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

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

Copper Price Correction: Four Stocks To Look At

Copper: Remain Bullish Stocks, Copper Price To Stay Elevated At >13,000 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>Revenue +26% YoY to $1,159M; adj. EBITDA +64% to $627M entirely price-driven on Cu $5.70/lb (+23%) and Au $5,123/oz (+64%). C1 cash cost of $1.66/lb below the $1.90-$2.10/lb guidance.</li>
<li>
<strong>Diesel (7% of costs) currently ~$1/litre vs $0.60/liter guidance baseline; $0.08/lb C1 impact flagged.</strong> Sulphuric acid at ~$300/t; Caserones consumption (~45,000 t/yr) uninterrupted.</li>
<li>At C$36.8, the stock trades 7.6x FY26E EV/EBITDA. Estimates exclude the Vicuna project, which has an NPV of 28 bn USD (on a 100% project basis) at $6/lb. </li>
</ul>


Revenue +26% YoY to $1,159M; adj. EBITDA +64% to $627M entirely price-driven on Cu $5.70/lb (+23%) and Au $5,123/oz (+64%). C1 cash cost of $1.66/lb below the $1.90-$2.10/lb guidance.

Diesel (7% of costs) currently ~$1/litre vs $0.60/liter guidance baseline; $0.08/lb C1 impact flagged. Sulphuric acid at ~$300/t; Caserones consumption (~45,000 t/yr) uninterrupted.
At C$36.8, the stock trades 7.6x FY26E EV/EBITDA. Estimates exclude the Vicuna project, which has an NPV of 28 bn USD (on a 100% project basis) at $6/lb. 


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