SSR Mining "Value trap or re-rating to come?" (Buy) Eadie

研报英文原文证据摘录

SSR Mining "Value trap or re-rating to come?" (Buy) Eadie

Global Research

30 June 2026ab

SSR Mining Equities

AmericasValue trap or re-rating to come?

Mining

12-month rating Buy

Turkey exit re-rate & >$2bn cash/royalties vs outperformance & guidance risks

SSR announced last week the closing of the Copler sale for $1.49bn cash, marking a 12m price target C$56.00

pivotal portfolio reset that removes a major overhang (jurisdictional + closure). The Hod

Maden sale is on track to close during 3Q26, marking not only a portfolio shift back to

Price (30 Jun 2026) C$40.30

the Americas (~85% NAV), but equally importantly, the potential for growing

shareholder returns and M&A to become the focus. SSR is now >$1.7bn net cash (and RIC: SSRM.TO BBG: SSRM CN

growing with $2bn cash & royalty portfolio), we expect the $500m currently approved

Trading data and key metrics

in buybacks are completed relatively quickly, with potential M&A bolstering the

52-wk range C$49.01-16.22

~500kozpa AuEq production base. We see meaningful upside to the shares as investors

become more familiar with the story, driven by buybacks now the Copler sale has closed Market cap. C$8.14b/US$5.74b

alongside compelling valuation support. While the pullback of commodity prices clearly Shares o/s 202m (ORD)

hurts valuation, at spot we estimate the shares trade at ~4x 2027E EV/EBITDA and Free float 99%

>10% forward FCF. A robust balance sheet mitigates downside, and while 2Q will likely Avg. daily volume ('000) 476

be soft and guidance is starting to look slightly stretched and 4Q grade dependent, the Avg. daily value (m) C$20.2

risk vs reward is still compelling in our view. Bloomberg consensus of 4.8x/3.6x Common s/h equity (12/26E) US$3.74b

2026/27E EV/EBITDA does not include latest cash proceeds (see Figure 3).