Added to YB: 2026-04-24
Pitch date: 2026-04-22
FRES.L [neutral]
Fresnillo plc
-9.14%
current return
Author Info
No bio for this author
Company Info
Fresnillo plc mines, develops, and produces non-ferrous minerals in Mexico. It operates through seven segments: Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, and Juanicipio.
Market Cap
GBP 31.3B
Pitch Price
GBP 34.62
Price Target
N/A
Dividend
3.03%
EV/EBITDA
7.46
P/E
13.73
EV/Sales
5.01
Sector
Metals and Mining
Category
turnaround
Fresnillo Plc (LON:FRES) - Part 1
FRES.L (deep dive): World's largest primary silver producer posted 80.7% EBITDA growth to $2.8B on silver +51%, gold +44%. But silver production fell 13.5%, reserves shrank 8.5%, 2026 guidance lower than 2025 deliveries. Price moves contributed $1.4B rev growth vs $441M volume drag. Herradura turnaround successful, Juanicipio strong but finite (8.6yr life), Saucito/Fresnillo improving but incomplete. Peso FX & asset closures flatter costs; true operational gains ~1% of base. Resources valued at $2,300 gold/$30 silver vs spot prices.
Read full article (9 min)