Southern Copper Corporation (0L8B.L)

Industry: Industrial Materials Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0NHS.L	15	Nutrien Ltd.	19,261	15.74	8.73	7.25	6.17	12.83	8.83
0I0H.L	16	Cleveland-Cliffs I	18,622	-	-	-	-	-	-
VAS.DE	17	Voestalpine AG	17,957	27.71	27.71	9.74	9.36	9.78	14.27
VEDL.BO	18	Vedanta Limited	17,290	15.14	15.14	6.48	5.73	9.61	4.13
002237.SZ	19	Shandong Humon Sme	13,353	27.12	22.85	21.77	22.90	32.28	33.48
0HCB.L	20	Alcoa Corporation	13,264	7.29	7.29	5.85	5.05	58.96	4.03
601212.SS	21	Baiyin Nonferrous	12,828	175.83	147.04	11.14	8.92	11.42	17.06
0L8B.L	22	Southern Copper Co	12,335	26.13	21.01	14.33	12.35	14.60	14.12
5711.T	23	Mitsubishi Materia	12,075	32.85	32.85	8.52	6.59	-	38.24
0K3B.L	24	The Mosaic Company	11,895	8.95	8.95	5.28	5.28	11.52	15.31
603799.SS	25	Zhejiang Huayou Co	10,559	21.18	14.16	14.13	9.74	15.80	13.13
0521.HK	26	CWT International	10,403	3.11	3.11	5.01	3.21	6.48	8.74
5713.T	27	Sumitomo Metal Min	10,128	53.97	62.20	24.24	27.13	13.91	-
0HUR.L	28	Celanese Corporati	9,710	-	-	-	-	-	-
010130.KS	29	Korea Zinc Company	9,671	37.10	39.52	13.63	12.82	18.62	23.81
601168.SS	30	Western Mining Co.	8,763	16.67	13.33	7.39	6.08	7.66	7.55

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.67	14.16	7.39	6.17	11.47	10.98
Full Range Median Multiple	21.18	15.14	8.52	6.59	12.17	13.70
Industry Multiple	34.05	30.99	10.80	9.92	17.41	15.72
Market Implied Multiple	38.91	31.30	21.11	18.19	21.51	20.80
Company (0L8B.L) Multiple	26.13	21.01	14.33	12.35	14.60	14.12
(*) Net Income / EBITDA / Revenue	3,821	4,751	7,208	8,364	7,075	7,317
Winsorized Enterprise Value	N/A	N/A	53,235	51,568	81,169	80,336
Full Range Median Enterprise Value	N/A	N/A	61,388	55,156	86,125	100,242
(-) Net Debt	3,483	3,483	3,483	3,483	3,483	3,483
Winsorized Equity Value	63,700	67,253	49,752	48,085	77,686	76,853
Full Range Median Equity Value	80,934	71,937	57,905	51,673	82,641	96,759
(/) Shares Outstanding	823	823	823	823	823	823
Winsorized Fair Value	$77.44	$81.76	$60.48	$58.45	$94.44	$93.43
Full Range Median Fair Value	$98.39	$87.45	$70.39	$62.82	$100.46	$117.63
Current Price	$180.74	$180.74	$180.74	$180.74	$180.74	$180.74
Upside / Downside	-57.16%	-54.77%	-66.54%	-67.66%	-47.75%	-48.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$54.21	$57.23	$42.34	$40.92	$66.11	$65.40
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy