Gold Miners: We Initiate Coverage on Northern Star, Evolution Mining, and Perseus Mining

We commence coverage of Australia-based gold miners Northern Star, Evolution Mining, and Perseus Mining with fair value estimates of AUD 11.30, AUD 3.00, and AUD 2.00 per share, respectively. We initiate with no-moat and High Morningstar Uncertainty Ratings for all of these stocks. We think the shares of Northern Star and Evolution are overvalued, trading at premiums of 8% and 17%, respectively, while Perseus shares currently trade close to fair value.