EXCEL MODEL — ONLINE VIEW

Southern Copper Corporation

SCCO · SCCO_Portfolio.xlsx · hover a computed cell to see its formula · Download workbook

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	A	B	C	D	E	F	G	H	I	J	K	L
1	Market Data
2	Colour key:	Company filing		Online / market		Computed		Analyst input
3
4	A — CURRENT MARKET METRICS
5	Analysis Date			Enter today's date — carried into the report header
6	Data Source			e.g. "Yahoo Finance" \| "Bloomberg" \| "Broker platform"
7
8	Current Stock Price	172.97	$	Per share, as of Analysis Date
9	52-Week High		$
10	52-Week Low		$
11	Shares Outstanding	826.10	M shares	From 10-K cover page or latest quarterly filing
12
13	Market Capitalization	142,890.52	$M
14	Net Debt	2,446.10	$M	From 10-K balance sheet (Total Debt − Cash)
15	Enterprise Value	145,336.62	$M
16
17	EV / LTM EBITDA	18.47	×	[computed by recalc.py from EV ÷ LTM EBITDA in Data]
18	P / LTM EPS (P/E)	33.01	×	[computed by recalc.py from Price ÷ latest EPS]
19	LTM FCF per Share	4.15	$	[computed by recalc.py]
20	FCF Yield	0.02	%	[computed by recalc.py]
21	Dividend Yield	0.02	%	[computed by recalc.py]
22
23	B — COST OF CAPITAL (WACC INPUTS)
24	Risk-Free Rate (10Y UST)	0.0447	%	Enter as decimal (e.g. 4.46% → 0.0446) \| Source: US Treasury
25	Equity Risk Premium (ERP)	0.0418	%	Enter as decimal \| Source: Damodaran (updated Jan each year)
26	Beta (Levered)	1.1100	×	5-year monthly vs. S&P 500 \| Source: Yahoo Finance / Macrotrends
27	Size Premium	0	%	Usually 0 for large-cap companies \| Source: Duff & Phelps
28	Company-Specific Risk Premium	0.0225	%	Your call: add for single-commodity risk, country risk, etc.
29	Cost of Equity (Ke)	0.12	%
30
31	Pre-Tax Cost of Debt (Kd)	0.0641	%	Enter as decimal \| From 10-K: interest expense ÷ avg gross debt
32	Marginal Tax Rate	0.3825	%	Enter as decimal \| Effective tax rate from latest annual filing
33	After-Tax Cost of Debt	0.04	%
34
35	Debt / Total Capital (market weights)	0.0168	%	Enter as decimal \| = Total Debt ÷ (Market Cap + Total Debt)
36	Equity / Total Capital	0.98	%
37	WACC	0.11	%
38
39	C — HISTORICAL SHARE PRICES (fiscal year-end)
40	Fiscal Year	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
41	End-of-Year Price ($)
42	Source: Yahoo Finance (historical prices) → select fiscal year-end closing price
43
44	D — PEER VALUATION MULTIPLES (market-sourced)
45	Metric	FCX	TECK	HBM	CMMC
46	EV / EBITDA (×)	11.0	10.3	7.8	6.8
47	P / E (×)	41.7	30.5	17.8	23.4
48	FCF Yield (%)	1.2	-0.9	2.4	2.3
49

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V
1
2	Colour key:
3	Ticker	SCCO
4	Company Name	Southern Copper Corporation
5	Sector / Industry	Metals & Mining — Copper
6	Fiscal Year End												1.11
7	Currency
8	Current Share Price	172.97											142,890.50
9	Report Date	2026-06-07
10	Source (10-K filing date)
11
12	INCOME STATEMENT ($M)
13		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025		Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26
14	Revenue	5,046	5,380	6,655	7,097	7,286	7,985	10,934.10	10,047.90	9,895.80	11,433.40	13,420		2,599.80	3,118.30	2,930.90	2,784.40	3,121.90	3,051	3,377.30	3,869.80	4,251.40
15	Cost of Goods Sold	2,928	3,034	3,253	3,409	3,607	3,930	3,894.40	4,649.10	4,687.70	4,841.40	5,359.20		1,157.60	1,248.90	1,223.10	1,211.80	1,319.20	1,211.70	1,356.80	1,471.50	1,498.80
16	Gross Profit	2,118	2,346	3,402	3,688	3,679	4,055	7,039.70	5,398.80	5,208.10	6,592	8,060.80		1,442.20	1,869.40	1,707.80	1,572.60	1,802.70	1,839.30	2,020.50	2,398.30	2,752.60
17	SG&A			91	103	132	126	125.20	125	127.20	130.50	137.80		30.80	33.90	31.20	34.50	31.70	32.50	33.70	39.90	35.80
