An Intrinsic Calculation For Ciena Corporation (NYSE:CIEN) Suggests It's 29% Undervalued
Ciena's estimated fair value is US$87.78 based on 2 Stage Free Cash Flow to Equity
Ciena's US$61.99 share price signals that it might be 29% undervalued
Analyst price target for CIEN is US$80.14 which is 8.7% below our fair value estimate
Does the April share price for Ciena Corporation (NYSE:CIEN) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. The Discounted Cash Flow (DCF) model is the tool we will apply to do this. Models like these may appear beyond the comprehension of a lay person, but they're fairly easy to follow.
We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.
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We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Levered FCF ($, Millions)
US$335.8m
US$433.5m
US$505.5m
US$559.6m
US$606.2m
US$646.5m
US$681.9m
US$713.7m
US$742.9m
US$770.2m
Growth Rate Estimate Source
Analyst x2
Analyst x3
Analyst x2
Est @ 10.71%
Est @ 8.32%
Est @ 6.65%
Est @ 5.48%
Est @ 4.66%
Est @ 4.09%
Est @ 3.69%
Present Value ($, Millions) Discounted @ 7.3%
US$313
US$376
US$409
US$422
US$426
US$423
US$416
US$405
US$393
US$380
("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$4.0b
After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.8%. We discount the terminal cash flows to today's value at a cost of equity of 7.3%.
Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$770m× (1 + 2.8%) ÷ (7.3%– 2.8%) = US$17b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$17b÷ ( 1 + 7.3%)10= US$8.5b
The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$12b. The last step is to then divide the equity value by the number of shares outstanding. Relative to the current share price of US$62.0, the company appears a touch undervalued at a 29% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.
Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Ciena as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.3%, which is based on a levered beta of 1.058. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
View our latest analysis for Ciena
Strength
Debt is not viewed as a risk.
Weakness
Earnings declined over the past year.
Opportunity
Annual earnings are forecast to grow faster than the American market.
Trading below our estimate of fair value by more than 20%.
Threat
Revenue is forecast to grow slower than 20% per year.
Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. Can we work out why the company is trading at a discount to intrinsic value? For Ciena, we've compiled three further items you should assess:
Risks: As an example, we've found 2 warning signs for Ciena that you need to consider before investing here.
Future Earnings: How does CIEN's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart .
Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!
PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Perth, June 11, 2025 (GLOBE NEWSWIRE) -- Perth, Western Australia/ June 11, 2025/ Perseus Mining Limited (ASX/TSX: PRU) (Company) is pleased to provide its gold production and All-In Site Cost (AISC) outlook for the five-year period from FY26 to FY30 inclusive for its portfolio of mines located in Ghana, Côte d'Ivoire and Tanzania. The Five-year Operating Outlook incorporates the updated planning outlook for each of Perseus's three existing operations based on planning assumptions reflecting current operating conditions. It also takes into account Final Investment Decisions (FID) for the CMA underground mining operation at the Yaouré Gold Mine in Côte d'Ivoire (see ASX announcement 'Perseus Mining takes Final Investment Decision on CMA underground project at Yaouré' dated 28 January 2025), as well as the development of the Nyanzaga Gold Project (NGP) in Tanzania (see ASX announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' dated 28 April 2025). HIGHLIGHTS Perseus expects to recover at total of 2.6Moz – 2.7Moz of gold with average gold production from the four operating mines of approximately 515koz – 535koz per annum in the five-year period to the end of FY30. The weighted average AISC over the five-year period is forecast