RE: Small-cap gold miner with bigger-cap prospects18 Aug 2020 13:21
Investment summary: The outstanding aspect of AAZ’s financial performance is its cash generation, which is reflected in our DCF valuation of 181p per share, using a discount rate of 8% and long-term gold price of $1,600/oz. We expect the company to pay a $0.105 dividend in 2020, implying a dividend yield of 6.8%.