In-Depth Investment Analysis Report on Agnico-Eagle Mines (AEM)

Based on the comprehensive data I have obtained, here is a detailed analysis report for you:

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Agnico-Eagle Mines Limited (NYSE: AEM) hit an all-time high of

on January 9, 2026, and is currently trading at , representing a 1.27% increase from the previous trading day[0].

Metric	Value
Current Price	$188.72
52-Week High	$188.72 (2026-01-09)
52-Week Low	$79.66 (2025-01-06)
Market Capitalization	$94.83 Billion
P/E (TTM)	27.57x
Beta Coefficient	0.63

Period	Return
1-Day	+1.27%
5-Day	+10.92%
1-Month	+13.56%
6-Month	+60.45%
1-Year	+130.17%
3-Year	+245.15%

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The gold price is the primary factor affecting the valuation of gold mining companies. The gold price continued to climb in 2025, driven mainly by the following factors:

[1][2][3]:

• RBC Capital Markets
  : Forecasts an average gold price of $4,600/oz in 2026, with a year-end target of $4,800; average price of $5,100/oz in 2027
• J.P. Morgan
  : Forecasts an average gold price of $5,055 in Q4 2026, reaching $5,400 by the end of 2027
• LongForecast
  : Forecasts a gold price range of $4,423-$7,501 in 2026, with potential to reach $8,760-$9,061 in 2027

:

• Escalating Geopolitical Risks
  : Uncertainties from trade wars, ongoing Russia-Ukraine conflict, and tense situation in the Middle East
• Strong Central Bank Gold Purchases
  : Global central banks purchase approximately 585 tons of gold per quarter, with China and Russia as the primary buyers
• Weakening US Dollar and Interest Rate Cut Expectations
  : The Federal Reserve’s policy shift supports the gold price
• Demand for Inflation Hedging
  : Gold’s appeal as a store of value rises amid stagflation risks

[0]:

Metric	Value	Assessment
Net Profit Margin	32.68%	Excellent
Operating Profit Margin	49.78%	Outstanding
Current Ratio	2.12	Healthy
Quick Ratio	1.31	Stable
Debt Risk	Low Risk	Financially Conservative
ROE	15.45%	Above Industry Average

: Conservative – The company adopts conservative accounting policies, and its high depreciation/capital expenditure ratio indicates room for profit improvement[0]

[0]:

Quarter	EPS	Revenue	Beat/Miss vs. Estimates
Q1 2025	$1.53	$2.47B	-
Q2 2025	$1.94	$2.82B	-
Q3 2025	$2.16	$3.03B	EPS +22.73%
Q4 2025(E)	$2.14	$3.00B	EPS Estimated +29.5%

According to the company’s official disclosure[4]:

• Production Guidance
  : Gold production will stabilize at
  3.3-3.5 million ounces per year
  from 2025 to 2027
• Key Project Progress
  : Kittila expansion project, East Gouldie mine development
• Cost Trend
  : 2025 all-in sustaining cost (AISC) guidance is approximately 3% higher than 2024, mainly due to inflationary pressures

:

• Acquisitions of Hope Bay and the merger with Kirkland Lake Gold strengthen market position
• Five core pipeline projects are continuously progressing
• Continuously rewards shareholders through dividends and share repurchases

[0]:

Rating	Number	Percentage
Buy	20	66.7%
Hold	9	30.0%
Sell	1	3.3%

[0]:

• Consensus Target Price
  : $197.50 (+4.6% upside potential)
• Target Range
  : $182 - $231
• Zacks Rating
  : Strong Buy (Outperform)

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The DCF valuation model based on three scenarios shows[0]:

Scenario	Intrinsic Value	Upside vs. Current Price
Conservative Scenario	$318.16	+68.5%
Base Scenario	$407.84	+116.0%
Optimistic Scenario	$654.58	+246.7%
Probability-Weighted Valuation	$460.19	+143.7%

:

Parameter	Conservative	Base	Optimistic
Revenue Growth Rate	0%	25.8%	28.8%
EBITDA Margin	46.8%	49.3%	51.8%
Terminal Growth Rate	2.0%	2.5%	3.0%
WACC	9.6%	8.8%	7.9%

: DCF analysis shows that AEM’s current stock price has significant upside potential under the base scenario assumptions. However, it should be noted that this valuation is highly dependent on the gold price trend.

