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【出版时间及名称】：2010年2月美国黄金行业研究报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：135
【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
NA Gold initiated favoring value over growth ...........................................................................3
NA Gold Price Target and valuation rationale ............................................................................4
NA Gold operational snapshot ..................................................................................................5
NA Gold EPS and cost sensitivities...........................................................................................6
DB estimates versus consensus and 4Q09 calendar................................................................7
DB gold and base metals outlook summary .............................................................................8
Price performance ............................................................................. 9
Performance of gold vs other assets and metals......................................................................9
Established gold equities have been de-rated.........................................................................10
NA Gold price performance ....................................................................................................11
Company comparisons.................................................................... 12
Top gold producers by reserves and production.....................................................................12
NA Gold growth analysis.........................................................................................................13
NA Gold revenue mix by region and metal .............................................................................14
NA Gold accounting standardized for DB cash margin estimates...........................................15
Valuation .......................................................................................... 17
NA Gold free cash flow valuation............................................................................................18
NA Gold Price Target derivation and risks...............................................................................19
NA Gold NPV relationships to Price Targets and DCF sensitivities .........................................22
DB gold outlook............................................................................... 23
Near-term caution but long term outlook strong.....................................................................23
Official sector sales (central banks).........................................................................................24
Supply and demand analysis...................................................................................................25
Gold sources and uses .................................................................... 27
Gold has been long-prized but why?.......................................................................................27
Gold supply .............................................................................................................................29
Gold demand ..........................................................................................................................33
Gold exposure options............................................................................................................37
Barrick Gold ..................................................................................... 38
Goldcorp........................................................................................... 62
Kinross Gold..................................................................................... 82
Newmont Mining........................................................................... 100
Appendices..................................................................................... 119
NA Gold sector comparative valuation charts .......................................................................119
DB commodity price forecasts .............................................................................................120
Historical commodity price reference ...................................................................................121
Measurement conversion table ............................................................................................122
Gold mining production flow chart........................................................................................122
Gold mining website resources ............................................................................................123
Glossary of mining terms......................................................................................................124
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