Financials Lundin Mining Corporation

Equities

LUN

CA5503721063

Diversified Mining

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-17 pm EDT			5-day change	1st Jan Change
17.5 ^CAD	+4.48%		+8.97%	+61.44%

May. 14	NGEx, Lundin Mining to Jointly Repurchase Two-Thirds of Existing 3% Net Smelter Royalty Linked With 3 Mineral Claims; Filo to Receive $2 Million, Retain 1% NSR	MT
May. 11	Lundin Mining Corporation Announces the Composition of the Board Committees	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,383	6,530	5,743	4,724	6,326	9,984	-	-
Enterprise Value (EV) ¹	4,441	6,591	5,180	4,735	7,543	11,443	11,702	12,439
P/E ratio	26 x	38.6 x	7.37 x	10.9 x	26.4 x	21.7 x	19.7 x	22.4 x
Yield	1.52%	1.43%	3.93%	5.66%	3.26%	1.94%	2.06%	2.04%
Capitalization / Revenue	2.32 x	3.2 x	1.73 x	1.55 x	1.86 x	2.3 x	2.3 x	2.26 x
EV / Revenue	2.35 x	3.23 x	1.56 x	1.56 x	2.22 x	2.64 x	2.7 x	2.82 x
EV / EBITDA	6.29 x	7.69 x	2.77 x	3.66 x	5.53 x	6.26 x	6.08 x	6.14 x
EV / FCF	-44.1 x	49 x	5.44 x	139 x	2,158 x	58.4 x	-941 x	-15.4 x
FCF Yield	-2.27%	2.04%	18.4%	0.72%	0.05%	1.71%	-0.11%	-6.5%
Price to Book	1.16 x	1.64 x	1.29 x	0.97 x	1.28 x	1.93 x	1.82 x	1.74 x
Nbr of stocks (in thousands)	734,234	736,020	734,987	770,747	773,689	776,194	-	-
Reference price ²	5.970	8.872	7.814	6.129	8.177	12.86	12.86	12.86
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	4,340	4,332	4,414
EBITDA ¹	705.7	856.9	1,869	1,293	1,364	1,829	1,925	2,025
EBIT ¹	315.4	409.7	1,273	564.3	530	1,306	1,427	1,339
Operating Margin	16.67%	20.07%	38.23%	18.56%	15.62%	30.1%	32.94%	30.34%
Earnings before Tax (EBT) ¹	269.6	341.5	1,245	598.2	531.8	1,106	1,150	1,174
Net income ¹	167.3	168.8	780.3	426.9	241.6	478.3	494	500.3
Net margin	8.84%	8.27%	23.44%	14.04%	7.12%	11.02%	11.41%	11.33%
EPS ²	0.2300	0.2300	1.060	0.5600	0.3100	0.5936	0.6532	0.5751
Free Cash Flow ¹	-100.7	134.7	952.9	33.99	3.495	195.8	-12.43	-808.3
FCF margin	-5.32%	6.6%	28.62%	1.12%	0.1%	4.51%	-0.29%	-18.31%
FCF Conversion (EBITDA)	-	15.71%	50.97%	2.63%	0.26%	10.7%	-	-
FCF Conversion (Net income)	-	79.77%	122.11%	7.96%	1.45%	40.93%	-	-
Dividend per Share ²	0.0905	0.1270	0.3072	0.3470	0.2665	0.2501	0.2652	0.2625
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	1,081	1,176	1,213	1,107	1,155
EBITDA ¹	623	587.8	148.6	202.4	353.7	336.9	162.2	415.1	419.7	362.9	440.3	529.5	595	484.4	506.2
EBIT ¹	405.9	459	-16.31	-4.695	126.7	183.5	24.24	165.1	157.1	155.1	278.3	405.7	442.7	307	349.6
Operating Margin	39.85%	46.32%	-2.76%	-0.72%	15.62%	24.42%	4.12%	16.64%	14.82%	16.56%	25.74%	34.5%	36.49%	27.73%	30.26%
Earnings before Tax (EBT) ¹	393.6	455.3	0.377	-0.479	142.9	214	41.7	106.8	169.4	109.1	240.2	364.2	409.2	275.2	318.1
Net income ¹	228.8	345.1	-52.58	-11.21	145.6	146.6	59.1	-2.964	38.8	13.88	90.86	147	227.3	115.9	138.1
Net margin	22.46%	34.82%	-8.91%	-1.73%	17.94%	19.51%	10.04%	-0.3%	3.66%	1.48%	8.4%	12.5%	18.73%	10.47%	11.96%
EPS ²	0.3100	0.4700	-0.0700	-0.0100	0.1900	0.1900	0.0800	-	0.0500	0.0200	0.1436	0.2248	0.2967	0.1698	0.1741
Dividend per Share ²	0.0709	0.0701	0.0698	0.0664	0.0664	0.0661	0.0675	0.0648	0.0666	-	0.0581	0.0581	0.0581	0.0496	0.0496
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	1,460	1,719	2,456
Net Cash position ¹	-	-	563	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0822 x	0.0719 x	-	0.008433 x	0.8926 x	0.7979 x	0.8927 x	1.213 x
Free Cash Flow ¹	-101	135	953	34	3.5	196	-12.4	-808
ROE (net income / shareholders' equity)	4.48%	4.36%	18.5%	9.17%	6.85%	10.5%	10.7%	10.5%
ROA (Net income/ Total Assets)	2.6%	2.42%	10.6%	5.4%	2.54%	3.65%	3.8%	3.1%
Assets ¹	6,426	6,988	7,347	7,905	9,519	13,120	12,999	16,156
Book Value Per Share ²	5.140	5.420	6.050	6.310	6.410	6.670	7.060	7.410
Cash Flow per Share ²	0.7700	0.7700	2.010	1.150	1.310	1.720	1.800	1.860
Capex ¹	665	431	532	843	1,013	1,090	1,450	1,815
Capex / Sales	35.15%	21.12%	15.98%	27.72%	29.87%	25.12%	33.48%	41.11%
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

12.86 USD

Average target price

12.23 USD

Spread / Average Target

-4.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

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Integrated Mining