Since AUY is in Peter's model portfolio and many of us read Peter faithfully, I thought you might find BMO's take on AUY of interest - basically see it as undervalued compared to its peers.

"Event: Yamana reported Q1/10 adjusted net earnings of US$73.2M or US$0.10/share falling short of BMO Research expectations for US$0.12/share. Gold equivalent production from continuing operations (excluding Alumbrera) totalled 226koz, approximately 5% below BMO forecasts for 238koz. Co-product cash costs of US$423/oz were slightly better than estimates of US$440/oz.
Impact: Slightly Negative. Yamana expects production to ramp up quarter over quarter and reiterated its 2010 annual gold equivalent guidance for 1.030–1.145Moz and 150Mlbs of copper at co-product cash costs of US$360–400/oz. Yamana’s development projects appear on track with construction of Mercedes commencing in May 2010 followed by C1 Santa Luz and Ernesto/Pau-a-Pique, later in 2010 with production start up anticipated for 2012. Forecasts: BMO Research has adjusted cash costs upwards by 8% for 2010E and 3% for 2011E resulting in reductions to 2010E and 2011E EPS estimates of 17% and 11% respectively. Gold production forecasts remain largely unaltered.
Valuation: Yamana is trading at a P/NPV of 1.0x based on BMO Research’s revised 10% NPV estimate of US$10.32/share using spot commodity prices. The US$15 target price is based on Yamana achieving a conservative 1.4x NPV multiple.
Recommendation: Yamana is rated Outperform. Yamana is trading at a significant discount to its intermediate peers and offers attractive value at current levels."