18	R&D	0	0	0	0	0	0	0	0	0	0	0
19	Total OpEx (excl. COGS)												CLEARED 2026-06-06: SCCO prints no OpEx-excl-COGS subtotal (extractor NOT_FOUND); legacy values had mixed definitions across years
20	EBITDA	1,925	2,211	3,290	3,556	3,517	3,896	6,871.10	5,232.10	5,025.90	6,400.60	7,870.10		1,398.70	1,816.90	1,663.40	1,521.60	1,759.30	1,793.20	1,976.60	2,341.10	2,706.10
21	D&A	511	647	671	675	764	775	806	796.30	833.60	845.90	868.40		209	209.60	213.10	214.20	223.80	206.20	207.80	230.70	225.70
22	EBIT (Operating Income)	1,414	1,564	2,619	2,881	2,753	3,121	6,065.10	4,435.80	4,192.30	5,554.70	7,001.70		1,189.70	1,607.30	1,450.30	1,307.40	1,535.50	1,587	1,768.80	2,110.40	2,480.40
23	Interest Expense			357	361	373	393	387.90	387.10	376.30	376.50	416.70		94.20	94.10	94.10	94.20	102.30	105.60	104.30	104.40	104.50
24	Pre-Tax Income			2,303	2,589	2,427	2,746	5,696.80	4,247.80	3,955.80	5,357.40	6,784.30		1,155.50	1,530.60	1,426.70	1,244.50	1,478.50	1,543.90	1,724.10	2,037.70	2,444.10
25	Tax Expense			1,574	1,046	941	1,176	2,299.20	1,596.10	1,518.90	1,975.30	2,470.10		423.40	578.80	526.40	446.70	532.80	576	619.70	741.70	891
26	Net Income	736	777	729	1,543	1,486	1,570	3,397.10	2,638.50	2,425.20	3,376.80	4,334.90		736	950.20	896.70	793.90	945.90	973.40	1,107.60	1,307.90	1,576.90
27	Diluted EPS			0.94	2.00	1.92	2.03	4.39	3.41	3.05	4.21	5.24		0.95	1.22	1.15	0.89	1.19	1.21	1.35	1.53	1.92
28	Diluted Shares Out. (M)	803.0	782.0	781.0	781.0	781.0	781.0	773.1	773.1	795.3	802.9	826.6	826.10	773.1	777.9	782.9		792.5		822.7		821.70
29
30	BALANCE SHEET ($M)
31		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025		Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26
32	Total Cash & Equivalents	275	546	1,005	845	1,925	2,184	3,002	2,069.70	1,151.50	3,258.10	4,304.60		1,252.20	1,875.30	2,654.80	3,258.10	4,116.30	3,334.90	3,949.60	4,304.60	4,915.40
33	Short-term Debt			0	0	400	0	299.70	0	0	499.80	0			499.50	499.60	499.80	500	499.80	499.80	0
34	Long-term Debt	5,952	5,954	5,957	5,960	6,541	6,544	6,247.90	6,251	6,254.60	5,758.50	6,750.70		6,255.50	5,757	5,757.80	5,758.50	6,747	6,748.20	6,749.40	6,750.70	6,751.90
35	Total Debt	5,952	5,954	5,957	5,960	6,941	6,544	6,547.60	6,251	6,254.60	6,258.30	6,750.70		6,255.50	6,256.50	6,257.40	6,258.30	7,247	7,248	7,249.20	6,750.70	6,751.90
36	Net Debt	5,677	5,408	4,952	5,115	5,016	4,360	3,545.60	4,181.30	5,103.10	3,000.20	2,446.10		5,003.30	4,381.20	3,602.60	3,000.20	3,130.70	3,913.10	3,299.60	2,446.10	1,836.50
37	Total Current Assets	2,484	2,566	3,170	3,180	4,185	4,815	6,139.60	5,188	4,429.50	6,174.30	8,352.50		4,440.80	5,333.70	5,926.40	6,174.30	7,220	7,002.40	7,669.60	8,352.50	8,717
38	Total Current Liabilities	920	999	1,168	1,216	1,477	1,385	2,250	1,236	1,388.50	2,248.10	2,145.10		1,340	1,898.20	2,139.40	2,248.10	1,944.40	1,329	1,698	2,145.10	1,992.40
39	Total Assets	12,593	13,234	13,780	14,288	16,407	16,947	18,297.60	17,277	16,725.30	18,713.50	21,381.40		16,789.30	17,777.70	18,415.50	18,713.50	19,791.20	19,554.70	20,331.80	21,381.40	21,929.90
40	Total Liabilities	7,235	7,303	7,570	7,613	9,543	9,671	10,089.80	9,130.80	9,244.10	9,475.30	10,276.50		9,247.60	9,285.20	9,494.50	9,541.90	10,222.90	9,569.90	9,881.90	10,343.30	10,142.30
41	Shareholders' Equity	5,299	5,871	6,149	6,613	6,858	7,224.80	8,149.20	8,084.20	7,418.10	9,171.60	11,038.10	AUDIT CYCLE 2: EQUITY FY2020: parent-only per SCCO 10k 2020.pdf p.173 (audit A276; was 7,276.0 total incl. NCI)	7,541.70	8,492.50	8,921	9,171.60	9,568.30	9,984.80	10,449.90	11,038.10	11,787.60
42	Minority Interest	59	60	61	62	6	51.20	58.60	62	63.10	66.60	66.80	AUDIT CYCLE 2: MINORITY FY2020: companion to equity fix, same page	64.20	67.70	68.40	66.60	68.40	68.60	67	66.80	71.80
43	Intangible Assets & Goodwill	155	154	153	148	148	143	138.10	135	130.20	124.60	122.40		128.80	127.30	125.40	124.60	122.60	121.70	120.90	122.40	122.60
44	PP&E	8,263	8,767	9,100	9,404	9,371	9,459	9,464.40	9,597	9,782.90	9,883.30	10,272.20		9,783.20	9,871.50	9,927.10	9,883.30	9,934.60	9,915	10,002.10	10,272.20	10,468.10
45	Receivables	551	669	976	973	912	1,068.90	1,358.70	1,394.10	1,141.10	1,189.60	1,951.20	AUDIT CYCLE 2: RECEIVABLES FY2020: trade-only per same balance sheet (audit A230; was 1,137.0 incl. other receivables)	1,293.90	1,622.30	1,530.20	1,189.60	1,548.10	1,557.70	1,719.40	1,951.20	2,016.30
46	Payables	647	584	660	673	598	595	591.90	658	652.60	615.20	861.50		748.50	647.20	609.30	615.20	684.40	647.20	739.20	861.50	906
47	Inventory	857	1,010	1,042	1,033	1,069	950	972.90	1,014	1,016.90	1,048.90	1,058.10		1,014.40	1,017.20	990.50	1,048.90	966.10	1,005.20	1,031.30	1,058.10	959.20
48	Retained Earnings	4,812	5,455	5,726	6,187	6,436	6,846	7,769.70	7,702	7,033.50	6,839.60	5,797.20		7,156.70	7,180.90	7,142.80	6,839.60	6,682.80	6,459.40	6,116	5,797.20	5,292.70
49	CASH FLOW STATEMENT ($M)
50		2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025		Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26
51	Cash from Operations	880	923	1,977	2,235	1,912	2,784	4,292.40	2,802.50	3,573.10	4,421.70	4,752.10		659.70	962.10	1,439.40	1,360.50	721.40	976.80	1,559.60	1,494.30	1,694.50
52	Capital Expenditures	1,150	1,119	1,023	1,121	707	592	-892.30	-948.50	-1,008.60	-1,027.30	-1,325.30		-213.80	-331.80	-246.40	-235.30	-317.80	-235.70	-349.20	-422.60	-441.90
53	Free Cash Flow	-270	-196	954	1,114	1,205	2,192	3,400.10	1,854	2,564.50	3,394.40	3,426.80		445.90	630.30	1,193	1,125.20	403.60	741.10	1,210.40	1,071.70	1,252.60
54	Stock-Based Compensation			20	21	22	22	23	25
55	Dividends Paid	-271	-139	-456	-1,082	-1,237	-1,160	-2,473.80	-2,705.80	-3,092.40	-1,637.20	-2,485.10		-618.50	-773.10	-468.80	-549.90	-553.30	-557.40	-643.30	-731.10	-819.20
56	Share Repurchases	1,004	72	0	0	0	0	0	0
57	Historical Share Price (Period-End)

	A	B	C	D	E	F	G	H	M
1
2	Colour key:	Company filing		Online / market		Computed		Analyst input
3	1. COST OF CAPITAL (WACC)
4	Risk-Free Rate (10Y UST)	4.5%
5	Equity Risk Premium (Damodaran)	4.2%
6	Beta (Levered)	1.1
7	Size Premium	0.0%							market-researcher \| valuation-agent \| as-of:
8	Company-Specific Risk Premium	2.2%							market-researcher \| valuation-agent \| as-of:
9	Cost of Equity (Ke)	11.6%							market-researcher \| valuation-agent \| as-of:
10	Pre-tax Cost of Debt (Kd)	6.4%							market-researcher \| valuation-agent \| as-of:
11	Marginal Tax Rate	38.2%							market-researcher \| valuation-agent \| as-of:
12	After-tax Cost of Debt	4.0%							market-researcher \| valuation-agent \| as-of:
13	Debt / Total Capital (market)	1.7%							market-researcher \| valuation-agent \| as-of:
14	Equity / Total Capital (market)	98.3%							market-researcher \| valuation-agent \| as-of:
15	WACC	11.5%							market-researcher \| valuation-agent \| as-of:
16
17	2. DCF MODEL — BASE CASE
18		Year 1	Year 2	Year 3	Year 4	Year 5	Terminal
19	─ Assumptions (blue = inputs) ─
20	Revenue Growth Rate	6.0%	7.0%	6.0%	4.0%	3.0%			market-researcher \| valuation-agent \| as-of:
21	EBITDA Margin	55.0%	55.5%	56.0%	56.0%	56.0%			market-researcher \| valuation-agent \| as-of:
22	D&A / Revenue	6.5%	6.5%	7.0%	7.0%	7.0%			market-researcher \| valuation-agent \| as-of:
23	CapEx / Revenue	12.0%	12.0%	10.5%	10.0%	10.0%			market-researcher \| valuation-agent \| as-of:
