Compania de Minas Buenaventura S.A: 2Q26 Strong Realized Prices Offset Weak Shipments; Mixed 2026 Guidance Revisions

研报英文原文证据摘录

Compania de Minas Buenaventura S.A: 2Q26 Strong Realized Prices Offset Weak Shipments; Mixed 2026 Guidance Revisions

Update

July 16, 2026 11:49 PM GMT

Morgan Stanley & Co. LLCMCompania de Minas Buenaventura S.A | Latin Carlos De Alba

America Equity Analyst

Carlos.De.Alba@morganstanley.com +1 212 761-4927

Justin A Ferrer

Research Associate2Q26 Strong Realized Prices Justin.Ferrer@morganstanley.com +1 212 761-5246

Morgan Stanley C.T.V.M. S.A.+

Offset Weak Shipments; Mixed Henrique Braga

Research Associate

Henrique.Braga@morganstanley.com +55 11 3048-61982026 Guidance Revisions

Compania de Minas Buenaventura S.A. (BVN.N, BVN UN)

Latin America Metals & Mining | Peru

Stock Rating Overweight

Industry View No Rating

Key Takeaways Price target US$34.50

Shr price, close (Jul 16, 2026) US$30.17

2026 production guidance revised up for silver, lead and zinc, but down for gold. Mkt cap, curr (mm) US$7,663

52-Week Range US$44.46-16.11

Company is still struggling with San Gabriel ramp-up and yet again cut 2026 gold

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

output guidance.

EPS (US$)** 3.11 4.33 4.03 3.72

Shipments across all metals missed our estimates, except for copper. Realized Prior EPS (US$)** - - - -

P/E 8.9 7.0 7.5 8.1

prices for silver and copper came above our forecasts. EPS (US$)§ 2.42 4.40 4.12 3.92

Div yld (%) 1.6 5.5 2.7 2.5

On a preliminary basis, reported operating figures suggest potential upside to our

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

2Q26 revenue estimate due to higher realized prices despite lower shipments. framework

** = Based on consensus methodology

We see modest upside to our 2Q26 EBITDA estimate of US$312m. § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates