What changed
$NEM — BUY 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $7.3B | EPS $2.90 vs $2.17 🟢
💡 The market is pricing NEM at a trailing P/E of 12.1x and P/FCF below 10x on annualized Q1 FCF, implying skepticism about the sustainability of cash flows. Consensus EPS for Q1 was $2.17, yet NEM earned $2.90, suggesting full-year estimates are materially too low.
📉 Reward/risk: 2.1:1
🏢 Business Quality: 8/10 - Largest gold producer, strong operational execution, record FCF generation, but exposed to gold price cycles and cost inflation.
📊 Valuation: cheap_on_FCF, fair_on_PE — using P/E (12.1x trailing, in line with historical median), P/FCF (9-10x annualized Q1 FCF vs.
🔮 Catalyst: Analyst earnings revisions and Q2 2026 earnings preview
💰 Entry: $103.79, stop $90, target $132
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/NEM0620