Eldorado Gold

L'entreprise

Eldorado is an intermediate producer operating Kışladağ and Efemçukuru in Turkey, Lamaque in Quebec, and Olympias in Greece.

Its defining project is Skouries, a large low-cost copper-gold mine under construction in Greece, targeted for first production in 2026, which will add copper by-product and reshape the company's cost and cash-flow profile.

The portfolio is concentrated in Turkey and Greece, with Lamaque providing Canadian ballast.

Les avantages concurrentiels

Lamaque is a solid tier-1 Canadian asset, and Skouries — once built — would be a genuinely low-cost, long-life mine whose copper credits lower the effective gold cost.

But there is no moat while the flagship is still under construction; the story is entirely about execution and commissioning risk right now.

Aperçu financier

Période déclarée la plus récente : Q2 FY2026 (ended Jun 30, 2026). Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈-6.7% (est.)TTM free cash flow ~−US$553M (Skouries construction) ÷ market cap ~US$8.29B ≈ −6.7%; pre-inflection, no positive FCF yield today.

Free cash flow is sharply negative — roughly US$470M of capital in Q2 alone and about −US$553M on a trailing basis — as Skouries is built.

The upside case is a strong positive swing once Skouries commissions and ramps, adding gold and copper cash flow; the downside is cost overruns or delays that extend the burn. This is a high-risk, high-reward inflection, not a cash-flow holding.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

At about US$31.82 a share the market cap is roughly US$8.3B at a P/E near 14 — the highest multiple in this group.

There is no meaningful free-cash-flow yield today: FCF is deeply negative because of Skouries construction, so the valuation prices a successful commissioning rather than current cash generation.

Dividende

About US$0.23 a year, a ~0.7% yield from a recently established payout; modest given the capital program underway.

Risques et scénario baissier

• Skouries execution — cost overruns, schedule slippage and commissioning risk on a major build.
• Turkey macro (lira weakness, inflation, the Kışladağ heap leach) and Greek permitting; negative free cash flow now; added copper-price exposure on top of gold.

Faits récents

Skouries construction advanced toward targeted first production, funded from cash and debt.

Steady output from the base mines while capital concentrated on the build.

Verdict

Eldorado is the highest-beta name here: a producer deliberately running deeply negative free cash flow to build a mine that, if delivered on budget, could transform its economics and add copper. That makes the current multiple the most demanding in the group and the outcome the most binary — commissioning success versus overrun. Suited only to those comfortable underwriting a major construction project through to ramp. Publisher, not adviser.