Berenberg stays at 'buy' on Centamin, expects shares to re-rate further

Analysts at Berenberg reiterated their 'hold' recommendation on shares of Egypt-focused gold miner Centamin following the release of its fourth quarter update.

In their opinion, the miner's first quarter was a "straight-down-the-middle" quarter but set Centamin up well for more progress over the course of 2023.

They also conceded that Centamin had beat on both production and all-in sustaining costs.

Efforts to source higher grade material to sweeten up the plant feed near Sukari meanwhile might be expected to nudge up production, despite being fairly small in scale.

"The company has clear catalysts to re-rate further, and still pays an attractive c4% dividend yield while offering growth back to c500koz gold and falling costs."

Their target price was nudged up from 145.0p to 146.0p.