Southern Copper Corporation

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SKU: SCCO Category:

Description

This is our first report on Southern Copper Corporation, a renowned copper mining company and integrated producer with mines, smelting, and refining services in Peru and Mexico. Some of the metals mined by Southern Copper apart from copper are molybdenum, zinc, and silver and it operates many open-pit copper mines such as Toquepala, Cuajone, La Caridad, and Buenavista, along with a smelter and refinery in Peru. With copper prices being on a bull run and the increasing demand for the metal, Southern Copper has had a solid 2022 so far. The company reported a top-line of $2.76 billion for the first quarter of the year, a 9.13% top-line growth as compared to the same period in the previous year, largely driven by the rise in copper prices. The management expects demand to increase by 2% to 5% this year, especially in terms of copper consumption in the United States. However, the consumption in China continues to be slow given the impact of the fresh outbreak of Covid-19. The company has seen a drop in molybdenum production owing to lower grades at the Cuajone and Caridad mines, as well as the impact of the blockage at Cuajone. However, the overall 2022 outlook appears positive and we initiate our coverage on the stock with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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