Eldorado Gold can buy back 13M shares, or 5% of float, under a renewed NCIB that starts Aug. 5. The buyback follows 7.7M shares repurchased at C$43.56 under the previous program, underscoring management's view that the stock undervalues Skouries and current production.
ELDORADO GOLD CORP /FI currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Eldorado Gold has won approval to repurchase up to 13 million shares, or 5% of its outstanding float, through a renewed normal course issuer bid starting Aug. 5. The Vancouver-based producer said the buyback reflects confidence that the stock does not fully capture the value of its Greek development project and current cash flow from operations.
The previous NCIB, which covered roughly 10.2 million shares, saw the company buy back 7.7 million shares at an average price of C$43.56, slightly above Friday's close. Under the new program, 12.9 million of the repurchased shares will be cancelled; the remaining 200,000 will be held in trust to cover redemptions under the restricted share unit plan.
Daily purchases on the TSX are capped at 194,581 shares, or 25% of the six-month average daily volume. The NYSE purchases fall under U.S. safe harbor rules, and Eldorado has set up an automatic share purchase plan with its broker to keep buying through blackout periods.
The timing and pace of buybacks will depend on management's discretion and market conditions. Eldorado is not obligated to complete the full authorization and can suspend purchases at any point.
The company operates mines and development projects in Canada, Greece and Turkiye. Shares trade on the TSX under ELD and on the New York Stock Exchange under $EGO.
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