Is CDE a good stock to buy? We came across a bullish thesis on Coeur Mining, Inc. on Beating The Tide’s Substack by George Atuan, CFA. In this article, we will summarize the bulls’ thesis on CDE. Coeur Mining, Inc.’s share was trading at $19.78 as of April 20th. CDE’s trailing and forward P/E were 20.82 and 11.09, respectively according to Yahoo Finance.
Coeur Mining has undergone a dramatic transformation from a highly leveraged, cash-burning miner into a financially strong, North American-focused precious metals producer with a diversified seven-mine portfolio spanning gold, silver, and copper. Under the leadership of Mitchell J. Krebs, the company executed a series of high-impact strategic moves, including the expansion of Rochester, the acquisition of SilverCrest, and the recent $7B merger with New Gold, collectively reshaping its production base, cost structure, and balance sheet.
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As a result, Coeur now operates with net cash, generated $666M in free cash flow in 2025, and is guiding toward approximately $3B in EBITDA and $2B in free cash flow by 2026, supported by strong contributions from high-quality assets like Las Chispas, Rochester, and the newly added New Afton and Rainy River mines. Despite this fundamental improvement, Coeur’s stock has declined roughly 42% alongside a pullback in gold and silver prices, creating a compelling entry point as the market appears to underappreciate the durability of its earnings power and the scale of its transformation.
Even at moderated commodity prices, Coeur’s mines generate substantial margins, supported by improved operational efficiency and reduced capital intensity following the completion of major projects. The company’s all-North American asset base further enhances its investment profile by minimizing geopolitical risk while providing exposure to a favorable long-term metals cycle driven by central bank demand, constrained supply, and macroeconomic uncertainty.
With a strong balance sheet, a newly introduced $750M buyback program, and significant exploration upside across its portfolio, Coeur is well positioned to compound value. The combination of high free cash flow generation, strategic asset quality, and leverage to a sustained precious metals cycle supports a bullish outlook, with meaningful upside potential as execution continues and market sentiment improves.
Previously, we covered a bullish thesis on Harmony Gold Mining Company Limited (HMY) by Intelligent_Okra5374 in April 2025, which highlighted strong free cash flow, net cash position, and leverage to rising gold prices. HMY’s stock price has appreciated by approximately 41.51% since our coverage. George Atuan shares a similar view but emphasizes on Coeur Mining’s transformation, diversified North American asset base, and higher free cash flow scalability post-acquisitions.