EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Capstone Mining (CS CN) Canada

Materials

Global Mining Research

There is a lot to like regarding Capstone's proposed US$1.3bn merger with Mantos Copper - it delivers meaningful scale and makes the new group very much a Chilean-focussed copper producer (Mantos Blancos and Mantoverde projects add ~100kt/yr of copper). There are also clear district level synergies with Mantoverde and the Santo Domingo development project only ~30km apart. The deal appears accretive to NPV (+9%) and 2023E EPS (+19%) and CFPS (+25%). CS at 1.0x P/NPV is attractively priced vs. midcap peers.

Edition: 125

- 10 December, 2021