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Aura Minerals Inc. (TSX:ORA) – 2023 Outlook Outweighs Miss on Q4/22 EPS


Impact: Mildly Negative

Aura reported Q4 and FY/22 financial results which missed our estimates and consensus with lower-than-expected EPS ($0.17 vs. RCS estimate of $0.46 and consensus of $0.53). The miss was largely due to higher depreciation resulting from IFRS rules that required the company to capitalize a portion of its expenditures for EPP. Although, Aura had a very strong fourth quarter in terms of production and record revenues (read more), we expect an improvement in FY/23 financial results as its production profile grows with its pipeline of projects, including Almas which we anticipate to commence production in Q2/23. The company also faced some operational challenges over the course of 2022 (read more) which we believe it has now overcome. As a result of the 2023 outlook and other adjustments to our model, we are decreasing our target price for Aura to C$18.00/sh (was C$21.00/sh).

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