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: Remain Bullish Stocks, Copper Price To Stay Elevated At >13,000 USD/Ton

Copper: The Continuous Rise Of Comex Inventories And The Mean Reversion Of Copper-Aluminum Price

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

Antofagasta (ANTO LN): Set Up For a Record H2 FY26

Lundin Mining Corp (LUN CN) Q1 FY2026: Strong, No Major Diesel/Sulfuric Acid Concerns

Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton

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>
 FY26E net income of US$401M (+52% YoY) reflects realized copper at ~$5.90/lb and full-year Tucumã contribution; EBITDA margin widens to 61.5%, the highest in the company's history.</li>
<li>
Three-Mine platform + Furnas optionality: Caraíba (long-life underground Cu), Tucumã (high-margin open-pit Cu ramping to 35-40 kt), and Xavantina (ultra-high-grade Au) generate diversified cash flows, while Furnas provides optionality</li>
<li>
 ERO trades at 4.5x FY26E EV/EBITDA and 6.9x P/E at current copper prices, a substantial discount to copper peers (7-9x). Net debt leverage will pave the way for capital returns.</li>
</ul>



 FY26E net income of US$401M (+52% YoY) reflects realized copper at ~$5.90/lb and full-year Tucumã contribution; EBITDA margin widens to 61.5%, the highest in the company's history.

Three-Mine platform + Furnas optionality: Caraíba (long-life underground Cu), Tucumã (high-margin open-pit Cu ramping to 35-40 kt), and Xavantina (ultra-high-grade Au) generate diversified cash flows, while Furnas provides optionality

 ERO trades at 4.5x FY26E EV/EBITDA and 6.9x P/E at current copper prices, a substantial discount to copper peers (7-9x). Net debt leverage will pave the way for capital returns.


Ero Copper (ERO US): A 4.5x EV-EBITDA Pure Copper Play With Growth Is Rare

ERO Copper

Ero Copper (ERO US): A 4.5x EV-EBITDA Pure Copper Play With Growth Is Rare