William Thomson of Massif Capital presented his in-depth investment thesis on Equinox Gold (US: EQX) at Best Ideas 2022.
Thesis summary:
Equinox Gold is a mid-tier gold producer specializing in North and South American assets.
The firm has a top-tier management team that has successfully built numerous mines and a chairman/founder (single-largest shareholder) who built and ran the world’s largest publicly traded silver miner (Pan-American Silver).
The firm has a fully-funded growth pipeline that should double production by 2024, making Equinox one of the fastest-growing gold miners over that period.
The shares recently traded at 0.5x Will’s probability-weighted net asset value and at a steep discount relative to comparable peers.
About the instructor:
Will Thomson is a Managing Partner at Massif Capital, a value-oriented investment partnership focused on global opportunities in energy, basic materials and industrials. We invest principally in businesses with long lived assets that generate predictable cash flows and require not only capital allocation acumen from management but also a keen focus on operational excellence. Our investment practice is primarily concerned with the nature of risk and value as it relates to protecting, enhancing and deploying the irreplaceable capital of our investors into a concentrated portfolio of economically productive assets.
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team