$NEM — HOLD 📊 | 6 MONTHS THESIS

Newmont Corporation operates as a gold producer. It also explores for copper, silver, lead, zinc, and other metals. 🎯 FQ2 FY2026 (ends Jun) | reported Jul 23 | Rev $6.1B | GAAP EPS $2.10 vs $1.98 🟢 💡 Consensus already moved to FY26 EPS ~$10.58, implying a further 26% lift from the Q2 run-rate of $8.40. The market treats elevated gold prices and 62% EBITDA margins as durable, but historical P/E is at the 99th percentile; any gold price normalization would hit both EPS and the multiple. 🏢 Business Quality: 8/10 📊 Valuation: rich — 16.6x TTM vs historical median 6.2x (range 4.8-12.8,99th percentile); 12.4x forward is double the historical median; peer PE band... 🔮 Catalyst: Q3 FY2026 earnings (late Oct/Nov 2026) and gold price action; no immediate catalyst after Jul 23 report ⚖️ Hold — no new long at $131.58; the EPS beat is priced and valuation/reward-risk fail the entry test. 📊 Our read: HOLD. Full analysis → https://stockduty.xyz/s/NEM0823

Newmont Corporation operates as a gold producer. It also explores for copper, silver, lead, zinc, and other metals.