24	Change in NWC / Revenue	15.0%	15.0%	15.0%	15.0%	15.0%			market-researcher \| valuation-agent \| as-of:
25	Effective Tax Rate	38.2%	38.2%	38.2%	38.2%	38.2%			market-researcher \| valuation-agent \| as-of:
26	Terminal Growth Rate	2.5%							market-researcher \| valuation-agent \| as-of:
27	Exit EV/EBITDA Multiple	9.0							market-researcher \| valuation-agent \| as-of:
28
29	─ Projected Financials ($M) ─
30	Base Revenue (latest FY)	13,420							market-researcher \| valuation-agent \| as-of:
31	Projected Revenue	14,225.20	15,221	16,134.20	16,779.60	17,283			market-researcher \| valuation-agent \| as-of:
32	Projected EBITDA	7,823.90	8,447.60	9,035.20	9,396.60	9,678.50			market-researcher \| valuation-agent \| as-of:
33	Projected D&A
34	Projected EBIT	6,899.20	7,458.30	7,905.80	8,222	8,468.70			market-researcher \| valuation-agent \| as-of:
35	Tax on EBIT
36	NOPAT (EBIT × (1-t))	4,260.30	4,605.50	4,881.80	5,077.10	5,229.40			market-researcher \| valuation-agent \| as-of:
37	(+) D&A
38	(-) Capital Expenditures
39	(-) Change in NWC
40	Unlevered Free Cash Flow (UFCF)	3,357.10	3,619	4,180.10	4,476.90	4,635.40			market-researcher \| valuation-agent \| as-of:
41
42	─ Terminal Value ─
43	TV: Perpetuity Growth Method	52,909.60							market-researcher \| valuation-agent \| as-of:
44	TV: Exit Multiple Method	87,106.20							market-researcher \| valuation-agent \| as-of:
45	TV Divergence (%)
46	Selected Terminal Value (avg)	52,909.60							market-researcher \| valuation-agent \| as-of:
47	Implied TV / EBITDA_5
48	Terminal Value as % of EV	67.9%							market-researcher \| valuation-agent \| as-of:
49
50	─ Present Value & Equity Bridge ─
51	Discount Factor (1/(1+WACC)^n)
52	PV of UFCF	3,011.40	2,912	3,017.20	2,898.60	2,692.20			market-researcher \| valuation-agent \| as-of:
53	Sum of PV of UFCFs	14,531.30							market-researcher \| valuation-agent \| as-of:
54	PV of Terminal Value	30,729.10							market-researcher \| valuation-agent \| as-of:
55	Enterprise Value (EV)	45,260.40							market-researcher \| valuation-agent \| as-of:
56	(-) Net Debt (latest)	2,446.10							market-researcher \| valuation-agent \| as-of:
57	(-) Minority Interest	66.80							market-researcher \| valuation-agent \| as-of:
58	(+) Non-operating Assets
59	Equity Value	42,747.50							market-researcher \| valuation-agent \| as-of:
60	Diluted Shares Outstanding (M)	826.1							Market share count (SEC EDGAR Q1'26 10-Q cover) — divisor of the per-share fair values; see market_data.json
61	DCF Fair Value / Share	51.75							market-researcher \| valuation-agent \| as-of:
62	Upside / Downside vs Price	-70.1%							market-researcher \| valuation-agent \| as-of:
63
64	3a. DCF — BEAR CASE
65		Year 1	Year 2	Year 3	Year 4	Year 5	Terminal
66	─ BEAR Assumptions ─
67	Revenue Growth Rate								Bear case = standard adjustments to base (growth −2pp, EBITDA margin −1pp, TGR −0.5pp), fully documented in valuation_assumptions.json; output at B88
68	EBITDA Margin
69	D&A / Revenue
70	CapEx / Revenue
71	Change in NWC / Revenue
72	Effective Tax Rate
73	Terminal Growth Rate
74	Exit EV/EBITDA Multiple
75
76	─ BEAR Projected UFCF ─
77	Projected Revenue
78	Projected EBITDA
79	Projected EBIT
80	UFCF
81
82	TV (Perpetuity Growth)
83	TV (Exit Multiple)
84	Selected TV (avg)
85	PV of UFCFs
86	PV of Terminal Value
87	Enterprise Value
88	BEAR DCF Fair Value / Share	44.83							market-researcher \| valuation-agent \| as-of:
89
90	3b. DCF — BULL CASE
91		Year 1	Year 2	Year 3	Year 4	Year 5	Terminal
92	─ BULL Assumptions ─
93	Revenue Growth Rate								Bull case = mirror adjustments (+2pp/+1pp/+0.5pp); output at B114
94	EBITDA Margin
95	D&A / Revenue
