Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to S/6.70, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 6x in the Metals and Mining industry in Peru. Total returns to shareholders of 191% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 19 June 2026. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of Peruvian dividend payers (13%). Higher than average of industry peers (6.8%). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: US$0.056 (vs US$0.055 in 1Q 2025) First quarter 2026 results: EPS: US$0.056 (up from US$0.055 in 1Q 2025). Revenue: US$662.8m (up 5.9% from 1Q 2025). Net income: US$162.3m (up 1.8% from 1Q 2025). Profit margin: 25% (down from 26% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: US$2.75b (up 27% from FY 2024). Net income: US$757.6m (up 62% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). The increase in margin was driven by higher revenue. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: US$5.74 (vs US$0.049 in 3Q 2024) Third quarter 2025 results: EPS: US$5.74 (up from US$0.049 in 3Q 2024). Revenue: US$660.1m (up 11% from 3Q 2024). Net income: US$165.4m (up 18% from 3Q 2024). Profit margin: 25% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 135% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 17
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 16 December 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Peruvian dividend payers (16%). Lower than average of industry peers (7.9%). New Risk • Aug 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.9% average weekly change). Reported Earnings • Aug 18
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$605.2m (up 2.6% from 2Q 2024). Net income: US$154.4m (up 48% from 2Q 2024). Profit margin: 26% (up from 18% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Upcoming Dividend • Jun 18
Upcoming dividend of US$0.14 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 16 July 2025. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (8.2%). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$625.7m (up 26% from 1Q 2024). Net income: US$159.3m (up 124% from 1Q 2024). Profit margin: 26% (up from 14% in 1Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: US$0.16 (vs US$0.14 in FY 2023) Full year 2024 results: EPS: US$0.16 (up from US$0.14 in FY 2023). Revenue: US$2.17b (down 4.3% from FY 2023). Net income: US$469.2m (up 19% from FY 2023). Profit margin: 22% (up from 17% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Announcement • Nov 28
China Nonferrous Trade Co. Ltd signed an agreement to Mineração Taboca S.A. from Minsur S.A. (BVL:MINSURI1) for $340 million. China Nonferrous Trade Co. Ltd signed an agreement to Mineração Taboca S.A. from Minsur S.A. (BVL:MINSURI1) for $340 million on November 26, 2024. A cash consideration of $340 million will be paid by China Nonferrous Trade Co. Ltd. As part of consideration, $340 million is paid towards common equity of Mineração Taboca S.A. Upcoming Dividend • Nov 22
Upcoming dividend of US$0.082 per share Eligible shareholders must have bought the stock before 29 November 2024. Payment date: 27 December 2024. Payout ratio is a comfortable 7.8% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Peruvian dividend payers (13%). Higher than average of industry peers (5.0%). Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: US$593.3m (up 5.0% from 3Q 2023). Net income: US$140.0m (up 74% from 3Q 2023). Profit margin: 24% (up from 14% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Buy Or Sell Opportunity • Nov 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to S/4.75. The fair value is estimated to be S/3.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 2.8%. Buy Or Sell Opportunity • Oct 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to S/4.79. The fair value is estimated to be S/3.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 2.8%. Buy Or Sell Opportunity • Oct 02
Now 20% overvalued Over the last 90 days, the stock has fallen 1.1% to S/4.70. The fair value is estimated to be S/3.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 2.8%. Upcoming Dividend • Aug 28
Upcoming dividend of US$0.073 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 24 September 2024. Payout ratio is a comfortable 7.8% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Peruvian dividend payers (14%). In line with average of industry peers (5.6%). Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$589.8m (up 1.8% from 2Q 2023). Net income: US$104.6m (down 17% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: US$2.47 (vs US$0.021 in 1Q 2023) First quarter 2024 results: EPS: US$2.47 (up from US$0.021 in 1Q 2023). Revenue: US$495.7m (up 3.4% from 1Q 2023). Net income: US$71.1m (up 15% from 1Q 2023). Profit margin: 14% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. New Risk • Apr 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.2% average weekly change). Upcoming Dividend • Apr 05
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 03 May 2024. Trailing yield: 5.2%. Lower than top quartile of Peruvian dividend payers (13%). In line with average of industry peers (5.5%). Reported Earnings • Mar 06
Full year 2023 earnings released Full year 2023 results: Revenue: US$2.27b (flat on FY 2022). Net income: US$395.3m (down 20% from FY 2022). Profit margin: 17% (down from 22% in FY 2022). New Risk • Nov 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (40% net debt to equity). Dividend is not well covered by cash flows (103% cash payout ratio). Upcoming Dividend • Oct 26
