Q: What are your thoughts on Kinross for a gold play?
5i Research Answer:
K has done well with the sector rally and is up 139% YTD, now trading at 15X earnings. Kinross reported strong Q2 2025 earnings exceeding analyst expectations and completed a significant share buyback of 15+ million shares, reflecting confidence in capital allocation and shareholder value creation. K projects approximately $6.4 billion in revenue and $1.5 billion in earnings by 2028 with modest revenue growth but stable earnings, supported by cost discipline and operational execution. The stock is still at a discount valuation to the peer group, but with improved execution this could change. We would consider it a decent large cap gold stock, and like it a bit better than we have in prior years.