Deutsche Bank Comments On GG Investor Meeting

Deutsche Bank attended Goldcorp's GG Investor Day held in New York City and were “favorably impressed with management's continued message of growth and detected an increased focus on ways to return surplus cash to shareholders against a backdrop of project digestion and diminishing M&A likelihood.” “There were no surprises unveiled in terms of production growth or costs, but much of the focus was on new ‘growth drivers' Pueblo Viejo (2012E start-up), Cerro Negro (2013), Cochenour and Eleonore (2014). Goldcorp provided a clear growth trajectory from 2.7m oz on 2011E to 4.0m oz by 2015, in-line with DBe implying an estimated CAGR of 10%, in-line with past 5 year trend,” Deutsche Bank writes. Goldcorp closed Wednesday at $52.85.