to be US$1,400/oz – US$1,500/oz with not more than ±10% change year-on-year over the period, emphasising the benefit of our portfolio approach to asset management. Total development capital of ~US$878M that has been allocated to the operating assets during the period to achieve this production outlook is excluded from the AISC estimate. At a long-term gold price of US$2,400/oz, Perseus's cash operating margin is expected to consistently exceed US$500/oz at all mines over the five-year period. In some cases, it is significantly higher. The five-year outlook is underpinned by a high level of geological and technical confidence with 93% of the gold ounces in the mine plan comprising existing Ore Reserves with the remaining 7% from Measured or Indicated Mineral Resources. Inferred Mineral Resources and other upside projections of mineralisation were specifically omitted from Perseus's five-year outlook. The five-year outlook reinforces Perseus's commitment to the three core components of its capital allocation policy, namely: maintenance of a resilient balance sheet, delivery of strong, consistent operational performance and careful deployment of discretionary capital for growth and capital returns to shareholders.'In FY22, Perseus's gold production reached approximately 500,000 ounces for the first time and set in train our ambition to maintain or exceed this level of production on a consistent basis going forward. Perseus's decision in 2023 to defer development of its Meyas Sand Gold Project in Sudan and pivot towards acquisition and development of the Nyanzaga Gold Project, will lead to a short term shortfall in 2026 and 2027 relative to this target. From the five-year outlook published today, it is clear that this is a temporary setback and that Perseus's strategy of consistently producing between 500,000 to 600,0000 ounces of gold per year at a cash margin of not less than US$500 per ounce, is eminently achievable. With cash and undrawn debt capacity currently exceeding US$1.1 billion, Perseus is fully funded to not only deliver the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the current plan, as well as generous returns to shareholders'.Perseus's five-year outlook delivers on the Company's strategy of building a sustainable, geopolitically diversified, African-focused gold business of three to four operating mines that produce between 500koz to 600koz of gold per annum at a cash margin of not less than US$500/oz. As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the cash margin generated by the gold production for the group over the five-year period is 515koz – 535koz per annum for a total of 2.6Moz – 2.7Moz with Yaouré contributing 34%, Edikan contributing 28% and Sissingué contributing 10%. Based on the current schedule, the recently committed NGP in Tanzania is anticipated to provide 28% of the metal production for the portfolio over the next 5 years. The Company's weighted average AISC over the five-year outlook is estimated at US$1,400/oz - US$1,500/oz. AISC rises slightly in the first two years, driven by lower production base. In FY28, the integration of lower-margin ore sources into the mine plan contributes to a slight increase in AISC. The portfolio's diverse production base allows AISC to remain within ±10% of the five-year average on a year-to-year Company has strong confidence in its ability to deliver on this five-year outlook, which is underpinned by a mine plan with high geological and technical certainty, with 93% of the production ounces forming part of the existing Ore Reserves with the remaining 7% from Measured or Indicated Mineral Resources (as detailed in ASX announcement 'Perseus Mining updates Mineral Resources and Ore Reservesdated 21 August 2024). Nyanzaga Ore Reserves are detailed in ASX announcement 'Perseus Proceeds with Development of Nyanzaga Gold Project' dated 28 April 2025. The Company will provide an update to the Mineral Resource and Ore Reserve statement in August 2025, in line with its annual disclosure. Incremental production included in the mine plan at Yaouré, Edikan and Sissingué comes from well-understood deposits