96	CapEx / Revenue
97	Change in NWC / Revenue
98	Effective Tax Rate
99	Terminal Growth Rate
100	Exit EV/EBITDA Multiple
101
102	─ BULL Projected UFCF ─
103	Projected Revenue
104	Projected EBITDA
105	Projected EBIT
106	UFCF
107
108	TV (Perpetuity Growth)
109	TV (Exit Multiple)
110	Selected TV (avg)
111	PV of UFCFs
112	PV of Terminal Value
113	Enterprise Value
114	BULL DCF Fair Value / Share	59.86							market-researcher \| valuation-agent \| as-of:
115
116	4. MULTIPLES-BASED VALUATION
117	Method	Company Metric	Target Multiple	Implied EV or Equity	Per Share FV
118	P/E × EPS		22.0						market-researcher \| valuation-agent \| as-of:
119	EV/EBITDA × EBITDA		12.0						market-researcher \| valuation-agent \| as-of:
120	EV/EBIT × EBIT		13.5						market-researcher \| valuation-agent \| as-of:
121	P/FCF × FCF/Share		25.0						market-researcher \| valuation-agent \| as-of:
122	FCF Yield → Price		4.0%						market-researcher \| valuation-agent \| as-of:
123
124	5. REVERSE DCF — IMPLIED GROWTH AT CURRENT PRICE
125	Current Market Cap ($M)
126	Current Enterprise Value ($M)
127	Latest UFCF ($M, proxy = FCF)
128	Assumed margin stable at (%)
129	Terminal Growth (same as Base)
130	Implied Perpetuity Growth Rate
131	Interpretation	If implied g > terminal g, market expects above-trend growth
132
133	6. COMPOSITE FAIR VALUE
134	Method	Bear	Base	Bull	Weight
135	DCF (Section 2/3)	44.83	51.75	59.86	25.0%				market-researcher \| valuation-agent \| as-of:
136	P/E Relative (Section 4)	97.99	115.28	132.57	25.0%				market-researcher \| valuation-agent \| as-of:
137	EV/EBITDA Relative (Section 4)	94.13	111.28	128.43	25.0%				market-researcher \| valuation-agent \| as-of:
138	FCF Yield (Section 4)	90.18	103.70	122.00	25.0%				market-researcher \| valuation-agent \| as-of:
139
140	Weighted FV / Scenario
141	Scenario Probability
142
143	COMPOSITE FAIR VALUE	81.78	95.50	110.72					market-researcher \| valuation-agent \| as-of:
144	Current Share Price	172.97
145	Upside / Downside	-44.8%							market-researcher \| valuation-agent \| as-of:
146
147	7. SENSITIVITY: WACC × TERMINAL GROWTH → DCF FV/SHARE
148	WACC \ TGR	\| WACC \ TGR \| 1.50% \| 2.00% \| 2.50% \| 3.00% \| 3.50% \| \|---\|---\|---\|---\|---\|---\| \| 10.48% \| 53.6 \| 56.0 \| 58.8 \| 62.0 \| 65.6 \| \| 10.98% \| 50.5 \| 52.6 \| 55.1 \| 57.8 \| 60.9 \| \| 11.48% \| 47.7 \| 49.6 \| 51.7 \| 54.1 \| 56.8 \| \| 11.98% \| 45.2 \| 46.9 \| 48.8 \| 50.9 \| 53.2 \| \| 12.48% \| 42.9 \| 44.4 \| 46.1 \| 48.0 \| 50.0 \|							market-researcher \| valuation-agent \| as-of:
149
150
151
152
153
154
155
156
157
158
159	7b. SENSITIVITY: WACC × EXIT MULTIPLE → DCF FV/SHARE
160	WACC \ Exit Mult	\| WACC \ Exit EV/EBITDA \| 7.0x \| 8.0x \| 9.0x \| 10.0x \| 11.0x \| \|---\|---\|---\|---\|---\|---\| \| 10.48% \| 64.9 \| 72.0 \| 79.1 \| 86.2 \| 93.3 \| \| 10.98% \| 63.5 \| 70.5 \| 77.4 \| 84.4 \| 91.3 \| \| 11.48% \| 62.2 \| 69.0 \| 75.8 \| 82.6 \| 89.4 \| \| 11.98% \| 60.9 \| 67.5 \| 74.2 \| 80.9 \| 87.5 \| \| 12.48% \| 59.6 \| 66.1 \| 72.7 \| 79.2 \| 85.7 \|							market-researcher \| valuation-agent \| as-of:
161
162
163
164
165
166
167
168
169
170
171
172	8. VERDICT
173	Rating (BUY / ADD / HOLD / REDUCE / SELL)	SELL							market-researcher \| valuation-agent \| as-of:
174	12-Month Target Price	95.50
175	Conviction (High / Moderate / Low)	Medium							market-researcher \| valuation-agent \| as-of:
176	Key Catalyst (with timeframe)
177	Key Risk (with quantified downside)
178	Thesis Summary (1-2 sentences)
179
180	─ Scenario Multiple Inputs ─
181	P/E Multiple (Bear)
182	P/E Multiple (Bull)
183	EV/EBITDA Multiple (Bear)
184	EV/EBITDA Multiple (Bull)
