year, the stock price has changed by +6.85%.<\/p>\n<p><strong>Summary:<\/strong><br \/>\nThe average analyst target price and positive stock performance indicators suggest a bullish sentiment among analysts. However, Stock Target Advisor&#8217;s neutral analysis, influenced by a mix of positive and negative signals, introduces some caution. Investors may consider these factors along with their own research and risk tolerance when making investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This analysis provides an overview of Capstone Mining&#8217;s Q4\/23 operating results and its 2024 guidance, along with a price target calculation and key risks. Here&#8217;s&#8230;<\/p>\n","protected":false},"author":3,"featured_media":13313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-45436","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog","post_format-post-format-image"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v21.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Capstone Mining (CS:TSX) CIBC rate with a &quot;Outperform&quot; rating | Stock Target Advisor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stocktargetadvisor.com\/blog\/capstone-mining-cstsx-cibc-rate-with-a-outperform-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capstone Mining (CS:TSX) CIBC rate with a &quot;Outperform&quot; rating\" \/>\n<meta property=\"og:description\" content=\"This analysis provides an overview of Capstone Mining&#8217;s Q4\/23 operating results and its 2024 guidance, along with a price target calculation and key risks. 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