Metric	AEM	Newmont	Barrick	Kinross
P/E	27.57x	22.4x	18.5x	15.2x
P/B	4.04x	1.8x	1.5x	1.1x
ROE	15.45%	8.2%	6.8%	4.5%
Market Capitalization	$94.8B	$48.2B	$32.1B	$10.5B

:

• 23.1% P/E Premium
  vs Newmont: Based on higher profit growth expectations
• 124.4% P/B Premium
  vs Newmont: Reflects better asset return efficiency
• 88.4% ROE Premium
  vs Newmont: Demonstrates excellent capital allocation capability

[0]: Uptrend (breakout pattern, to be confirmed)

:

• Resistance Level: $189.80
• Target Level: $196.48
• Support Level: $177.94

:

• MACD: Bullish (no death cross)
• KDJ: Overbought Warning (K:84.3, D:71.5)
• RSI: Overbought Risk Zone

: The stock price is 7.65% above the 20-day moving average and 11.35% above the 50-day moving average, with short-term pullback risks[0]

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1. Sustainability of Drivers
   :
   • The gold price is supported by three factors: geopolitics, central bank gold purchases, and weakening US dollar, with a clear medium-term uptrend logic
   • AEM has stable production, good cost control, and abundant free cash flow
   • The company adopts a conservative capital allocation strategy to avoid industry cyclical traps

2. Valuation Support Assessment
   :
   • Fundamental Support
     : Strong profit margins, ROE, and cash flow provide the basis for valuation premium
   • Gold Price Support
     : If gold remains above $2,500/oz, the company’s profit growth is expected
   • DCF Valuation
     : The current stock price is significantly discounted relative to intrinsic value (116% upside potential in the base scenario)

3. Risk Factors
   :
   • Gold price pullback risk (if the Federal Reserve delays interest rate cuts or geopolitical tensions ease)
   • Short-term overbought risk (RSI and KDJ show technical overbought conditions)
   • Cost inflation pressure (AISC guidance raised)
   • Risk of production guidance downgrade (fluctuations in ore grade)

Dimension	Assessment
Valuation Rationality	Reasonably High - Although DCF shows upside potential, it requires gold price support
Short-Term Momentum	Strong - Breaks through all-time high, technically bullish
Medium-Term Fundamentals	Stable - Stable production, controllable costs, abundant cash flow
Risk-Reward Ratio	Neutral Bullish - Significant upside potential, but stop-loss should be set

:

• Short-term: Focus on the $189.80 resistance level; if broken, target $196; consider adding positions if it pulls back to $177.94
• Medium-term: A pullback to around the 50-day moving average ($169.49) is a good layout opportunity
• Risk Control: Consider reducing positions if it breaks below $170 or if gold breaks below $2,400/oz

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Index	Return
AEM	+130.17%
S&P 500	+4.09%
NASDAQ	+4.33%
Dow Jones	+6.32%
Russell 2000	+8.01%

Event	Date
Q4 2025 Earnings Release	2026-02-12
EPS Estimate	$2.14

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[0] Jinling AI Financial Database (Real-time Quotes, Company Profile, Financial Analysis, DCF Valuation, Technical Analysis)

[1] RBC Capital Markets - “Gold stocks in 2026: Can the ‘perfect storm’ rally continue?” (https://ca.finance.yahoo.com/news/gold-stocks-in-2026-can-the-perfect-storm-rally-continue-130635233.html)

[2] J.P. Morgan Global Research - “Gold Price Predictions” (https://www.jpmorgan.com/insights/global-research/commodities/gold-prices)

[3] LongForecast - “Gold Price Forecast 2026-2030” (https://www.litefinance.org/blog/analysts-opinions/gold-price-prediction-forecast/)

[4] Agnico Eagle Mines - “Fourth Quarter and Full Year 2024 Results” (https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2025/AGNICO-EAGLE-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2024-RESULTS/default.aspx)

[5] Zacks Equity Research - AEM Report (https://advisortools.zacks.com/proxy/ResearchReport/AEM/report?d=20260105)

[6] Investing News - “Bullish Outlook for Gold Mining in 2026” (https://investingnews.com/bullish-outlook-for-gold-mining-in-2026-driven-by-persistent-high-gold-prices-and-increasing-demand/)