185	FCF Yield (Bear)
186	FCF Yield (Bull)

	A	B	C	D	E	F	G	H	I	J	K	L
1
2	Colour key:
3	Period
4	Gross Margin	42.0%	43.6%	51.1%	52.0%	50.5%	50.8%	64.4%	53.7%	52.6%	57.7%	60.1%
5	EBITDA Margin	38.1%	41.1%	49.4%	50.1%	48.3%	48.8%	62.8%	52.1%	50.8%	56.0%	58.6%
6	Operating Margin	28.0%	29.1%	39.4%	40.6%	37.8%	39.1%	55.5%	44.1%	42.4%	48.6%	52.2%
7	Net Margin	14.6%	14.4%	11.0%	21.7%	20.4%	19.7%	31.1%	26.3%	24.5%	29.5%	32.3%
8	FCF Margin	-5.4%	-3.6%	14.3%	15.7%	16.5%	27.5%	31.1%	18.5%	25.9%	29.7%	25.5%
9
10	RETURNS
11	Period
12	ROE	13.9%	13.9%	12.1%	24.2%	22.1%	22.3%	44.2%	32.5%	31.3%	40.7%	42.9%
13	ROA	5.8%	6.0%	5.4%	11.0%	9.7%	9.4%	19.3%	14.8%	14.3%	19.1%	21.6%
14	ROIC	10.2%	11.1%	7.4%	15.0%	14.3%	15.2%	31.1%	23.1%	20.8%	28.4%	34.7%
15	Interest Coverage			7.3	8.0	7.4	7.9	15.6	11.5	11.1	14.8	16.8
16	Debt / Equity	1.1	1.0	1.0	0.9	1.0	0.9	0.8	0.8	0.8	0.7	0.6
17	Current Ratio	2.7	2.6	2.7	2.6	2.8	3.5	2.7	4.2	3.2	2.7	3.9
18	Total Debt / EBITDA	3.1	2.7	1.8	1.7	2.0	1.7	1.0	1.2	1.2	1.0	0.9
19
20	GROWTH RATES (YoY)
21	Period
22	Revenue Growth		6.6%	23.7%	6.6%	2.7%	9.6%	36.9%	-8.1%	-1.5%	15.5%	17.4%
23	EBITDA Growth		14.9%	48.8%	8.1%	-1.1%	10.8%	76.4%	-23.9%	-3.9%	27.4%	23.0%
24	EPS Growth				112.8%	-4.0%	5.7%	116.3%	-22.3%	-10.6%	38.0%	24.5%
25	Net Income Growth		5.6%	-6.2%	111.7%	-3.7%	5.7%	116.4%	-22.3%	-8.1%	39.2%	28.4%
26	FCF Growth		27.4%	586.7%	16.8%	8.2%	81.9%	55.1%	-45.5%	38.3%	32.4%	1.0%
27
28	PER SHARE METRICS
29	Period
30	Book Value / Share	6.60	7.51	7.87	8.47	8.78	9.25	10.54	10.46	9.33	11.42	13.35
31	FCF / Share	-0.34	-0.25	1.22	1.43	1.54	2.81	4.40	2.40	3.22	4.23	4.15
32	Revenue / Share	6.28	6.88	8.52	9.09	9.33	10.22	14.14	13.00	12.44	14.24	16.24
33
34	SOLVENCY & CAPITAL STRUCTURE
35	Period
36	Primary Structure Margin ($M)
37	Primary Structure Ratio
38	Secondary Structure Margin ($M)
39	Secondary Structure Ratio
40	Degree of Asset Rigidity
41	Financial Autonomy (Equity)
42	Financial Autonomy (LT Debt)
43	Financial Autonomy (ST Debt)
44	Debt Index
45
46	LIQUIDITY RATIOS
47	Period
48	Working Capital ($M)
49	Quick Ratio
50	Quick Margin ($M)
51	Cash Ratio
52	Cash Margin ($M)
53	Immediate Liquidity Index
54	Inventory Index
55
56	EFFICIENCY & ACTIVITY RATIOS
57	Period
58	Inventory Turnover	3.4	3.3	3.2	3.3	3.4	3.9	4.1	4.7	4.6	4.7	5.1
59	Days Inventory Outstanding	106.8	112.3	115.1	111.1	106.4	93.8	90.1	78.0	79.1	77.9	71.8
60	Receivables Turnover	9.2	8.8	8.1	7.3	7.7	8.1	9.0	7.3	7.8	9.8	8.5
61	Days Sales Outstanding	39.9	41.4	45.1	50.1	47.2	45.3	40.5	50.0	46.8	37.2	42.7
62	Payables Turnover	4.5	4.9	5.2	5.1	5.7	6.6	6.6	7.4	7.2	7.6	7.3
63	Days Payables Outstanding	80.7	74.0	69.8	71.4	64.3	55.4	55.6	49.1	51.0	47.8	50.3
64	Cash Conversion Cycle (days)	66.0	79.6	90.4	89.8	89.3	83.6	75.0	78.9	74.8	67.3	64.2
65
66	VALUATION & SHAREHOLDER METRICS
67	Period
68	Return on Capital (ROC)
69	Gross ROE (EBIT/Equity)
70	Hard Assets / Share (PP&E + Cash)
71	Tangible Book Value / Share
72	Asset Turnover	0.40	0.41	0.48	0.50	0.44	0.47	0.60	0.58	0.59	0.61	0.63
73	Dividend Payout Ratio	36.8%	17.9%	62.6%	70.1%	83.2%	73.9%	72.8%	102.6%	127.5%	48.5%	57.3%
74	SBC / Revenue
75	SBC / FCF
76	FCF Conversion (FCF/NI)	-36.7%	-25.2%	130.9%	72.2%	81.1%	139.6%	100.1%	70.3%	105.7%	100.5%	79.1%
77	CapEx / Revenue	22.8%	20.8%	15.4%	15.8%	9.7%	7.4%	8.2%	9.4%	10.2%	9.0%	9.9%
78	CapEx / D&A	2.3	1.7	1.5	1.7	0.9	0.8	1.1	1.2	1.2	1.2	1.5
79	Intangibles / Total Assets
80	Net Debt / EBITDA	2.9	2.4	1.5	1.4	1.4	1.1	0.5	0.8	1.0	0.5	0.3
81	Effective Tax Rate			68.3%	40.4%	38.8%	42.8%	40.4%	37.6%	38.4%	36.9%	36.4%
82
83
84	SHAREHOLDER METRICS
85	Period