with a proven operating history. This production does not require significant additional infrastructure or capital beyond the investment necessary to access the TOTAL PRODUCTION5-YEAR OUTLOOK AISC 5-YEAR RANGE1 TOTAL DEVELOPMENT CAPITAL 5-YEAR Yaouré 870koz – 905koz $1,480/oz - $1,580/oz US$170M2 Nyanzaga 725koz – 750koz $1,230/oz - $1,330/oz US$523M3 Edikan 720koz – 750koz $1,450/oz - $1,550/oz US$180M4 Sissingué 265koz – 275koz $1,580/oz - $1,680/oz US$5M TOTAL 2,580koz – 2,680koz $1,400/oz - $1,500/oz US$878M 1) AISC includes sustaining capital but excludes development capital 2) Yaouré Development capital relates to capitalised underground development and includes US$21M forecast to be incurred to 30 June 25 3) Includes development and pre-production capital cost incurred post-FID up to first gold pour. In addition it includes US$38M forecast to be incurred to 30 June 25 4) Development capital relates to capitalised waste stripping costs at Esuajah North and Fetish deposits and development capital for ESS UndergroundKey Production Indicators Units FY26 FY27 FY28 FY29 FY30 5-year totalsOre Mined – Open pit Mt 11.7 12.2 14.8 17.1 10.5 66.2 Ore Grade Mined – Open pit g/t 1.10 1.06 1.18 1.25 1.41 1.20 Total Mined – Open pit Mt 52.9 103.0 102.6 87.1 63.4 409.1 Strip Ratio t:t 3.54 7.43 5.93 4.10 5.05 5.18Ore tonnes - Underground Mt 0.2 0.6 1.0 2.1 2.0 5.8 Ore Grade Mined – Underground g/t 3.51 3.36 3.13 1.27 1.48 1.94 Total Tonnes Mined - Underground Mt 0.5 0.9 1.5 2.6 2.1 7.6Ore Milled Mt 12.7 14.5 16.5 15.8 12.8 72.3 Ore Grade Milled g/t 1.18 1.10 1.26 1.37 1.42 1.27 Recovery % 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90% Gold Produced koz 420-440 450-470 590-610 610-630 510-530 2,580-2,680Perseus is in a strong financial position, with a resilient balance sheet and an operational portfolio that continues to safely and efficiently generate reliable operational cash flow. This allows the Company to look to deploy operating cashflow to shareholders and other stakeholders in the business. summarises Perseus's capital allocation five-year outlook is the result of a systematic process to assess and prioritise internal growth opportunities to ensure the portfolio continues to deliver strong operating margins over the long term. The deployment of capital within the business complements existing capital management strategies, including a share buyback programme and the payment of dividends. While Perseus continues to consider inorganic growth opportunities, these are required to compete rigorously for discretionary investment and be assessed in the context of overall business risk and delivery of value. By allocating discretionary capital to internal organic growth, Perseus can invest in jurisdictions where it has an established operating presence, on known geological terranes, and with a proven workforce capable of safely and efficiently delivering five-year forecast for Yaouré includes mining of the recently started Yaouré open pit and CMA underground as the primary ore sources. Supplementing the primary ore sources, material is also sourced from Zain, CMA Southwest and long-term stockpiles to maximise mill will continue to be a cornerstone asset in Perseus's portfolio, total gold production of 870koz – 905koz and a weighted average AISC of $1,480/oz - $1,580/oz over the five-year outlook. While FY26 sees a reduction in gold produced compared to previous years, the change in production volume was anticipated and is a result of a combination of factors including change in ore characteristics and material sources (as detailed in the ASX announcement 'Perseus extends life of the Yaouré Gold Mine to 2035' dated 18 September 2023).KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5-YEAR OUTLOOKOre Mined – Open pit Mt 4.3 2.8 3.7 5.7 2.6 19.2 Ore Grade Mined – Open pit g/t 1.06 1.08 0.98 0.99 1.14 1.04 Total Mined – Open pit Mt 26.1 28.6 30.5 27.9 12.2 125.2 Strip Ratio t:t 5.02 9.15 7.17 3.90 3.70 5.53Ore tonnes - Underground Mt 0.2 0.6 0.8 0.8 0.8 3.2 Ore Grade Mined – Underground g/t 3.51 3.36 3.43 3.33 3.80 3.49 Total Tonnes Mined - Underground Mt 0.5 0.9 1.1 