RE:RE:Nice EPSI'm hopefull they hit full year guidance
This from Scotia Bank.
Next Release: November 08, 2023
Valuation: 50/50 weighting of 5.0x avg. 2024E-2025E EV/EBITDA and 1.1x 8% NAVPS
Key Risks: Commodity, operating, development, financing, political
Latest Research (October 02, 2023): OUR TAKE: Neutral.
We visited HBM’s flagship Constancia Cu-Mo mine in Peru (46% of asset level 8%NAVPS) on September 28.
While our key takeaways are highlighted below, we were
most impressed with the recent mining transition to the significantly higher grade Pampacancha satellite pit, which
will positively impact production and unit costs in the H2/23 to H1/25 period.
Overall, the site visit reconfirmed our belief that the inflection point in HBM’s operating
and financial performance (including FCF generation) has arrived.