Financials Southern Copper Corporation

Equities

SCCO

US84265V1052

Specialty Mining & Metals

Market Closed - Nyse Other stock markets 04:00:02 2023-12-01 pm EST			5-day change	1st Jan Change
76.74 ^USD	+6.69%		+3.41%	+27.07%

Nov. 27	Morgan Stanley Downgrades Southern Copper to Underweight From Equal Weight, Cuts Price Target to $68 From $83	MT
Nov. 23	Great Southern Copper raises GBP905,000 in placing to fund exploration	AN

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	23 787	32 840	50 343	47 707	46 687	59 328	-	-
Enterprise Value (EV) ¹	28 688	37 775	54 292	50 466	51 435	63 721	63 031	62 410
P/E ratio	15,4x	22,1x	32,1x	14,1x	17,7x	23,2x	20,8x	19,1x
Yield	4,55%	3,77%	2,30%	5,19%	5,80%	4,98%	3,95%	4,83%
Capitalization / Revenue	3,35x	4,51x	6,30x	4,36x	4,65x	5,89x	5,29x	4,89x
EV / Revenue	4,04x	5,18x	6,80x	4,62x	5,12x	6,32x	5,62x	5,15x
EV / EBITDA	8,07x	10,7x	14,0x	7,36x	9,59x	12,4x	10,9x	7,98x
EV / FCF	25,8x	31,4x	24,8x	14,8x	27,7x	24,8x	23,8x	17,3x
FCF Yield	3,88%	3,19%	4,04%	6,74%	3,60%	4,04%	4,20%	5,78%
Price to Book	3,61x	4,82x	6,97x	5,85x	5,78x	7,72x	6,69x	6,57x
Nbr of stocks (in thousands)	773 044	773 059	773 073	773 081	773 098	773 110	-	-
Reference price ²	30,8	42,5	65,1	61,7	60,4	76,7	76,7	76,7
Announcement Date	02/11/19	02/25/20	01/25/21	02/01/22	02/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	7 097	7 286	7 985	10 934	10 048	10 080	11 211	12 126
EBITDA ¹	3 556	3 527	3 869	6 853	5 365	5 137	5 776	7 824
EBIT ¹	2 881	2 753	3 121	6 065	4 436	4 368	5 509	5 894
Operating Margin	40,6%	37,8%	39,1%	55,5%	44,1%	43,3%	49,1%	48,6%
Earnings before Tax (EBT) ¹	2 589	2 427	2 746	5 697	4 264	4 160	4 775	4 608
Net income ¹	1 543	1 486	1 570	3 387	2 639	2 522	2 750	2 660
Net margin	21,7%	20,4%	19,7%	31,0%	26,3%	25,0%	24,5%	21,9%
EPS ²	2,00	1,92	2,03	4,39	3,41	3,31	3,69	4,02
Free Cash Flow ¹	1 114	1 204	2 191	3 400	1 854	2 573	2 647	3 604
FCF margin	15,7%	16,5%	27,4%	31,1%	18,5%	25,5%	23,6%	29,7%
FCF Conversion (EBITDA)	31,3%	34,1%	56,6%	49,6%	34,6%	50,1%	45,8%	46,1%
FCF Conversion (Net income)	72,2%	81,1%	140%	100%	70,3%	102%	96,3%	135%
Dividend per Share ²	1,40	1,60	1,50	3,20	3,50	3,83	3,03	3,71
Announcement Date	02/11/19	02/25/20	01/25/21	02/01/22	02/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	2 897	2 681	2 824	2 764	2 307	2 157	2 820	2 794	2 301	2 506	2 491	2 522	2 573	2 745
EBITDA ¹	1 862	1 709	1 727	1 678	1 018	1 018	1 648	1 568	1 110	1 291	1 192	1 185	1 173	1 306
EBIT ¹	1 675	1 508	1 531	1 470	809	826	1 370	1 354	901	1 069	1 015	-	-	-
Operating Margin	57,8%	56,2%	54,2%	53,2%	35,0%	38,3%	48,6%	48,5%	39,1%	42,7%	40,7%	-	-	-
Earnings before Tax (EBT) ¹	1 579	1 419	1 433	1 399	732	750	1 364	1 303	848	1 017	869	-	-	-
Net income ¹	933	868	833	785	432	519	902	813	548	620	519	-	-	-
Net margin	32,2%	32,4%	29,5%	28,4%	18,7%	24,1%	32,0%	29,1%	23,8%	24,7%	20,8%	-	-	-
EPS ²	1,21	1,12	1,08	1,02	0,56	0,67	1,17	1,05	0,71	0,80	0,74	0,74	0,75	0,85
Dividend per Share ²	0,70	0,90	1,00	1,00	0,75	0,75	1,00	1,00	1,00	1,00	0,50	-	-	-
Announcement Date	07/26/21	10/26/21	02/01/22	05/03/22	07/27/22	10/28/22	02/02/23	04/27/23	07/27/23	10/25/23	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	4 902	4 935	3 950	2 759	4 747	4 393	3 702	3 081
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,38x	1,40x	1,02x	0,40x	0,88x	0,86x	0,64x	0,39x
Free Cash Flow ¹	1 114	1 204	2 191	3 400	1 854	2 573	2 647	3 604
ROE (net income / shareholders' equity)	24,3%	22,2%	22,4%	44,2%	32,5%	32,3%	34,9%	37,0%
Shareholders' equity ¹	6 338	6 689	7 018	7 664	8 117	7 815	7 875	7 195
ROA (Net income/ Total Assets)	10,9%	9,68%	9,50%	19,3%	14,8%	14,6%	15,4%	16,4%
Assets ¹	14 133	15 347	16 537	17 570	17 787	17 224	17 813	16 221
Book Value Per Share ²	8,52	8,81	9,35	10,5	10,5	9,95	11,5	11,7
Cash Flow per Share ²	2,89	2,47	3,60	5,55	3,63	4,41	4,92	5,19
Capex ¹	1 121	708	592	892	949	1 066	1 145	1 070
Capex / Sales	15,8%	9,71%	7,42%	8,16%	9,44%	10,6%	10,2%	8,83%
Announcement Date	02/11/19	02/25/20	01/25/21	02/01/22	02/02/23	-	-	-

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 Southern Copper Corporation

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

76.74USD

Average target price

64.06USD

Spread / Average Target

-16.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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