0.9 0.8 4.1Ore Milled Mt 3.7 3.8 3.6 3.4 3.4 17.9 Ore Grade Milled g/t 1.66 1.43 1.69 1.89 1.85 1.70 Following FID on the CMA underground operation in January 2025, the project is due to cut the first of four underground portals in Q1 FY26. The expansion to include underground operations allows further exploitation of the CMA deposit, which has proven to be a reliable and well understood geological domain of the Yaouré operation to date. At steady state production, it is planned that underground ore will represent approximately 20% of the tonnes of ore mined on the site from both open cut and underground operations. Since approving FID, Perseus has worked with its mining contractor to further develop the mine schedule ahead of commencement of underground operations in Q1 FY26. This milestone is aligned to the project schedule detailed in ASX announcement 'Perseus Mining takes final investment decision on CMA Underground Project at Yaouré' dated 28 January 2025. As of this update, changes to the underground schedule have resulted in the development capital allocated for the CMA underground increasing by 36% from the approved US$124.6M to US$170M. Development capital for CMA Underground has increased due to bringing forward underground development into the pre-commercial production period and updated capitalisation methodology to include royalties and G&A previously expensed. Further optimisation of the Yaouré life of mine plan is scheduled as several on-lease targets are assessed as part of the regular mine planning is forecast to be the lowest cost operation in the Perseus's portfolio. Gold production totals 725koz – 750koz, with peak metal output in FY28 over the five-year outlook. The weighted average AISC ranges between US$1,230/oz - US$1,330/oz. Nyanzaga's increasing contribution to Perseus's portfolio underscores the decision to acquire and proceed with project development. During the five-year period, all of the Nyanzaga's Kilimani pit is mined providing initial ore supply to the mill with the remainder of the material sourced from the main Nyanzaga deposit. All material mined is part of the stated Ore Reserve (see ASX announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' dated 28 April 2025). Total gold production over Nyanzaga's current 11-year life of mine, Phase 1 mine production is currently estimated to be 2.01 Moz based on a JORC 2012 Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz. The development capital cost for the plant and site infrastructure is estimated at US$472M inclusive of US$49M of contingency, and pre-production capital of US$51M, giving a total capital cost to first gold pour of US$ PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt - 1.8 6.3 6.2 6.2 20.5 Ore Grade Mined – Open pit g/t - 1.02 1.37 1.39 1.25 1.31 Total Mined – Open pit Mt 1.0 31.1 47.2 47.2 48.9 175.4 Strip Ratio t:t - 16.74 6.51 6.56 6.84 7.55Ore Milled Mt - 1.8 6.1 5.7 5.6 19.1 Ore Grade Milled g/t - 1.02 1.40 1.47 1.32 1.37 As previously advised, Perseus has committed to completing a second round of infill drilling at Nyanzaga, involving a number of drilling programmes aimed at confirming the tenor of the current mineralisation and testing extensions of the known mineralisation. Results received to date have been compelling and Perseus is expected to update the Mineral Resource and Ore Reserves (MROR) in Q1 FY27, in line with our annual MROR updated five-year outlook combines mining from the existing Nkosuo deposit and the commencement of a cutback of the Esuajah North pit, along with the second phase of mining at the Fetish pit, following completion of mining of the first phase in April 2025. Total gold production over this period is expected to be 720koz – 750koz, with a weighted average AISC of around US$1,450/oz – US$1,550/oz per Fetish and Esuajah North cutbacks have been incorporated into the updated five-year plan, reflecting the opportunity to extend Edikan's mine life at an incremental AISC. Together, the Fetish and Esuajah North cutbacks attract capitalised waste stripping costs of $168M but contribute ~200koz of production to Edikan's mine life and