Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Copper: Yangshan Premiums Approaching Highs, Stocks Digesting 14,000 USD/Ton Copper Assumptions

Copper Continuing Consolidation At 14,500 USD/Ton: Our Idea Basket To Play Copper

Lundin Mining Corp (LUN CN) Q2FY26: Progress on Vicuña, 7x EV-EBITDA

Antofagasta Plc (ANTO LN): : H1 FY2026 Results, Guidance Rebased On Weather, Thesis Intact

Copper Price Inflection To 14,000 USD/Ton And Three Stocks To Play It

Ero Copper Corp. (ERO US / ERO CN) Update: Q2 FY26 Results, Cash Inflection Confirmed

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>The single-asset tolling model at El Teniente provides copper price leverage without exploration, reserve replacement, or growth capex; the contract runs to 2037.</li>
<li>Debt-Free balance sheet and a rules-based capital return strategy sweep cash above a US$30m floor: US$41.7m returned in H1 2026 versus US$20.4m in FY25.</li>
<li>13.4x P/E, 6.4x EV/EBITDA, 8.6% yield; ROCE 75%; net cash US$50 mn, based on a copper price of USD 14,000/ton. </li>
</ul>


The single-asset tolling model at El Teniente provides copper price leverage without exploration, reserve replacement, or growth capex; the contract runs to 2037.
Debt-Free balance sheet and a rules-based capital return strategy sweep cash above a US$30m floor: US$41.7m returned in H1 2026 versus US$20.4m in FY25.
13.4x P/E, 6.4x EV/EBITDA, 8.6% yield; ROCE 75%; net cash US$50 mn, based on a copper price of USD 14,000/ton. 


Amerigo Resources (ARG CN): Copper Factory Tailings Processor That Sweeps Upside To Shareholders