ALACER GOLD CORP. (AQG)



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General Information
Company Name: Alacer Gold Corp
Stock Code: AQG
Website: www.alacergold.com
GICS Sub-Industry: Gold
Market Cap ($M): 242
Equiv. Shares (M): 91

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 2.650 $ 2.610 $ 2.680 $ 2.610 $ 2.650 285,612 0%

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 1st Apr 2014
12 Month Target Price (average): $2.875
Brokers Surveyed: 6

Company Overview

Business Description:
Alacer Gold Corp (AQG) is mid-tier gold producer with a globally diversified asset portfolio, including interests in multiple operating mines which feed three regional processing facilities in Australia and Turkey.

Strategy Analysis:
AQG is a gold exploration and production company. Within this, the company has operations in Turkey whereby the mine, Copler, has had a ramp up in production towards 37,000oz. Complementing this has been the mines operating costs decreasing by $126/oz to $259/oz. On the domestic front, the company’s Higginsville operation has surpassed its 500,000 oz milestone and the company aims to consolidate this with a production target of 155koz @ $795/oz operating costs. It is said to be on target towards achieving the targeted 1.5Mtpa @ 4.5g/t. Alacer Gold Corp announced that it has filed its financial results and related management's discussion and analysis for the year ended December 31, 2012. The company's 2012 attributable net profit pre-impairment and other write-downs was $118.6m ($0.42/share). Cash generated by operating activities totalled $238.9m during the year and the company's cash balance at the end of 2012 increased to $277.3m. The company's attributable gold production totalled 381,738oz for 2012. In Turkey, Copler continues to provide significant free cash flow at an average total cash cost of $375/oz. In Australia, various initiatives to increase free cash flow will continue at both Higginsville and South Kalgoorlie operations.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F -2.9 -1.0 -109.2 -- -- 0.0 --
2014  F 31.5 10.9 -61.3 24.4 1.2 0.5 --
2013  A 81.6 28.2 -- 10.8 2.2 0.7 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Alacer Gold (AQG) $229 M -- -0.6150 -- 8.8621 23.0203 -- 0.1162 0.0049 0.0000
Newcrest Mining (NCM) $7,757 M -0.5837 -0.1109 0.2229 17.1846 19.3277 15.8051 0.0119 0.0000 0.0000
OceanaGold (OGC) $718 M -- -- -0.0580 -- 10.4139 11.0546 0.0000 0.0000 0.0000
OZ Minerals (OZL) $1,123 M -- -- 13.7556 -- 822.2222 55.7229 0.0541 0.0305 0.0182
Regis Resources (RRL) $1,214 M 0.9835 -0.5603 1.0219 8.0704 18.3535 9.0773 0.0617 0.0388 0.0663

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
AQG 3.00 11.7 1.31 10.00 1.82
Market 1.07 15.9 1.27 2.05 1.71
Sector 0.87 12.0 0.68 0.73 4.83

Directors
Name Position Start Date
Mr Rodney (Rod) P Antal Chief Executive Officer,Executive Director 13 August 2013
Mr Jan Alex Castro Non-Executive Director 16 October 2007
Mr Richard P Graff Non-Executive Director 24 July 2008
Mr Thomas R Bates, Jr Non-Executive Director 17 April 2014
Mr Edward C Dowling, Jr Non-Executive Director,Non-Executive Chairman 20 February 2008

Management
Name Position
Chris Newman Chief Exploration and Geology Officer
Rodney P. Antal Chief Financial Officer
Amanda Poitra Chief Organizational Development and Human Resources Officer
Louw Smith Chief Technical Services Officer
Michael Sparks General Counsel - Corporate,Company Secretary
Anthony James President - Australian Operations
Howard Stevenson President - Turkish Operations

Substantial Shareholders
Holding Name
57,556,147 (19.96%) Pala Investments Holding Ltd

Calendar of Events
Date Event
12 March 2015 Report (Annual)
29 October 2014 Report (Quarterly)
30 July 2014 Report (Quarterly)
30 April 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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