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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.4x - 0.5x | 0.5x |
| Selected Fwd Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | S/. 1.31 - S/. 1.38 | S/. 1.35 |
| Upside | -3.8% - 1.8% | -1.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Boliden AB (publ) | BOL | OM:BOL |
| Glencore plc | GLN | JSE:GLN |
| Lundin Mining Corporation | LUN | TSX:LUN |
| Newmont Corporation | NEM | BVL:NEM |
| Minera IRL Limited | MIRL | BVL:MIRL |
| Nexa Resources Perú S.A.A. | NEXAPEI1 | BVL:NEXAPEI1 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BOL | GLN | LUN | NEM | MIRL | NEXAPEI1 | |||
| OM:BOL | JSE:GLN | TSX:LUN | BVL:NEM | BVL:MIRL | BVL:NEXAPEI1 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.3% | 1.4% | 12.6% | 13.9% | 2.4% | 3.4% | ||
| 3Y CAGR | 9.1% | 4.3% | 0.9% | 15.2% | -7.0% | 2.1% | ||
| Latest Twelve Months | 13.6% | 6.0% | 24.8% | 58.2% | 6.3% | 19.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.4% | 3.7% | 22.0% | 18.3% | 0.8% | 18.5% | ||
| Prior Fiscal Year | 9.8% | 3.4% | 17.2% | 6.0% | -12.3% | 15.0% | ||
| Latest Fiscal Year | 11.0% | 1.4% | 22.8% | 31.6% | -16.0% | 26.7% | ||
| Latest Twelve Months | 11.0% | 1.4% | 22.8% | 31.6% | -16.0% | 26.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.11x | 0.29x | 2.88x | 2.96x | 3.23x | 0.27x | ||
| EV / LTM EBIT | 10.1x | 20.1x | 12.6x | 9.3x | -20.2x | 1.0x | ||
| Price / LTM Sales | 1.00x | 0.19x | 2.09x | 2.91x | 0.15x | 0.62x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.29x | 2.88x | 3.23x | |||||
| Historical EV / LTM Revenue | 0.27x | 0.57x | 1.90x | |||||
| Selected EV / LTM Revenue | 0.44x | 0.46x | 0.49x | |||||
| (x) LTM Revenue | 881 | 881 | 881 | |||||
| (=) Implied Enterprise Value | 389 | 409 | 430 | |||||
| (-) Non-shareholder Claims * | 307 | 307 | 307 | |||||
| (=) Equity Value | 696 | 716 | 737 | |||||
| (/) Shares Outstanding | 1,954.9 | 1,954.9 | 1,954.9 | |||||
| Implied Value Range | 0.36 | 0.37 | 0.38 | |||||
| FX Rate: USD/PEN | 0.3 | 0.3 | 0.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.31 | 1.35 | 1.39 | 1.36 | ||||
| Upside / (Downside) | -3.8% | -1.0% | 1.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BOL | GLN | LUN | NEM | MIRL | NEXAPEI1 | |
| Enterprise Value | 98,086 | 65,956 | 9,828 | 55,237 | 115 | 416 | |
| (+) Cash & Short Term Investments | 7,052 | 2,565 | 408 | 3,640 | 0 | 336 | |
| (+) Investments & Other | 15 | 9,808 | 10 | 4,471 | 0 | 0 | |
| (-) Debt | (16,507) | (38,946) | (2,006) | (9,059) | (111) | (33) | |
| (-) Other Liabilities | (19) | 5,009 | (1,094) | (181) | 0 | 4 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 88,627 | 44,392 | 7,145 | 54,108 | 5 | 723 | |
| (/) Shares Outstanding | 273.4 | 12,093.5 | 865.9 | 1,127.3 | 231.1 | 1,954.9 | |
| Implied Stock Price | 324.20 | 3.67 | 8.25 | 48.00 | 0.02 | 0.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.05 | 0.70 | 1.00 | 1.00 | 0.27 | |
| Implied Stock Price (Trading Cur) | 324.20 | 68.90 | 11.81 | 48.00 | 0.02 | 1.36 | |
| Trading Currency | SEK | ZAR | CAD | USD | USD | PEN | |
| FX Rate to Reporting Currency | 1.00 | 0.05 | 0.70 | 1.00 | 1.00 | 0.27 | |