Newmont: $100 Oil Weighs, Gold Falls, But Profit Trends Are Sublime

Newmont Corporation (NEM) remains a buy, trading 20% below its January high despite record Q1 earnings and strong free cash flow. NEM posted Q1 non-GAAP EPS of $2.90 and $7.3B revenue, beating estimates, with robust $3.1B free cash flow and a new $6B buyback. Valuation is attractive: assuming $10.50 normalized EPS and a 14x P/E, intrinsic value is $147, though risks from lower gold prices and higher oil persist.