-->hier einige massgebliche Daten für Placer-Dome und Harmony Gold Mining Corp.:


Gesendet: Mittwoch, 30. April 2003 18:16
Betreff: **PDG and HMY***
Wichtigkeit: Hoch


<<pdg043003.pdf>>

Event
Placer Dome reported Q1/03 results before market open of $0.16 EPS and
$0.26 CFPS versus our estimates of $0.10 EPS and $0.28 CFPS. The
company hosted a conference call April 29, 12pmET.
Investment Conclusion
Placer Dome reported $0.16 EPS versus our estimate of $0.10. The
difference was attributed to 1) a $35 million ($0.09/share) non-hedge
derivative gain, and, 2) an offsetting $17 million ($0.04/share) charge to
due to a change in accounting policy. Production in Q1/03 decreased from
Q4/02 (917,388 ounces at $180 per ounce to 902,606 ounces at $205 per
ounce). The increase in cash costs was largely attributable to strengthening
C$, A$ and Rand currencies as well as higher energy costs. Placer
benefited from their extensive currency hedges, although we suspect that
the strengthening foreign currencies may result in irreversible higher costs
at the company's South African, Australian and Canadian mines. The
company also announced a discovery at its Cortez JV (60%, Nevada),
located 12 km away from its existing Pipeline complex containing 1.3
million attributable ounces of resources. We are maintaining our
Outperform, Average Risk rating with a $13.50 target.



<<hmy043003.pdf>>
Q1-03 Results Under Pressure From A Strong Rand.

Event
Harmony Gold reported Q1/03 net earnings of $0.15/share, in line with our
estimate, but 47% below consensus at $0.22. The 40% decline in profitability,
quarter-on-quarter was largely anticipated due the relative strength of the South
African Rand and the loss of six working days (8%) - a function of the high
number of public holidays during the quarter.
Investment Conclusion
We have updated the Q1-03 results in our model. Our EPS estimate for
2003 remain unchanged and our CFPS estimate increases marginally from
$1.04 to $1.15. In 2004, our estimated EPS and CFPS change from $0.94
and $1.24 to $0.99 and $1.26 respectively. As a result of updating our
longer-term production outlook, our NAV (@5%) falls from $7.44 to
$7.04/share. Our price target is based on a multiple of 14x estimated fiscal
2004 cash flow, which we believe reflects the longevity of the operations
and the substantial gold resource base (the latter excluded from our NAV
estimate). This translates into a Target P/NAV of 2.35x, versus our South
African peer group of 1.98x. Our one-year price target remains unchanged
at $17.60. If the relative Rand strength is temporary, which we believe, it
could be beneficial to Harmony on three fronts in the short term and could
place the company in a far stronger position in a rising gold price environment:
1) further acquisition opportunities; 2) royalty bill negotiations and 3) wage
negotiations as margins get squeezed. We continue to rank the stock
Outperform, Above Average risk.

have a nice day

RBC Capital Markets - Lausanne
Pascal Despont