Financials Metals Acquisition Limited

Equities

MTAL

JE00BQBC8469

Specialty Mining & Metals

End-of-day quote Nyse Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
14.14 ^USD	+2.54%		+8.60%	+14.40%

May. 21	BMO Capital Downgrades Metals Acquisition to Market Perform From Outperform, Adjusts Price Target to $12 From $13	MT
May. 01	Metals Acquisition Limited Announces Appointment of Leanne Heywood as Non-Executive Director to the Board of Directors and Chris Rosario to Joint Company Secretary	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	620.9	980.7	-	-
Enterprise Value (EV) ¹	1,037	1,088	1,019	874.6
P/E ratio	-2.56 x	-96.5 x	44.5 x	25.2 x
Yield	-	-	-	-
Capitalization / Revenue	3.91 x	2.89 x	2.48 x	2.19 x
EV / Revenue	6.52 x	3.21 x	2.58 x	1.96 x
EV / EBITDA	31.5 x	6.73 x	4.93 x	3.44 x
EV / FCF	-37.7 x	39.5 x	10.9 x	4.98 x
FCF Yield	-2.66%	2.53%	9.2%	20.1%
Price to Book	-	2.15 x	2.14 x	2.09 x
Nbr of stocks (in thousands)	50,237	69,354	-	-
Reference price ²	12.36	14.14	14.14	14.14
Announcement Date	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	159	338.8	395.2	447.3
EBITDA ¹	-	32.92	161.8	206.7	254.6
EBIT ¹	-	-13.8	73.21	112	159.2
Operating Margin	-	-8.68%	21.61%	28.35%	35.59%
Earnings before Tax (EBT) ¹	-4.743	-159.6	16.1	78.4	126.2
Net income ¹	-4.743	-144.6	5.515	38.08	66.51
Net margin	-	-90.92%	1.63%	9.64%	14.87%
EPS ²	-	-4.830	-0.1465	0.3180	0.5610
Free Cash Flow ¹	-	-27.54	27.56	93.76	175.6
FCF margin	-	-17.32%	8.14%	23.72%	39.26%
FCF Conversion (EBITDA)	-	-	17.03%	45.35%	68.99%
FCF Conversion (Net income)	-	-	499.76%	246.19%	264.03%
Dividend per Share	-	-	-	-	-
Announcement Date	3/24/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	55	-	-	-	-
EBITDA ¹	18	26	29	35	34
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	-	-	-
Net margin	-	-	-	-	-
EPS	-	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	-	-	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	417	108	38.6	-
Net Cash position ¹	-	-	-	-	106
Leverage (Debt/EBITDA)	-	12.65 x	0.6663 x	0.1868 x	-
Free Cash Flow ¹	-	-27.5	27.6	93.8	176
ROE (net income / shareholders' equity)	-	-53.9%	0.94%	7%	10.6%
ROA (Net income/ Total Assets)	-	-	0.8%	4.2%	7.1%
Assets ¹	-	-	689.3	906.8	936.8
Book Value Per Share ²	-	-	6.580	6.610	6.750
Cash Flow per Share ²	-	-0.0800	1.660	2.300	3.110
Capex ¹	-	25.2	47.4	51.1	45.1
Capex / Sales	-	15.82%	13.99%	12.92%	10.09%
Announcement Date	3/24/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Metals Acquisition Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.14 USD

Average target price

15.35 USD

Spread / Average Target

+8.54%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Copper Ore Mining

	1st Jan change	Capi.
METALS ACQUISITION LIMITED	+14.40%	981M
PT AMMAN MINERAL INTERNASIONAL TBK	+60.31%	47.6B
ANTOFAGASTA PLC	+43.50%	29.97B
SOCIEDAD MINERA CERRO VERDE S.A.A.	+15.07%	14.7B
FIRST QUANTUM MINERALS LTD.	+84.33%	11.8B
KGHM POLSKA MIEDZ	+38.26%	8.69B
TONGLING NONFERROUS METALS GROUP CO.,LTD.	+27.44%	7.62B
KATANGA MINING LIMITED	+19.23%	6.98B
CAPSTONE COPPER CORP.	+73.64%	6.2B
HINDUSTAN COPPER LIMITED	+45.85%	4.51B

Copper Ore Mining