Financials Lundin Mining Corporation

Equities

LUN

CA5503721063

Diversified Mining

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
15.03 ^CAD	-2.08%		-3.65%	+38.65%

May. 02	Lundin Mining Brief: National Bank Raised Target To C$18 From $16.50 and Kept Outperform Rating After Q1, Noting "Near-Term Outlook Supported by Increasing Production and Additional Stake in Caserones"	MT
May. 02	Nordic Stocks Closed Down Thursday; Lundin Mining Fell Furthest	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,383	6,530	5,743	4,724	6,326	8,508	-	-
Enterprise Value (EV) ¹	4,441	6,591	5,180	4,735	7,543	9,907	10,305	11,029
P/E ratio	26 x	38.6 x	7.37 x	10.9 x	26.4 x	18.3 x	15.8 x	18.9 x
Yield	1.52%	1.43%	3.93%	5.66%	3.26%	2.22%	2.45%	2.41%
Capitalization / Revenue	2.32 x	3.2 x	1.73 x	1.55 x	1.86 x	1.96 x	1.96 x	1.91 x
EV / Revenue	2.35 x	3.23 x	1.56 x	1.56 x	2.22 x	2.28 x	2.38 x	2.48 x
EV / EBITDA	6.29 x	7.69 x	2.77 x	3.66 x	5.53 x	5.57 x	5.45 x	5.61 x
EV / FCF	-44.1 x	49 x	5.44 x	139 x	2,158 x	63.3 x	-19.6 x	-13.2 x
FCF Yield	-2.27%	2.04%	18.4%	0.72%	0.05%	1.58%	-5.1%	-7.6%
Price to Book	1.16 x	1.64 x	1.29 x	0.97 x	1.28 x	1.63 x	1.55 x	1.48 x
Nbr of stocks (in thousands)	734,234	736,020	734,987	770,747	773,689	775,719	-	-
Reference price ²	5.970	8.872	7.814	6.129	8.177	10.97	10.97	10.97
Announcement Date	2/20/20	2/19/21	2/17/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,893	2,042	3,329	3,041	3,392	4,336	4,338	4,450
EBITDA ¹	705.7	856.9	1,869	1,293	1,364	1,779	1,890	1,967
EBIT ¹	315.4	409.7	1,273	564.3	530	1,254	1,346	1,297
Operating Margin	16.67%	20.07%	38.23%	18.56%	15.62%	28.92%	31.03%	29.15%
Earnings before Tax (EBT) ¹	269.6	341.5	1,245	598.2	531.8	979	1,065	1,083
Net income ¹	167.3	168.8	780.3	426.9	241.6	479.9	488.1	448.8
Net margin	8.84%	8.27%	23.44%	14.04%	7.12%	11.07%	11.25%	10.09%
EPS ²	0.2300	0.2300	1.060	0.5600	0.3100	0.6000	0.6949	0.5796
Free Cash Flow ¹	-100.7	134.7	952.9	33.99	3.495	156.6	-525.5	-838.6
FCF margin	-5.32%	6.6%	28.62%	1.12%	0.1%	3.61%	-12.11%	-18.84%
FCF Conversion (EBITDA)	-	15.71%	50.97%	2.63%	0.26%	8.8%	-	-
FCF Conversion (Net income)	-	79.77%	122.11%	7.96%	1.45%	32.62%	-	-
Dividend per Share ²	0.0905	0.1270	0.3072	0.3470	0.2665	0.2435	0.2691	0.2647
Announcement Date	2/20/20	2/19/21	2/17/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,019	991.1	590.2	648.5	811.4	751.3	588.5	992.2	1,060	937	1,048	1,147	1,198	1,086	1,132
EBITDA ¹	623	587.8	148.6	202.4	353.7	336.9	162.2	415.1	419.7	362.9	440.5	516.2	586.3	453.8	495.8
EBIT ¹	405.9	459	-16.31	-4.695	126.7	183.5	24.24	165.1	157.1	155.1	276.6	364.7	421.6	285.8	326.7
Operating Margin	39.85%	46.32%	-2.76%	-0.72%	15.62%	24.42%	4.12%	16.64%	14.82%	16.56%	26.4%	31.79%	35.19%	26.32%	28.86%
Earnings before Tax (EBT) ¹	393.6	455.3	0.377	-0.479	142.9	214	41.7	106.8	169.4	109.1	233.4	275.2	312.2	253.3	294.9
Net income ¹	228.8	345.1	-52.58	-11.21	145.6	146.6	59.1	-2.964	38.8	13.88	112	137.2	158.9	118.2	141.3
Net margin	22.46%	34.82%	-8.91%	-1.73%	17.94%	19.51%	10.04%	-0.3%	3.66%	1.48%	10.69%	11.96%	13.27%	10.88%	12.48%
EPS ²	0.3100	0.4700	-0.0700	-0.0100	0.1900	0.1900	0.0800	-	0.0500	0.0200	0.1574	0.2187	0.2528	0.1564	0.1664
Dividend per Share ²	0.0709	0.0701	0.0698	0.0664	0.0664	0.0661	0.0675	0.0648	0.0666	-	0.0508	0.0508	0.0508	0.0508	0.0508
Announcement Date	2/17/22	4/27/22	7/27/22	10/26/22	2/22/23	5/3/23	8/2/23	11/1/23	2/21/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	58	61.6	-	10.9	1,217	1,562	1,763	2,520
Net Cash position ¹	-	-	563	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0822 x	0.0719 x	-	0.008433 x	0.8926 x	0.848 x	0.9317 x	1.306 x
Free Cash Flow ¹	-101	135	953	34	3.5	156	-526	-887
ROE (net income / shareholders' equity)	4.48%	4.36%	18.5%	9.17%	6.85%	7.61%	8.93%	8.66%
ROA (Net income/ Total Assets)	2.6%	2.42%	10.6%	5.4%	2.54%	2.49%	3.48%	2.69%
Assets ¹	6,426	6,988	7,347	7,905	9,519	15,403	14,087	16,750
Book Value Per Share ²	5.140	5.420	6.050	6.310	6.410	6.610	7.080	7.390
Cash Flow per Share ²	0.7700	0.7700	2.010	1.150	1.310	1.710	1.840	2.050
Capex ¹	665	431	532	843	1,013	1,087	1,495	1,770
Capex / Sales	35.15%	21.12%	15.98%	27.72%	29.87%	25.17%	34.48%	39.98%
Announcement Date	2/20/20	2/19/21	2/17/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lundin Mining Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.97 USD

Average target price

11.6 USD

Spread / Average Target

+5.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

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Integrated Mining