86	Dividend Per Share	0.34	0.18	0.58	1.39	1.58	1.49	3.20	3.50	3.89	2.04	3.01
87	Dividend Yield (on current price)	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.02	0.02	0.01	0.02
88	SBC / Net Income			2.7%	1.4%	1.5%	1.4%	0.7%	0.9%
89	Buyback Yield	0.7%	0.1%
90	Total Shareholder Return Yield	0.9%	0.2%	0.3%	0.8%	0.9%	0.9%	1.8%	2.0%	2.2%	1.2%	1.7%
91	Price / Tangible Book
92
93	VALUATION MULTIPLES (at current price)
94	Period
95	P/E			184.0	86.5	90.1	85.2	39.4	50.7	56.7	41.1	33.0
96	P/S	27.5	25.1	20.3	19.0	18.5	16.9	12.2	13.3	13.9	12.1	10.7
97	P/B	26.21	23.04	21.97	20.43	19.70	18.70	16.41	16.54	18.54	15.14	12.95
98	P/FCF	-514.4	-690.1	141.6	121.3	112.1	61.6	39.3	72.1	53.6	40.9	41.7
99	EV/EBITDA	75.1	63.7	42.6	39.4	39.8	35.8	20.0	26.4	28.4	22.2	18.5
100	EV/EBIT	102.3	90.0	53.5	48.7	50.9	44.7	22.6	31.1	34.0	25.6	20.8
101	FCF Yield	-0.2%	-0.1%	0.7%	0.8%	0.9%	1.6%	2.5%	1.4%	1.9%	2.4%	2.4%
102	Earnings Yield			0.5%	1.2%	1.1%	1.2%	2.5%	2.0%	1.8%	2.4%	3.0%
103	PEG Ratio (3Y / 5Y / 10Y EPS CAGR)
104
105	ALTMAN Z-SCORE
106	Period
107	X1: Working Capital / TA	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.3
108	X2: Retained Earnings / TA	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.3
109	X3: EBIT / TA (GAAP)	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3
110	X4: Equity / TL (book proxy)	0.7	0.8	0.8	0.9	0.7	0.7	0.8	0.9	0.8	1.0	1.1
111	X5: Revenue / TA	0.4	0.4	0.5	0.5	0.4	0.5	0.6	0.6	0.6	0.6	0.6
112	Altman Z-Score	1.9	2.0	2.4	2.5	2.2	2.3	3.0	2.9	2.7	2.9	3.1
113	Zone (>2.99=Safe, 1.81-2.99=Gray, <1.81=Distress)
114	Z-Score (Mkt Equity X4)
115
116	DUPONT DECOMPOSITION (ROE = Margin × Turnover × Leverage)
117	Period
118	Net Profit Margin (NI/Rev)	14.6%	14.4%	11.0%	21.7%	20.4%	19.7%	31.1%	26.3%	24.5%	29.5%	32.3%
119	Asset Turnover (Rev/TA)	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.7
120	Equity Multiplier (TA/Eq)	2.4	2.3	2.2	2.2	2.3	2.4	2.3	2.2	2.2	2.1	2.0
121	DuPont ROE (check)	13.9%	13.9%	12.1%	24.2%	22.1%	22.3%	44.2%	32.5%	31.3%	40.7%	42.9%
122	─ 5-Factor DuPont ─
123	Tax Burden (NI / PreTax)			0.3	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
124	Interest Burden (PreTax / EBIT)			0.9	0.9	0.9	0.9	0.9	1.0	0.9	1.0	1.0
125	EBIT Margin (EBIT / Rev)	28.0%	29.1%	39.4%	40.6%	37.8%	39.1%	55.5%	44.1%	42.4%	48.6%	52.2%
126	5-Factor DuPont ROE (check)
127
128	QUARTERLY TREND ANALYSIS
129
130	Revenue QoQ
131	Net Income QoQ
132	EPS QoQ
133	EBITDA QoQ
134	FCF QoQ
135
136	─ Year-over-Year (Quarter) ─
137	Revenue YoY-Q
138	Net Income YoY-Q
139	EPS YoY-Q
140	EBITDA YoY-Q
141	FCF YoY-Q
142
143	─ Quarterly Margins ─
144	Gross Margin (Q)
145	EBITDA Margin (Q)
146	Operating Margin (Q)
147	Net Margin (Q)
148	FCF Margin (Q)
149
150
151	COMPOUND ANNUAL GROWTH RATES (CAGR)
152	Metric	3Y CAGR	5Y CAGR	10Y CAGR
153	Revenue	10.1%	10.9%	10.3%
154	EBITDA	14.6%	15.1%	15.1%
155	Net Income	18.0%	22.5%	19.4%
156	Diluted EPS	15.4%	20.9%
157	Free Cash Flow	22.7%	9.3%
158	Operating Cash Flow	19.2%	11.3%	18.4%
159	Dividends / Share	-4.9%	15.1%	24.4%
160	Shares Outstanding	2.3%	1.1%	0.3%
161
162
163
164
165
166
167
168
169	RECONCILIATION CHECKS
170	Period
171	EBITDA ≠ EBIT+D&A? (should be 0)
172	NI ≠ PreTax-Tax? (non-zero = other inc/exp)
173	Equity = Assets - Liabilities? (should be 0)
174
175	VALUATION MULTIPLES (at period-end price)
176	Period
177	P/E (historical)
178	P/S (historical)
179	P/B (historical)
180	P/FCF (historical)
181	EV/EBITDA (historical)
182	EV/EBIT (historical)
183	FCF Yield (historical)
184	Earnings Yield (historical)
185	Dividend Yield (historical)

	A	B	C	D	E	F	H	M
1	Peer Comparison Data
