Since you mentioned Lundin, which has a pretty similar production palette, I’ll put its Q3 summary here as well:
If you look at the 9-month figures, the pace has been quite strong. For example, in US dollars, EPS went from 0.16 to 0.73, and net cash from -124 to +391. Cash flow is therefore at a very strong level, and Q4 should be the best quarter of the year, meaning EPS will likely exceed a dollar.
Here are DNB’s forecasts for both companies:
EV/EBITDA forecasts are even below 3, so it’s a bit difficult to understand such a low valuation.
Well, I am personally so convinced of the impact of the green transition on base metals that I strongly believe in both of these horses, even though Lundin currently has by far the larger stake.