Inderes repeats its Sell rating on mining company Endomines and cuts the price target to EUR 7.5 from EUR 8 after a weaker-than-expected third quarter.
Higher unit costs at Pampalo have prompted the research house to raise its cost forecasts. At the same time, the feasibility study for the southern gold belt has been postponed until 2028. Inderes now expects production to start in 2032.
The company’s enterprise value corresponds to almost EUR 500 per resource ounce, compared with the peer companies’ median of EUR 195. Thus, the valuation is already considered to reflect a significant portion of future successes, Inderes writes.
