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Vanzo: Should You Buy Agnico Eagle Mines Ltd. or Goldcorp Inc.?

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Motley Fool - Should You Buy Agnico Eagle Mines Ltd. or Goldcorp Inc.?
By Ryan Vanzo - July 27, 2015

Gold prices down 15% this year.
Agnico Eagle Mines Ltd (TSX:AEM)(NYSE:AEM) is down 44% over the past year.
Goldcorp Inc. (TSX:G)(NYSE:GG) is down 54%.

Goldcorp is guiding for a 2015 AISC of $913 an ounce

Agnico Eagle Mines is slightly better positioned at only $890 an ounce


Lower costs helped Agnico Eagle Mines post an operating cash flow to sales ratio of 35% in 2014 compare to only 29% for Goldcorp.


Agnico Eagle Mines plans to allocate only $480 million this year on capital expenditures. 

Goldcorp meanwhile plans to spend $1.3 billion. 

Still, Agnico Eagle Mines has more budgetary pressures that Goldcorp. 

Agnico Eagle Mines has a debt-to-equity ratio of 0.31 times 
Goldcorp has debt-to-equity ratio of just 0.23 times.

With less leverage, Goldcorp can focus on reinvesting in its business.

On a price-to-book basis, Goldcorp trades at 0.7 times while Agnico Eagle Mines trades for roughly 1.4 times.

From 2010-2012, Goldcorp posted annual profits in excess of $1.5 billion while Agnico Eagle Mines barely broke even over the same period.


If you anticipate gold rebounding, stick with Goldcorp. 

If your forecast is a bit less rosy, Agnico Eagle Mines seems like the safer bet.

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