Core Viewpoint - EU airline companies are underperforming in the market, but International Airlines Group (IAG) is seen as a bargain opportunity with a strong brand portfolio and competitive edge [1][7] Group 1: Company Overview - IAG is Europe's third-largest airline group, formed in January 2011, operating brands like British Airways, Iberia, and Aer Lingus [1] - The company operates over 600 aircraft and serves more than 250 destinations across 91 countries, providing a diversified brand portfolio that competes in various market segments [1] Group 2: Financial Performance - IAG's share price has declined by 70% since the pandemic, but the company is viewed as undervalued at current levels [1] - In Q1, IAG reported sales of €6.4 billion with an operating profit of €68 million, indicating a slight beat on core operating profit [2][3] - The passenger load factor is improving towards 85%, with a revenue CAGR of 5% and an EBITDA margin of 15% post-COVID [3] Group 3: Market Dynamics - Aircraft supply issues and maintenance backlogs are expected to constrain long-haul capacity in the medium term, supporting higher yields for network carriers [2] - Long-haul capacity is projected to increase by approximately 12% in Q2 and an additional 10% in Q3, benefiting IAG due to strong transatlantic demand [2] Group 4: Cost Structure and Balance Sheet - IAG has a leaner cost structure with a lower cost per available seat kilometer (CASK) compared to peers, enhancing competitiveness [3] - The company is projected to have a net debt to EBITDA ratio of 1.3x in 2024, indicating a potential resumption of dividend payments [2] Group 5: Valuation - IAG trades at a P/E of 4.2x, significantly lower than peers like Air France-KLM and Deutsche Lufthansa AG, which have normalized P/Es above 5.6x [4] - A blended valuation methodology suggests a target price of €2.5 per share ($5.34 in ADR), indicating a potential upside [4] Group 6: Conclusion - The EU air travel industry is recovering, supported by increased passenger volumes and corporate demand, with IAG's balance sheet now seen as investable [7] - The company is initiated with a buy rating and a projected 28% upside over the next 12 months [7]

Shares of the gold and niobium mining company have depreciated by 19.32% over the course of the past month, underperforming the Basic Materials sector's loss of 3.61% and the S&P 500's gain of 4.15%. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system. The Zacks Industry Rank is ordered from b ...

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Iamgold (IAG) been one of those stocks this year? A quick glance at the company's year-todate performance in comparison to the rest of the Basic Materials sector should help us answer this question. Iamgold is one of 241 companies in the Basic Materials group. The Basic Materials group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different g ...

Group 1 - IAMGOLD Corporation held its Annual and Special Meeting of Shareholders on May 29, 2024, where key decisions were made regarding the election of directors, appointment of auditors, executive compensation, and amendments to the share incentive plan [1][2][3][4] - All eight nominees for the board of directors were elected with high approval rates, ranging from 99.34% to 99.77% for individual nominees [1] - KPMG LLP was appointed as the auditor with 91.09% of votes in favor, while 8.91% of votes were withheld [2] - The advisory vote on executive compensation received 97.93% approval, indicating strong shareholder support for IAMGOLD's compensation practices [3] - Amendments to the share incentive plan were approved with 97.15% of votes in favor, reflecting shareholder confidence in the company's incentive structure [4] Group 2 - IAMGOLD is an intermediate gold producer and developer based in Canada, with operating mines in North America and West Africa [4] - The company has commenced production at the Côté Gold Mine, which is expected to be one of the largest gold mines in Canada [4] - IAMGOLD employs approximately 3,600 people and is committed to high standards of Environmental, Social, and Governance practices, including a commitment to Zero Harm® [4]