diversify the ore availability in the PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt 5.7 6.4 4.3 4.5 1.4 22.4 Ore Grade Mined – Open pit g/t 0.90 0.90 0.92 1.24 2.44 1.07 Total Mined – Open pit Mt 15.6 34.2 16.9 8.0 1.8 76.6 Strip Ratio t:t 1.73 4.36 2.95 0.78 0.23 2.43Ore tonnes - Underground Mt - - 0.2 1.3 1.2 2.7 Ore Grade Mined – Underground g/t - - 1.68 1.82 2.08 1.93 Total Tonnes Mined - Underground Mt - - 0.5 1.7 1.3 3.5Ore Milled Mt 7.4 7.5 5.4 5.8 3.5 29.7 Ore Grade Milled g/t 0.81 0.84 0.79 0.93 1.14 0.88 In addition to these open-pit sources, Perseus is progressing an updated Feasibility Study for the Esuajah South underground deposit, with a view to bringing this project into production later in the decade. If approved through to development, Esuajah South would become the company's second underground mine and its first such operation in Ghana. The combination of Fetish, Esuajah North, and Esuajah South underground has extended the life of mine plane out to FY32. Perseus remains committed to brownfields exploration on its existing mining leases and exploration licences at Edikan to support ongoing production growth and to extend the Edikan production pipeline over the longer updated five-year outlook involves the continuation of mining at Sissingué Stage 4 open pit and commencement of new mining areas at Bagoé and Airport West (included in Sissingué in ) in FY26, as well as a Sissingué Stage 5 open pit cutback in FY27. This plan extends Sissingué's mine life to FY30, producing a total 265koz – 275koz of gold at a weighted average AISC of US$1,580/oz – US$1,680/oz over this an assessment of growth opportunities on site, additional mining inventory was included in the life of mine plan from the Sissingué Stage 5 pit. The addition of the expanded pit in the five-year outlook extends the mine life by approximately 12 months out to FY30, providing a meaningful contribution to Sissingué's production profile from existing mining areas. As part of this assessment other growth options were considered but were not included in the plan, as they require further technical assessment to confirm their economic PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5 YEAR OUTLOOKOre Mined – Open pit Mt 1.6 1.3 0.5 0.6 0.2 4.2 Ore Grade Mined – Open pit g/t 1.94 1.86 2.39 2.18 2.34 2.03 Total Mined – Open pit Mt 10.2 9.1 8.0 4.0 0.6 31.9 Strip Ratio t:t 5.40 6.22 14.86 5.43 1.77 6.60Ore Milled Mt 1.6 1.5 1.4 1.0 0.3 5.7 Ore Grade Milled g/t 1.83 1.67 1.35 1.68 1.86 1.65 Infill drilling is included in Sissingué's FY26 budget to confirm the mineralisation and design parameters for the Sissingué Stage 5 pit along with further geotechnical and grade control programmes at Bagoé and Airport West that are intended to further reduce operational PERSON STATEMENT All production targets referred to in this release are underpinned by estimated Ore Reserves and Measured or Indicated Mineral Resources which have been prepared by competent persons in accordance with the requirements of the JORC Code. Edikan The information in this report that relates to the Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 7 April 2022 continue to apply. Sissingué, Fimbiasso and Bagoé The information in this report that relates to the Mineral Resources and Ore Reserve at the Sissingué Gold Mine including Fimbiasso and Bagoé was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015 continue to apply. YaouréThe information in this report that relates to the Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement 'Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Yaouré Gold Project, Côte d'Ivoire' dated 19 December 2023 continue to apply. NyanzagaThe information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Nyanzaga Gold Project' dated 10 June 2025 continue to apply. CAUTION REGARDING FORWARD LOOKING INFORMATION: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. ASX/TSX CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,362,221,512Performance rights: 10,056,681REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia Relations+61 420 582 Sie sich an, um Ihr Portfolio aufzurufen.
