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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Lucretius who wrote (52512)7/22/1999 8:25:00 AM
From: John Pitera  Read Replies (1) of 86076
 
Luc, I don't think ABX is so pricey. There are selling at a 22.9 PE with a forward pe of 21, and 1.9 times book. the price to sales is 5.2 which is on the high side. yield is on the low side at .4%

Nem has no PE currently, a forward PE of 39.5 and is selling at 2.1 times book , the price to sales is 2.1 which is very good. Yield is .6%

Pdg has a PE of 25 with a forward PE of 35.3, and a 2.1 price to sales. the yield is .9%

HM's numbers look even a bit more expensive than ABX's However with their major Australian acquisition in 1997 and the Latin AMerican one last year, may be able to surprise quite a bit on the next 2-3 years operating results.

I know about ABX having sold forward much of it's production, but that also means that gold could go to 100 and stay there for 18 months and ABX will not be going out of business. Hence there is some value you in that.

But in a rising gold price environment, yet to be seen, the bigger leverage will be found in stocks other than ABX.

John
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