Core Viewpoint - IAMGOLD Corporation successfully closed a bought deal equity financing, raising $300.24 million to repurchase a 9.7% interest in the Côté Gold mine, restoring its total interest to 70% [1][4]. Financing and Agreements - IAMGOLD entered an agreement with underwriters to purchase 72,000,000 shares at $4.17 per share [2]. - The company had previously held a 60.3% stake in the Côté Gold mine and had the option to repurchase the additional interest from Sumitomo [4]. Côté Gold Mine Operations - The Côté Gold mine is projected to be one of Canada's largest gold mines with an expected mine life exceeding 18 years, containing an estimated 16.5 million ounces of measured and indicated resources and 4.2 million ounces of inferred resources [3]. - The mine commenced production in Q1 2024, contributing 1,000 ounces to IAMGOLD's output [5]. Production and Financial Performance - In Q1 2024, IAMGOLD's total attributable production was 151,000 ounces, a 34% increase year-over-year, driven by contributions from the Côté Gold mine, Essakane, and Westwood mines [6]. - The Essakane mine produced 118,000 ounces, a 28% increase year-over-year, while Westwood's output was 32,000 ounces, up 50% year-over-year [6]. - For 2024, the Côté Gold mine is expected to produce between 220,000 and 290,000 ounces, while IAMGOLD anticipates total attributable production (excluding Côté Gold) to be between 430,000 and 490,000 ounces [7]. Earnings and Revenue Growth - IAMGOLD reported Q1 adjusted earnings per share of 11 cents, reflecting a 120% year-over-year increase, with revenues rising 50% to $339 million [8]. - Gold sales reached 150,000 ounces, a 38% increase from 109,000 ounces in Q1 2023, with the average realized gold price per ounce increasing by 10% to $2,077 [8]. Stock Performance - IAMGOLD shares have increased by 54.3% over the past year, significantly outperforming the industry average growth of 14.3% [9].

IAMGOLD Completes US$300 Million Bought Deal Financing May 24, 2024 8:03 AM EDT | Source: IAMGOLD Corporation Toronto, Ontario--(Newsfile Corp. - May 24, 2024) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce the closing of its "bought deal" equity financing of 72,000,000 common shares of the Company (the "Offering"). At a price of US$4.17 per common share, the Company raised aggregate gross proceeds of US$300.24 million pursuant to the Offering. The Offering, ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental ...

Core Viewpoint - IAMGOLD Corporation has announced a bought deal offering of 72 million common shares at a price of US$4.17 per share, aiming to raise approximately US$300 million, with the potential to increase to US$345 million if the over-allotment option is fully exercised [1][2]. Use of Proceeds - The net proceeds from the offering will be used to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining Co. Ltd., restoring IAMGOLD's ownership to 70% [2][4]. - Until the completion of the repurchase, the proceeds will be held in an interest-bearing account or used to repay amounts drawn under the credit facility [2][3]. Financial Context - The company believes that the net proceeds, combined with existing cash and expected cash flows, will be sufficient to fund the repurchase of the Transferred Interest [3][9]. - As of March 31, 2024, the financial liability for the Côté Gold Repurchase Option was US$366.8 million [9]. Joint Venture Background - The Côté Gold Mine operates as a joint venture between IAMGOLD and Sumitomo, with IAMGOLD holding a 60.3% interest and an option to repurchase the 9.7% interest [5][6]. - The repurchase option fee is based on the three-month Secured Overnight Financing Rate (SOFR) plus 4% on contributions made by Sumitomo [7]. Offering Details - The offering will be made in Canada (excluding Québec and Nunavut) and the United States, with the closing expected around May 24, 2024, subject to necessary approvals [11][12].

BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE ON SEDAR+ WITHIN TWO BUSINESS DAYS TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets pursuant to which they have agreed to purchase, on a bought deal basis, 72,000,000 common shares of the Company at a price of US$4.17 ...

Shares of IAMGOLD Corporation (IAG) scaled a new 52-week high of $4.60 on May 20, before ending the session slightly lower at $4.53. The increase was fueled by rising gold prices and IAG's solid first-quarter production numbers and results. Côté Gold mine commenced production during the quarter, contributing 1,000 ounces to its quarterly output. This marks a milestone for IAG as the mine is expected to significantly boost its production, while lowering the cost profile. IAMGOLD has a market capitalization o ...