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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (587)	11/15/2001 4:34:50 PM
From: russwinter	Respond to of 39344

The leverage to POG of the five major PM companies: increase in pre tax cash flow from a move from 275 to 300. Newmont/FN/NDY 162 million if unhedged Goldfields 90 m Anglogold 39 m Placer Dome 36 m ABX/HM 25 m. As a percentage of enterprise value, leverage or sensitivity to POG is still rather low except perhaps for Goldfields and almost nonexistent for ABX/HM, AU, and PDG: EV/pre tax cash flow increase from 25 POG advance: NEM/FN/NDY: 60 X : EV is 9.8 billion Goldfields: 23X : EV is 2.1 b after WMC Anglogold: 120X : EV is 4.6 b Placer Dome: 114X : EV is 4.1 b ABX/HM: 336X : EV is 8.3 b