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Great Panther Mining Limited

Noble Capital Markets sets outperform rating and $1.50 price target on Great Panther Mining shares

Noble's analysts increased their full year 2019 earnings per share and EBITDA estimates for Great Panther to $0.01 and $39.3 million from $0.00 and $37.6 million, respectively

Gold mine
Their full year 2020 EPS and EBITDA estimates have been increased to $0.14 and $90.8 million from $0.06 and $66.1 million, respectively

Analysts at Noble Capital Markets have set an outperform rating and $1.50 price target on Great Panther Mining Corp. (TSX:GPR) (NYSE:MKT) shares in a note published in the wake of the firm’s second quarter production results.

In aggregate, Great Panther’s second quarter production increased by 195% to 39,922 gold equivalent ounces versus the prior year period and was up 197% compared to the first quarter of 2019. 

Noble’s analysts pointed out that the significant increase in gold production reflected the firm’s acquisition of the Tucano Gold Mine in March 2019.

Based on the higher production and commodity price expectations, they said they have increased their full year 2019 earnings per share (EPS) and underlying earnings (EBITDA) estimates for Great Panther to $0.01 and $39.3 million from $0.00 and $37.6 million, respectively. 

Their full year 2020 EPS and EBITDA estimates have been increased to $0.14 and $90.8 million from $0.06 and $66.1 million, respectively, the analysts added.

Based on the results of a bulk sample program, the Noble analysts noted that Great Panther also expects to advance the Coricancha mine project to production. 

They said that, assuming development work commences at the beginning of 2020 and following six months of development, that mine is expected to restart mid-year 2020.

The analysts concluded: “In our view, the company is making significant progress toward integrating the recently acquired Tucano mine into its portfolio. 

“Because Tucano's production profile is weighted toward the second half of the year, the equity could gain more investor interest as earnings growth becomes more visible.”

Great Panther shares were trading on Thursday at $0.95 each.

Quick facts: Great Panther Mining Limited

Price: $1.01

Market: TSX
Market Cap: $314.28 m
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