Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

<ul>
<li>Kakula mining is suspended due to seismic activity; dewatering and repairs are ongoing, with potential resolution by late Q3 2025 as operations gradually stabilize.</li>
<li>Ivanhoe quadrupled copper output since 2021, maintaining over 55% EBITDA margins through high-grade ore and efficient operations.</li>
<li>At US$2,000/t copper reserve value, Ivanhoe offers 40%+ upside—past disruptions like Vale and Freeport saw strong rebounds as uncertainty cleared.</li>
</ul>


Kakula mining is suspended due to seismic activity; dewatering and repairs are ongoing, with potential resolution by late Q3 2025 as operations gradually stabilize.
Ivanhoe quadrupled copper output since 2021, maintaining over 55% EBITDA margins through high-grade ore and efficient operations.
At US$2,000/t copper reserve value, Ivanhoe offers 40%+ upside—past disruptions like Vale and Freeport saw strong rebounds as uncertainty cleared.


Ivanhoe Mines (IVN CN): Seismic Setback Creates a Valuation Gap