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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 1.5x - 1.6x | 1.6x |
| Selected Fwd EBITDA Multiple | 1.3x - 1.4x | 1.3x |
| Fair Value | S/. 1.68 - S/. 1.83 | S/. 1.75 |
| Upside | 29.0% - 40.7% | 34.8% |
| Benchmarks | Ticker | Full Ticker |
| Newmont Corporation | NEM | BVL:NEM |
| Glencore plc | GLN | JSE:GLN |
| Lundin Mining Corporation | LUN | TSX:LUN |
| Industrias Peñoles, S.A.B. de C.V. | IPOA.F | OTCPK:IPOA.F |
| Zijin Mining Group Company Limited | ZIJM.F | OTCPK:ZIJM.F |
| Nexa Resources Perú S.A.A. | NEXAPEC1 | BVL:NEXAPEC1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NEM | GLN | LUN | IPOA.F | ZIJM.F | NEXAPEC1 | ||
| BVL:NEM | JSE:GLN | TSX:LUN | OTCPK:IPOA.F | OTCPK:ZIJM.F | BVL:NEXAPEC1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.6% | -0.3% | 15.0% | 15.1% | 31.3% | 17.8% | |
| 3Y CAGR | 25.8% | -15.0% | -11.3% | 3.6% | 19.6% | 1.8% | |
| Latest Twelve Months | 127.7% | -17.1% | 15.1% | 165.6% | 43.4% | 49.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 39.0% | 7.3% | 36.9% | 23.6% | 14.5% | 31.9% | |
| Prior Fiscal Year | 25.9% | 6.4% | 30.2% | 12.4% | 14.1% | 25.6% | |
| Latest Fiscal Year | 47.4% | 4.3% | 33.5% | 27.9% | 18.3% | 37.9% | |
| Latest Twelve Months | 53.1% | 3.8% | 35.3% | 33.7% | 19.6% | 40.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.49x | 0.30x | 3.14x | 1.94x | 2.05x | 0.42x | |
| EV / LTM EBITDA | 6.6x | 8.0x | 8.9x | 5.8x | 10.5x | 1.1x | |
| EV / LTM EBIT | 8.9x | 28.6x | 12.3x | 8.1x | 12.5x | 1.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 8.0x | 10.5x | ||||
| Historical EV / LTM EBITDA | 1.1x | 1.5x | 15.6x | ||||
| Selected EV / LTM EBITDA | 1.5x | 1.6x | 1.6x | ||||
| (x) LTM EBITDA | 361 | 361 | 361 | ||||
| (=) Implied Enterprise Value | 532 | 560 | 588 | ||||
| (-) Non-shareholder Claims * | 88 | 88 | 88 | ||||
| (=) Equity Value | 619 | 647 | 675 | ||||
| (/) Shares Outstanding | 1,271.6 | 1,271.6 | 1,271.6 | ||||
| Implied Value Range | 0.49 | 0.51 | 0.53 | ||||
| FX Rate: USD/PEN | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.72 | 1.79 | 1.87 | 1.30 | |||
| Upside / (Downside) | 32.0% | 38.0% | 44.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEM | GLN | LUN | IPOA.F | ZIJM.F | NEXAPEC1 | |
| Enterprise Value | 72,220 | 70,117 | 11,403 | 14,755 | 710,430 | 381 | |
| (+) Cash & Short Term Investments | 6,653 | 2,697 | 279 | 2,338 | 46,312 | 126 | |
| (+) Investments & Other | 4,455 | 10,362 | 0 | 118 | 57,785 | 0 | |
| (-) Debt | (7,607) | (42,340) | (655) | (3,148) | (153,930) | (41) | |
| (-) Other Liabilities | (175) | 5,044 | (1,129) | (1,348) | (39,764) | 3 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 75,546 | 45,880 | 9,898 | 12,715 | 620,831 | 469 | |
| (/) Shares Outstanding | 1,098.1 | 11,883.9 | 856.0 | 397.5 | 29,310.4 | 1,271.6 | |
| Implied Stock Price | 68.80 | 3.86 | 11.56 | 31.99 | 21.18 | 0.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.06 | 0.73 | 1.00 | 7.18 | 0.28 | |
| Implied Stock Price (Trading Cur) | 68.80 | 68.46 | 15.92 | 31.99 | 2.95 | 1.30 | |
| Trading Currency | USD | ZAR | CAD | USD | USD | PEN | |
| FX Rate to Reporting Currency | 1.00 | 0.06 | 0.73 | 1.00 | 7.18 | 0.28 | |