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Southern Copper Corp. (SCCO.N) Conference Call Summary Company Overview - Company: Southern Copper Corp. (SCCO.N) - Industry: Metals & Mining - Region: Latin America, specifically Peru Key Financial Metrics - Current Stock Price: US$138.29 (as of November 3, 2025) [2] - Price Target: US$132.00 [5] - 52-Week Range: US$144.77 - US$73.38 [2] - Fiscal Year Ending: December 2024, with estimates for 2025 to 2027 [2] - Earnings Per Share (EPS): - 2025e: US$5.14 - 2026e: US$5.32 - 2027e: US$4.53 [2] Investment Thesis - Rating: Equal-weight [2] - Rationale: Attractive high dividends supported by elevated copper prices, but valuation is considered stretched [11] - Valuation Metrics: - EV/EBITDA multiple of 14.3x, which is 1.75 standard deviations above the 5-year historical average [5] - Current trading multiples are above the 5-year average, with EV/EBITDA at 10.8x and P/E at 20.0x [11] Market Conditions and Projections - Copper Price Projections: - Bull Case: LME Copper price averages $5.63/lb in 2026e [9] - Base Case: LME Copper price averages $4.83/lb in 2026e, with production reaching 899Kt at a cash cost of $2.18/lb [10] - Bear Case: LME Copper price averages $3.96/lb in 2026e, with potential recession impacting demand [14] - Production Volumes: - 2026e Copper production: 899Kt [10] - Cash cost per lb: $2.18 [16] Risks and Opportunities - Upside Risks: - Global economic improvement leading to increased copper demand [20] - Better-than-expected political scenario in Mexico [20] - Higher production volumes and commodity prices [20] - Downside Risks: - Slower-than-expected demand for metals [20] - Capacity expansion below forecasts and higher costs eroding margins [20] - Long-lasting strikes and changes in mining regulations [20] Consensus and Analyst Ratings - Consensus Rating Distribution: - 18% Overweight - 64% Equal-weight - 18% Underweight [13] Conclusion Southern Copper Corp. presents a mixed investment outlook with attractive dividends and strong copper price support, but faces valuation concerns and potential risks from market conditions and operational challenges. The company is positioned well within the Latin American metals and mining sector, but investors should remain cautious of the broader economic impacts on demand and production costs.