Upcoming dividend of US$0.06 per share at 11% yield Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 24 November 2023. Payout ratio is a comfortable 43% and the cash payout ratio is 90%. Trailing yield: 11%. Lower than top quartile of Peruvian dividend payers (14%). Higher than average of industry peers (7.7%). Reported Earnings • Aug 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$579.5m (up 17% from 2Q 2022). Net income: US$126.0m (up 25% from 2Q 2022). Profit margin: 22% (up from 20% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$460.9m (down 28% from 3Q 2021). Net income: US$37.4m (down 69% from 3Q 2021). Profit margin: 8.1% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.8% p.a. on average during the next 3 years compared to a 2.4% decline forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to S/3.38 Up from S/2.65, the current price target is an average from 2 analysts. New target price is 10.0% below last closing price of S/3.75. Stock is up 5.3% over the past year. The company is forecast to post earnings per share of US$0.22 for next year compared to US$0.19 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Patricio de Solminihac Tampier was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.073 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 18 October 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 10%. Lower than top quartile of Peruvian dividend payers (26%). Lower than average of industry peers (13%). Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: US$3.50 (vs US$0.02 in 2Q 2021) Second quarter 2022 results: EPS: US$3.50 (up from US$0.02 in 2Q 2021). Revenue: US$493.4m (up 117% from 2Q 2021). Net income: US$100.8m (up 73% from 2Q 2021). Profit margin: 20% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.4%, compared to a 1.4% growth forecast for the Metals and Mining industry in Peru. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of US$0.022 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 46% and the cash payout ratio is 75%. Trailing yield: 11%. Lower than top quartile of Peruvian dividend payers (27%). Lower than average of industry peers (13%). Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 18% share price decline to S/4.52, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 5x in the Metals and Mining industry in South America. Total returns to shareholders of 249% over the past three years. Price Target Changed • Apr 27
Price target increased to S/4.64 Up from S/2.65, the current price target is provided by 1 analyst. New target price is 14% below last closing price of S/5.36. Stock is up 149% over the past year. The company is forecast to post earnings per share of US$0.073 for next year compared to US$0.19 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Patricio de Solminihac Tampier was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: US$2.01b (up 209% from FY 2020). Net income: US$551.2m (up US$541.3m from FY 2020). Profit margin: 28% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Over the next year, revenue is expected to shrink by 1.6% compared to a 10% decline forecast for the mining industry in Peru. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 15% share price gain to S/4.65, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 7x in the Metals and Mining industry in South America. Total returns to shareholders of 326% over the past three years. Upcoming Dividend • Nov 26
Upcoming dividend of US$0.087 per share Eligible shareholders must have bought the stock before 03 December 2021. Payment date: 21 December 2021. Trailing yield: 8.9%. Lower than top quartile of Peruvian dividend payers (23%). Higher than average of industry peers (5.9%). Reported Earnings • Nov 22
Third quarter 2021 earnings released: EPS US$4.25 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$641.3m (up 257% from 3Q 2020). Net income: US$122.4m (up US$119.9m from 3Q 2020). Profit margin: 19% (up from 1.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 23% share price gain to S/3.90, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 5x in the Metals and Mining industry in South America. Total returns to shareholders of 224% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 19% share price gain to S/2.68, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 7x in the Metals and Mining industry in Peru. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improved over the past week After last week's 21% share price gain to S/2.45, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 7x in the Metals and Mining industry in Peru. Total returns to shareholders of 88% over the past three years. Upcoming Dividend • May 27
Inaugural dividend of US$0.087 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 18 June 2021. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 5.5%. Is New 90 Day High Low • Feb 11
New 90-day high: S/2.42 The company is up 47% from its price of S/1.65 on 12 November 2020. The Peruvian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 33% over the same period. Is New 90 Day High Low • Jan 26
New 90-day high: S/2.25 The company is up 35% from its price of S/1.67 on 28 October 2020. The Peruvian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: S/1.89 The company is up 9.0% from its price of S/1.73 on 06 October 2020. The Peruvian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 06
New 90-day high: S/1.81 The company is up 3.0% from its price of S/1.75 on 04 September 2020. The Peruvian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period.