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    HEUTE $$$$$ bei der SILBERMINENAKTIE!!!!**BARRONS**Coeur DÀlene Mines (CDE) - 500 Beiträge pro Seite

    eröffnet am 05.08.02 12:27:41 von
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    ISIN: US1921085049 · WKN: A0RNL2 · Symbol: CDE
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      schrieb am 05.08.02 12:27:41
      Beitrag Nr. 1 ()
      CDE in todays Barrons: Silver Lining
      After revamping, Coeur d`Alene offers a cheap hedge against a lengthy bear market
      By CHERYL STRAUSS EINHORN
      At a time when investors are nervous about the economy and the stock market, with the major equity-market averages down and no one certain whether the bear market is ending or merely pausing, those with a taste for alternative investments might find Coeur d`Alene Mines intriguing. It might be especially alluring if they think that the stock market`s slump will be a long one, thereby burnishing the allure of precious metals. Since last year, the stock of the company, which is the largest U.S. silver producer, has moved up, recently hitting a 52-week high of $2.50 before sagging back to $1.47 Thursday, as the overall mining group cooled down after a strong run. That`s a far cry from the $17-plus that the company was trading at in 1997, or the $25 it commanded in its glory days in the early 1990s. But it`s still well above the pitiful 63 cents a share that the stock was quoted at in September. While putting money into a penny stock -- and that`s certainly what this mining issue has
      become -- is always risky business, Coeur d`Alene, at the least, offers a cheap hedge against a lengthy bear market. Bulls on the stock contend that the company, which also
      mines gold, has been reborn and revamped, shedding the high costs and much of the high debt that pummeled it over the past five years. That revamping, they say, could make it a
      suitable gamble for investors who take the long view. It also offers traders a cheap way to play any sudden rallies in gold, something that could pay off if, as some political
      commentators contend, the U.S. will use military force to try to oust Iraq`s leader, Saddam Hussein, later this year.
      Perhaps unsurprisingly, Chief Executive Officer Dennis Wheeler argues that the stock should hit $5 in the next six to nine months. Helping the shares are relatively robust prices for precious metals, a modest movement into the stock by institutional investors, who own about 7% of outstanding shares, and improvements in the Coeur d`Alene, Idaho-based
      company`s mining operations. In addition, the stock market`s miserable performance over the past 18 months has led some investors to conclude that their portfolios need investments linked to hard assets. Says Scott Shoemaker, an investment-advisor with State Farm Insurance in Michigan:
      "Coeur`s shares have not appreciated as much as other silver companies have and they represent a good value here and a safe haven from the rest of the market." Shoemaker began buying the shares four months ago. Indeed, shares of silver-producing competitor Hecla Mining, also based in Coeur d`Alene, are up 244% year to date to $3.23 as of Thursday. Yet Hecla doesn`t have as much exposure to the market as Coeur because it mines other metals, such as lead and zinc.
      Coeur`s production is 70% silver and 30% gold. That`s good news because silver prices are up about 8% in the past year to a recent $4.58 an ounce as investors seek a haven. That`s well above the company`s total cost of production of $4.32 an ounce this year; a cost that has fallen from $5 back in 1997 when the turnaround began. Gold`s price -- which silver frequently follows -- also has risen. It`s up 10% this year to a recent $304 an ounce on Thursday. The company`s total cost of production is projected to be $180 an ounce this year, down from $382 five years ago. Precious-metals analysts believe the price increases are here to stay because years of
      depressed prices, mine closures and reduced production have resulted in changed sentiment towards silver and gold. Recent weaknesses in the U.S. dollar also support higher dollar-denominated commodity prices. That forecast is important because every 10-cent increase in the price of silver affects cash flow by 20%, and earnings before taxes
      by 10%. Says CEO Wheeler: "With our turnaround complete, we have accomplished what we need to accomplish and in this, the third quarter, we should strongly build our cash flow from
      operations. It should double between now and year`s end to $22 million." Cash flow is often considered a more relevant indicator of a commodity-based company`s well-being than earnings per share, in part because these companies have high non-cash costs and must contend with volatile commodity prices. Last year, Coeur had a loss of $1.07 a share, but its results should turn positive this year. Bear Stearns expects Coeur to earn eight cents a share. The improvement stems from Wheeler`s drive to reduce Coeur`s debt. It has fallen nearly
      $180 million since 1997 to a recent $121 million, and Wheeler says that another $43 million in debt will be gone in the next several months. The decline is expected, in part, because Coeur recently completed a major refinancing that allowed it to retire all of its debt that had been due June 10. But the improved financial performance comes at a cost: the new debt -- while allowing the company to meet its obligation and get cash for new mine sites -- is at a much higher interest rate. In June, it retired 6% convertible subordinated debentures in cash from a new issue of $21.5 million of new 13.375% notes yielding $16 million to use towards the $9.4 million remaining on the 6% notes then due. It won`t face another debt hurdle until the end of 2003.
      "This should give the company the time it needs to generate cash, take advantage of new assets and continue to improve its balance sheet," says Bear Stearns mining analyst Michael Dudas, who is optimistic about Coeur`s outlook. Bear Stearns has no investment banking relationship with Coeur. "Coeur`s management has done a great job refinancing its debt and improving its production profile," he says. "They have acquired some good low-cost properties and their shares could move higher as silver prices rise." Dudas see the company`s shares hitting $3.50 in the next 12 months. He notes that this will be the first time in almost three years that Coeur will be cash-flow positive. The company expects to produce a record 15 million ounces of silver this year. That would be 40% more than last year. Most of those gains will come from two new South American mine sites with high-grade deposits and very low mining costs. On April 17, it began production at its 100% owned high-grade gold and silver mine in Cerro Bayo, Chile. The company had been processing lower-grade development ore at the site until the higher-grade areas were ready this quarter. The mine should produce 2 million ounces this year. In addition, Coeur recently acquired a mine in Martha, Argentina, that began production in June. Its silver output in the next six months should top 1.6 mill. With all of the changes taking place at Coeur d`Alene, CEO Wheeler is hoping to persuade more institutions to hold its shares. Right now, over 90% of its investors are individuals. But that, too, is beginning to change. Recently, in the midst of its new debt offering, Wheeler has been meeting with different kinds of investment companies and has convinced
      a few value-oriented hedge funds to own either the company`s debt and/or its equity. The hedge funds LoneStar Partners, JMB Capital Management and Langley Management are a few of Coeur`s newest investors, according to SEC filings. "It is the first time this group of investors have come to us," says Wheeler. "They spot turnaround situations and recognize that the sector is undervalued. It is all part of the new look of Coeur."
      Avatar
      schrieb am 05.08.02 15:10:54
      Beitrag Nr. 2 ()
      7:56AM Coeur d`Alene Mines seen as hedge against bear market: Barron`s (CDE) 1.58: Barron`s writes that CDE, whose production is 70% silver and 30% gold, offers a good hedge against the risk of a possible long bear market, or in the event that gold spikes again due to a war with Iraq or other international event.



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