2	Company	Freeport-McMoRan Inc.	Teck Resources Limited	Hudbay Minerals Inc.	Capstone Copper Corp.	Computed	Analyst input	market-researcher \| peer-researcher \| as-of:
3	Ticker	FCX	TECK	HBM	CMMC			market-researcher \| peer-researcher \| as-of:
4	Accounting Std.	US GAAP	IFRS	IFRS	IFRS			market-researcher \| peer-researcher \| as-of:
5	Fiscal Year End	December	December	December	December			market-researcher \| peer-researcher \| as-of:
6	Filing Type	10-K	40-F	40-F	Annual FS (SEDAR+)			market-researcher \| peer-researcher \| as-of:
7	Period	FY2025	FY2025	FY2025	FY2025			market-researcher \| peer-researcher \| as-of:
8	P&L METRICS
9
10	Revenue ($M)	25,915.0	7,694.9	2,211.0	2,359.9			market-researcher \| peer-researcher \| as-of:
11	EBIT Margin	25.2	20.9	41.5	29.9			market-researcher \| peer-researcher \| as-of:
12	EBITDA Margin	33.8	37.2	61.3	50.3			market-researcher \| peer-researcher \| as-of:
13	Net Margin	8.5	13.0	25.7	13.4			market-researcher \| peer-researcher \| as-of:
14	Gross Margin	28.2	24.7	33.6				market-researcher \| peer-researcher \| as-of:
15	FCF Margin	4.3	-3.3	10.9	7.0			market-researcher \| peer-researcher \| as-of:
16	RETURNS & EFFICIENCY
17	ROIC	11.7	5.8	15.4	11.2			market-researcher \| peer-researcher \| as-of:
18	ROE	11.7	5.6	17.6	9.3			market-researcher \| peer-researcher \| as-of:
19	ROA	3.8	3.1	9.1	4.4			market-researcher \| peer-researcher \| as-of:
20	Asset Turnover	0.45	0.24	0.36	0.33			market-researcher \| peer-researcher \| as-of:
21	LEVERAGE
22	Net Debt / EBITDA	0.63	-0.28	0.32	0.60			market-researcher \| peer-researcher \| as-of:
23	Debt / Equity	0.50	0.16	0.31	0.30			market-researcher \| peer-researcher \| as-of:
24	Interest Coverage	17.7	2.5	15.1	4.8			market-researcher \| peer-researcher \| as-of:
25	Current Ratio	2.29	2.54	0.95	1.20			market-researcher \| peer-researcher \| as-of:
26	VALUATION MULTIPLES
27	EV / EBITDA	11.0	10.3	7.8	6.8			market-researcher \| peer-researcher \| as-of:
28	P / E	41.7	30.5	17.8	23.4			market-researcher \| peer-researcher \| as-of:
29	FCF Yield	1.2	-0.9	2.4	2.3			market-researcher \| peer-researcher \| as-of:
30	WORKING CAPITAL
31	Days Sales Outstanding	13.8	87.0	62.4	54.6			market-researcher \| peer-researcher \| as-of:
32	Days Inventory Outstanding	146.9	123.8	49.5	54.7			market-researcher \| peer-researcher \| as-of:
33	Days Payables Outstanding	89.5	153.4	85.2	101.4			market-researcher \| peer-researcher \| as-of:
34	Cash Conversion Cycle	71.2	57.4	26.7	7.9			market-researcher \| peer-researcher \| as-of:
35	CapEx / Revenue	17.3	17.1	21.1	22.0			market-researcher \| peer-researcher \| as-of:
36
37
38
39
40
41
42
43
44
45
46
47
48
49	DATA QUALITY FLAGS
50	Revenue	OK	IFRS_TRANSLATED	IFRS	IFRS			market-researcher \| peer-researcher \| as-of:
51	EBIT Margin	OK	IFRS	IFRS_IMPAIRMENT_REVERSAL	IFRS_IMPAIRMENT_REVERSAL			market-researcher \| peer-researcher \| as-of:
52	EBITDA Margin							market-researcher \| peer-researcher \| as-of:
53	Net Margin							market-researcher \| peer-researcher \| as-of:
54	Gross Margin							market-researcher \| peer-researcher \| as-of:
55	FCF Margin							market-researcher \| peer-researcher \| as-of:
56	ROIC							market-researcher \| peer-researcher \| as-of:
57	ROE							market-researcher \| peer-researcher \| as-of:
58	ROA							market-researcher \| peer-researcher \| as-of:
59	Asset Turnover							market-researcher \| peer-researcher \| as-of:
60	Net Debt / EBITDA							market-researcher \| peer-researcher \| as-of:
61	EV / EBITDA	MARKET_SOURCED	MARKET_SOURCED_IFRS_TRANSLATED	MARKET_SOURCED	MARKET_SOURCED			market-researcher \| peer-researcher \| as-of:
62	P / E							market-researcher \| peer-researcher \| as-of: