Posted on 27 October, 2010 | 72 Comments
Lake Shore Gold (TSX: LSG), a Canadian junior gold company (JGC), is no longer on our watch list. We originally liked Lake Shore Gold for its position as a takeover target. However, Hochschild Mining plc (a mid tier gold producer listed on the London Stock Exchange) has reduced their stake in the company.
Hochschild originally owned 36% of the company, but on Thursday, Oct 14th 2010, it reduced it’s stake to 5.7%, offloading more than $392 million in common stock. Lake Shore Gold has fallen approximately 4.6% to $3.53 since Hoschild’s announcement and we believe LSG will continue to fall due to the elimination of any takeover premium.
Lake Shore Gold is a rapidly growing mining company, aiming to become one of North America’s mid-tier gold producer through successful exploration, development, and operation of three wholly owned mines in Timmins, Ontario. The company plans to grow from 65,000 oz of gold in 2010 to mid tier levels of 350,000 oz of gold in 2013. Lake Shore plans to achieve its growth through the acquisition and development of high-grade gold projects within the Canadian Shield.
Lake Shore is still doing well, but some ratios seem rich when compared to competitors, as well as the industry in general. Lake Shore Gold’s estimated EBITDA for 2011 is 10.6 which almost double the average of 5.5 for other junior gold companies. Likewise, the company’s P/E ratio of 18.2 for 2011 is higher than the sector average of 12.3.
We will continue to have our eye on Lake Shore Gold, but for now, we no longer consider this stock a ‘Good Buy’ opportunity.
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