加拿大黄金公司股价可以快速反弹的三种方式

 Michelle Toovey  2016年1月26日

黄金价格在过去几年大幅下跌，迫使黄金开采公司削减成本和搁置扩张计划。一些黄金开采公司在当前低价格市场中比其它公司表现的要好，甚至可以把当前形势作为一次发展的机会。加拿大黄金公司（纽约交易所标识：GG）就是这样一家公司。

加拿大黄金公司多年以来财政管理得当，而其公司在黄金价格下跌时比许多公司定位合理。该公司一直采取财政负责的态度而起没有进行任何扩张。

这并不能意味着该公司能抵消黄金价格下跌的影响。自从黄金价格从2011年9月达到顶点时起到2016年初，该公司股票下跌了大约70%。虽然损失巨大，但是黄金价格在最近几个月已经趋于平稳，该公司的战略定位已经使其股价开始反弹。

产量和销售

即使黄金价格下降时，加拿大黄金公司也在提高产量。根据估计，该公司2015年的成本维持在850到900每盎司。这意味着即使黄金价格只要在1000美元以上，该公司就能盈利。

并不是所有的黄金开采公司都定位得当。因为黄金价格高于该公司的成本，所以其增加产量变得非常有意义。更大的产量意味着更多产品和收入，这一策略可以使其销售成本降低。收入增加对一个公司估值非常重要，而估值对股票价格来说则非常重要。如果该公司继续增加产量，只要该公司能在黄金出售中盈利，那么对该公司股票将起到非常积极的意义。

收购

对一个公司来说，比其它公司更好的财务状况将会有很多好处。作为一个业绩更好的公司，加拿大黄金公司可以非常有利的价格收购其他处于困难的公司。以其坚实的财务数据，该公司可以收购那些更小的业务困难黄金开采公司，增加其资产的基础价值。资产的良好交易往往意味着估计的上涨。如果加拿大黄金公司能收购低运营成本资产将会更好，这将降低收购者的运营成本，改善其估值。

成本

加拿大黄金公司不能控制黄金价格，但是它可以控制自己的成本。该公司近年的资本流动得到改善，随着公司一些项目从开发阶段到生产阶段该公司的资本支出将会降低。一旦一个项目成为生产资产，该公司将会从资金投入阶段变为投资回报阶段。

加拿大黄金公司持续降低成本并且有继续进行下去的空间。2015年，该公司成本在850到900美元之间，比2014年的949美元有大幅下降。继续降低成本将会有利于该公司的估值，而其股票价格将会有积极的回应。

总结

许多惶急开采公司在上一个牛市中扩张太多，在黄金价格下跌时留下了一个烂摊子。加拿大黄金公司是少数几个没有这个操作的公司之一，因为这个原因，只要黄金价格不出现另一个大幅下跌该公司股票价格就可以快速反弹。

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.

本文翻译由兄弟财经提供

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