From UBS:
Australian gold equities are divided, premium for some, discount for others
We see Australian gold equities factoring in a gold price of US$1,147/oz, in line with spot. However, we see the sector split, with domestic & operationally diverse producers implying relatively higher gold prices and subsequently trading at a premium to NPV. This compares to companies with just single assets and/or located in foreign countries, that are trading at a discount to spot. We highlight EVN, which is domestic & operationally diverse and has an implied price of ~US$1,258/oz, 9% above spot and implying relatively fair value at ~1.1x NPV.