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Omega Announces Pricing of Its $600,000,000 Senior Notes Offering
HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE: OHI) ('Omega') today announced that it priced an underwritten public offering of $600,000,000 aggregate principal amount of 5.200% Senior Notes due 2030 (the '2030 Notes'). The settlement of this offering is expected to occur on June 20, 2025, subject to customary closing conditions. Omega intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, repayment of existing indebtedness and future acquisition or investment opportunities in healthcare-related real estate properties and to pay certain fees and expenses related to the Offering. The 2030 Notes are guaranteed by Omega's subsidiary, OHI Healthcare Properties Limited Partnership, and will be guaranteed by Omega's existing and future subsidiaries that guarantee unsecured indebtedness for money borrowed of Omega in a principal amount at least equal to $100 million. Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc. and J.P. Morgan Securities LLC are acting as active joint book-running managers for the offering of the 2030 Notes. The 2030 Notes will mature on July 1, 2030, have an issue price to the public of 99.118% and feature a fixed-rate coupon of 5.200% per annum, payable semiannually on January 1 and July 1 of each year, beginning January 1, 2026. The offering is being conducted by means of a prospectus supplement filed as part of a shelf registration statement on Form S-3 (Registration No. 333-282376) previously filed with the Securities and Exchange Commission (the 'SEC'). A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering of the Notes can be obtained from: Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by email at wfscustomerservice@ or by calling (800) 645-3751; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at Credit Agricole Securities (USA) Inc., 1301 Avenue of the Americas, 8th Floor, New York, New York 10019, Attention: Debt Capital Markets, or by email at DCMNewYork@ or by calling +1 (866) 807-6030; J.P. Morgan Securities LLC, 383 Madison Ave., New York, NY 10179, Attention: Investment Grade Syndicate Desk, or by calling (212) 834 4533. Potential investors should read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that Omega has filed with the SEC in connection with the offering of the Notes. A copy of the prospectus supplement and accompanying prospectus may also be obtained without charge by visiting the SEC's website at This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Omega is a real estate investment trust ('REIT') that invests in the long-term healthcare industry, primarily in skilled nursing ('SNFs') and assisted living facilities ('ALFs'). Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the United States, as well as in the United Kingdom. More information on Omega is available at Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega's or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as 'anticipate,' 'if,' 'believe,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may,' 'could,' 'should,' 'will' and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations. Omega's actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega's properties, including those relating to reimbursement by third-party payors, regulatory matters, occupancy levels and quality of care, including the management of infectious diseases; (ii) the timing of our operators' recovery from staffing shortages, increased costs and decreased occupancy resulting from inflation and the long-term impacts of the Novel coronavirus ('COVID-19') pandemic and the sufficiency of previous government support and current reimbursement rates to offset such costs and the conditions related thereto; (iii) additional regulatory and other changes in the healthcare sector, including potential changes to Medicaid or Medicare reimbursements, state regulatory initiatives or minimum staffing requirements for skilled nursing facilities ('SNFs') that may further exacerbate labor and occupancy challenges for Omega's operators; (iv) the ability of any of Omega's operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega's mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations, and other costs and uncertainties associated with operator bankruptcies; (v) changes in tax laws and regulations affecting real estate investment trusts ('REITs'), including as the result of any policy changes driven by the current focus on capital providers to the healthcare industry; (vi) Omega's ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow Omega to realize the carrying value of these assets or to redeploy the proceeds therefrom on favorable terms, including due to the potential impact of changes in the SNF and assisted living facility ('ALF') markets or local real estate conditions; (vii) the availability and cost of capital to Omega; (viii) changes in Omega's credit ratings and the ratings of its debt securities; (ix) competition in the financing of healthcare facilities; (x) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (xi) changes in the financial position of Omega's operators; (xii) the effect of economic, regulatory and market conditions generally, and particularly in the healthcare industry and in jurisdictions where we conduct business, including the U.K.; (xiii) changes in interest rates and the impacts of inflation and changes in global tariffs; (xiv) the timing, amount and yield of any additional investments; (xv) Omega's ability to maintain its status as a REIT; (xvi) the effect of other factors affecting our business or the businesses of Omega's operators that are beyond Omega's or operators' control, including natural disasters, public health crises or pandemics, cyber threats and governmental action, particularly in the healthcare industry, and (xvii) other factors identified in Omega's filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
