REPORT DIFF
Southern Copper Corporation — what changed
1. Business Overview (3 changed lines)
− | Diluted Shares Outstanding | 827M |
+ | Diluted Shares (FY2025 weighted avg) | 827M |
+ *Source: verified workbook (SCCO_Portfolio.xlsx), figures traceable via lineage.json to the cited filings.*
3. Valuation (2 changed lines)
+ *Source: verified workbook (SCCO_Portfolio.xlsx), figures traceable via lineage.json to the cited filings.*
+ *Source: verified workbook (SCCO_Portfolio.xlsx), figures traceable via lineage.json to the cited filings.*
4. Risks (6 changed lines)
− | Marginal Tax Rate | 38.2% |
+ | Marginal Tax Rate | 38.25% |
− The pre-tax cost of debt is derived from actuals: FY2025 interest expense divided by average total debt across FY2024–FY2025, both taken from the verified workbook. This actuals-based approach was chosen deliberately over a coupon build-up because the debt footnote in the FY2025 filing states the coupon on the newest notes inconsistently in two places — a forensic watch item — and deriving Kd from
+ The pre-tax cost of debt is derived from actuals: FY2025 interest expense divided by average total debt across FY2024–FY2025, both taken from the verified workbook. This actuals-based approach was chosen deliberately over a coupon build-up because the debt footnote in the FY2025 filing states the coupon on the newest notes inconsistently in two places — a forensic watch item — and deriving Kd from
+ *Source: approved valuation assumptions (valuation_assumptions.json) and market_data.json; capital-structure weights at market values using net debt — market capitalization 142,890.5M against net debt of 2,446.1M (total debt 6,750.7M less cash 4,304.6M).*
+ *Source for all tables in this section: approved valuation assumptions as written to the Valuation sheet; every figure traceable via lineage.json.*
5. Peer Comparison (2 changed lines)
− | P/E | 33.0x | 41.7xᵐ | 30.5xᵐ | 17.8xᵐ | 23.4xᵐ |
+ | P/E | 33.0x | 41.7xᵐ | 30.5xᶠᵐ | 17.8xᶠᵐ | 23.4xᶠᵐ |
6. Investment Thesis (3 changed lines)
− | Scenario | Fair Value / Share | Upside / Downside vs. Current Price ($172.97) |
+ | Scenario | Fair Value / Share | Upside / Downside vs. Current Price ($172.97, June 5, 2026 close) |
+ *Source for all tables in this section: Valuation sheet of the verified workbook (approved assumptions); peer anchors per Section 5; every figure traceable via lineage.json.*
7. Quarterly Update (2 changed lines)
− (a) The Excel quarterly Net Debt cell for Q1 2026 is unpopulated; Net Debt CQ used for the deltas and the leverage ratio is derived directly from the 10-Q: long-term debt $6,751.9M − cash and cash equivalents $4,915.4M = $1,836.5M (10-Q p. 6), consistent with the Excel net-debt convention (total debt − cash) verified against Q4 2025 ($6,750.7M − $4,304.6M = $2,446.1M). YoY: (1,836.5 − 3,130.7) / 3
+ (a) Net Debt deltas and the leverage ratio are verified directly against the 10-Q: long-term debt $6,751.9M − cash and cash equivalents $4,915.4M = $1,836.5M (10-Q p. 6), consistent with the Excel net-debt convention (total debt − cash) verified against Q4 2025 ($6,750.7M − $4,304.6M = $2,446.1M). YoY: (1,836.5 − 3,130.7) / 3,130.7 × 100 = −41.3%; QoQ: (1,836.5 − 2,446.1) / 2,446.1 × 100 = −24.9%.