加拿大黃金公司股價可以快速反彈的三種方式

 Michelle Toovey  2016年1月26日

黃金價格在過去幾年大幅下跌，迫使黃金開採公司削減成本和擱置擴張計劃。一些黃金開採公司在當前低價格市場中比其它公司表現的要好，甚至可以把當前形勢作為一次發展的機會。加拿大黃金公司（紐約交易所標識：GG）就是這樣一家公司。

加拿大黃金公司多年以來財政管理得當，而其公司在黃金價格下跌時比許多公司定位合理。該公司一直採取財政負責的態度而起沒有進行任何擴張。

這並不能意味著該公司能抵消黃金價格下跌的影響。自從黃金價格從2011年9月達到頂點時起到2016年初，該公司股票下跌了大約70%。雖然損失巨大，但是黃金價格在最近幾個月已經趨於平穩，該公司的戰略定位已經使其股價開始反彈。

產量和銷售

即使黃金價格下降時，加拿大黃金公司也在提高產量。根據估計，該公司2015年的成本維持在850到900每盎司。這意味著即使黃金價格只要在1000美元以上，該公司就能盈利。

並不是所有的黃金開採公司都定位得當。因為黃金價格高於該公司的成本，所以其增加產量變得非常有意義。更大的產量意味著更多產品和收入，這一策略可以使其銷售成本降低。收入增加對一個公司估值非常重要，而估值對股票價格來說則非常重要。如果該公司繼續增加產量，只要該公司能在黃金出售中盈利，那麼對該公司股票將起到非常積極的意義。

收購

對一個公司來說，比其它公司更好的財務狀況將會有很多好處。作為一個業績更好的公司，加拿大黃金公司可以非常有利的價格收購其他處於困難的公司。以其堅實的財務數據，該公司可以收購那些更小的業務困難黃金開採公司，增加其資產的基礎價值。資產的良好交易往往意味著估計的上漲。如果加拿大黃金公司能收購低運營成本資產將會更好，這將降低收購者的運營成本，改善其估值。

成本

加拿大黃金公司不能控制黃金價格，但是它可以控制自己的成本。該公司近年的資本流動得到改善，隨著公司一些項目從開發階段到生產階段該公司的資本支出將會降低。一旦一個項目成為生產資產，該公司將會從資金投入階段變為投資回報階段。

加拿大黃金公司持續降低成本並且有繼續進行下去的空間。2015年，該公司成本在850到900美元之間，比2014年的949美元有大幅下降。繼續降低成本將會有利於該公司的估值，而其股票價格將會有積極的回應。

總結

許多惶急開採公司在上一個牛市中擴張太多，在黃金價格下跌時留下了一個爛攤子。加拿大黃金公司是少數幾個沒有這個操作的公司之一，因為這個原因，只要黃金價格不出現另一個大幅下跌該公司股票價格就可以快速反彈。

3 Ways GoldCorp Inc. Can Rebound from Low Gold Prices (GG) 

By Michelle Toovey | January 26, 2016 

Gold prices have collapsed over the past few years, forcing gold miners to slash costs and shelve expansion plans just to survive. Some miners are faring better than others in the current low-price environment and could even use the current situation as an opportunity for growth. Goldcorp Inc. (NYSE: GG) is one of these companies.

Goldcorp's finances have been properly managed for years, and the company was better positioned than many miners when gold prices started their rapid descent. The company was fiscally responsible even when times were good and did not engage in the practice of expanding at whatever cost.

This does not mean that Goldcorp is immune to the fall in gold prices. Since the price of gold peaked in September 2011, to the beginning of 2016, Goldcorp's stock fell about 70%. While these losses are steep, gold prices have stabilized in recent months, and Goldcorp's business strategies have positioned the company for a rebound.

Production and Sales

Even as gold prices fell, Goldcorp boosted production. Goldcorp's all-in sustaining costs (AISC) should have been between $850 and $900 per gold ounce in 2015, according to estimates from the company; this means that even as gold trades just above $1,000 per ounce, Goldcorp can make a profit.

Not all miners are in this enviable position. As long as the price of gold remains above Goldcorp's AISC, it makes sense for the company to boost its production. More production results in having more product to sell and higher revenue, a strategy that can make up for lower sales costs. Revenue growth is important for a company's valuations, and valuations are important for stock prices. If Goldcorp continues to boost production, as long as it continues to sell gold for a profit, it is a positive for the company.

Acquisitions

There are many benefits to being a company that is in good financial shape when others are not. As a stronger company, Goldcorp could acquire other struggling companies for a good deal. With its solid financial metrics, Goldcorp could buy smaller, struggling miners at low prices, adding more value to its asset base. Getting a good deal on an asset almost always translates to a liftoff in stock prices. It would be even better if Goldcorp could acquire an asset with low operating costs; this would make it possible for the acquirer to lower its overall operating costs, improving its valuations.

Costs

Goldcorp cannot control the price of gold, but it can manage its own costs. The company has seen an improvement in cash flow in recent years; capital expenditures wound down as the company advanced a handful of projects from development stage to production stage. Once a project becomes a producing asset, the company goes from spending money to earning back some of its investment.

Goldcorp continues to lower costs and has the room to continue to follow this path. In 2015, the company projected AISC in the range of $850 to $900 per gold ounce, down from AISC of $949 per gold ounce in 2014. Continued decreases in costs would be good for the company's valuation, and Goldcorp's stock values should reflect the positive changes.

The Bottom Line

Many gold miners expanded too quickly in the last bull run and were left in a bad spot when gold prices collapsed. Goldcorp is one of the few companies that was responsible, and for that reason, Goldcorp is in a position where it could see its stock values rebound soon, as long as the price of gold does not take another dive.

本文翻譯由兄弟財經提供

文章來源：http://www.investopedia.com/articles/markets/012616/3-ways-goldcorp-inc-can-rebound-low-gold-prices-gg.asp