Eldorado Gold Corporation Ordinary Shares (EGO) : juste valeur

Thèse ACCE

Eldorado Gold is a Canadian gold miner whose output comes from a small set of operating mines, principally Skouries and Kisladag, with the Olympias and Efemcukuru assets rounding out its Turkish and Greek footprint. The structural case rests on margin: a 43.3% operating margin and 62.3% gross margin sit well above what most gold producers manage, which means the cash generated per ounce is what carries the equity story, not volume growth alone. Revenue grew 7.9% over the period, and the forward P/E of 8.4 against a trailing 12.6 implies the market expects earnings to step up, most likely as Skouries ramps toward full production. The stock is worth a closer look because that ramp is the near-term catalyst and the valuation gap between trailing and forward earnings is wide enough to test whether the market is pricing it. The bear points are real and need checking before any conviction forms: ROE of 11.3% is modest for the margin profile, and single-jurisdiction exposure to Turkey and Greece carries political and permitting risk that a 9.4B USD market cap does not fully discount.