Q2 EBITDA missed our estimate, mainly due to higher-than-expected cash cost. After updating the gold price, FX and increasing cash cost estimates, we raise our topline estimates by 1-4% for 2026-28. We cut our FY/26 EBITDA estimate by 6% but lift 2027-28 estimates by 4-6%. The next 12 months are vital for the company in order to keep its long-term plans on schedule. We raise our equity fair value range to EUR 3-11 (3-10).
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