For companies that Credit Suisse covers in North America, the average P/NAV is currently around 1.80 times, compared to around 2.25 during the previous peak. Average P/NAV for intermediate gold producers, with annual gold production below 1 million ounces, is currently around 1.19 times, compared to around 2.34 during the previous peak. Average P/NAV for senior gold producers, who exceed 1 million ounces a year, is currently around 2.11, compared to 2.31 during the previous peak, Credit Suisse reported.
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With a backdrop of higher gold prices, companies tended to be profitable in the first quarter, especially since many had cut costs and debt after the downturn in gold prices that began in 2011. For the January-March time period, companies tended to show improved cash flow from a year ago, and many are paying dividends. 2ff7e9595c
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