AEM
Agnico Eagle Mines Limited
NYSE: AEM · BASIC MATERIALS · GOLD
$196.84
-7.41% today
Updated 2026-06-05
Market cap
$89.48B
P/E ratio
16.87
P/S ratio
6.61x
EPS (TTM)
$10.61
Dividend yield
0.93%
52W range
$114 – $255
Volume
2.3M
Agnico Eagle Mines Limited (AEM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed AEM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$196.84
Today
Analyst consensus
$251.00
+27.51% · 12M
2030 Base
$228.61
+16.14% future
NPV today
$163.10
@ 8% WACC
21 analysts:
11 Buy5 Hold1 Sell
Management guidance
Agnico Eagle has not provided explicit through-2030 revenue targets in recent guidance. However, the company announced the Hope Bay project ($2.4B capex, 400,000+ oz/year production by 2030) and $14B Ontario capex plan through 2030, signaling aggressive organic production growth. Management targets 3.3-3.5M oz gold production in 2026 and has committed to increasing annual gold production by up to 30% over the next decade, implying multi-year revenue compound growth in the 15-25% range through 2030.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
AEM · Agnico Eagle Mines Limited · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$161.35
NPV today: $115.11
Base case (2030)
$228.61
NPV today: $163.10
Bull case (2030)
$497.64
NPV today: $355.03
WallStSmart.com
AEM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $11.9B | $19.2B | $22.8B | $26.5B | $30.2B | $33.8B |
| Revenue growth | 43.7% | 61.4% | 18.8% | 16.2% | 13.9% | 11.9% |
| Net margin | — | 38.6% | 38.5% | 38.0% | 37.9% | 37.5% |
| EPS | $8.36 | $14.80 | $17.50 | $20.10 | $22.80 | $25.20 |
| Diluted shares | — | 501M | 501M | 502M | 502M | 503M |
| Net debt | — | $-4.14B | $-6.02B | $-8.21B | $-10.70B | $-13.49B |
| P/S multiple | — | 3.0x | 3.0x | 3.0x | 3.0x | 3.0x |
| Implied price (base) | — | $123.34 | $148.53 | $174.87 | $201.77 | $228.61 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $33.8B | $33.8B | $33.8B |
| P/S multiple | 2.0x | 3.0x | 7.0x |
| Diluted shares | 503M | 503M | 503M |
| Net debt | $-13.49B | $-13.49B | $-13.49B |
| Implied P/E † | 6x | 9x | 20x |
| 2030 Price | $161.35 | $228.61 | $497.64 |
| NPV @ 8% | $115.11 | $163.10 | $355.03 |
† Implied P/E: Multiples remain elevated across all three scenarios because AEM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $228.61 base case
AEM catalysts and risks
Growth catalysts
+ Hope Bay mine production ramp (400k+ oz/year by 2030, $2.4B capex approved May 2026)
+ Finland consolidation (Rupert Resources + Aurion + B2Gold JV; Ikkari deposit development)
+ Ontario capex execution ($14B committed through 2030; Detour Lake expansion + Upper Beaver development)
+ Gold price assumption: sustained $2,000-2,200/oz environment supporting realized prices
+ Production growth: organic ramp from 3.3-3.5M oz (2026) toward 4.5-5.0M oz (2030)
+ M&A optionality: Wallbridge mining investment (20% stake) signals continued consolidation strategy
Key risks
- Gold price volatility: 20%+ swings in realized gold prices directly impact revenue and margins
- Permitting/development delays: Hope Bay and Ontario projects subject to regulatory approvals and construction risk
- Integration execution: Rupert/Aurion/B2Gold assets must integrate on-time and on-budget; ramp delays compress revenue
- Geopolitical risk: Canadian Arctic operations (Hope Bay, Nunavut) subject to Indigenous consultation and political cycles
- Cost inflation: diesel, labor, and capital costs in remote regions (Arctic, Finland) may exceed projections
- Production guidance miss: if organic mines (Meadowbank, Éléonore, LaRonde) decline faster than replacement, revenue underperforms
Methodology · Agnico Eagle Mines Limited 2030 stock forecast model
Agnico Eagle Mines Limited 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 21 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for AEM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-13.49B by 2030) |
| 3. Time value | NPV calculated using 8% WACC (CAPM: beta 0.568) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 3.0x / bull 7.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
AEM price target FAQ
What is the AEM price target for 2030?
WallStSmart's Agnico Eagle Mines Limited 2030 base case is $228.61 per share, with a bull case of $497.64 and bear case of $161.35. The NPV of the base case discounted to today at 8% WACC is $163.10.
How is the Agnico Eagle Mines Limited 2030 stock forecast calculated?
The AEM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the AEM price target account for dilution?
Agnico Eagle Mines Limited is projected to grow diluted share count from 500M to 503M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on AEM stock?
21 analysts cover AEM with an average 12-month price target of $251.00. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.