Sector: Copper mining
COMM_ANTO
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | PARTIAL | 4479.0 y/y 17.9% | 1896.5 y/y 48.8% | 733.5 y/y -14.5% | 2630.0 y/y 23.3% | 847.3 y/y 62.4% | 2772.9 | — | — y/y — | — y/y — | — | -1194.8 | Link |
| 2025-12-31 | H2 2025 (6M) | OK | 4820.9 y/y — | 2127.8 y/y — | 837.7 y/y — | 2965.5 y/y — | 807.3 y/y — | 1259.6 | -3449.9 | 26418.4 y/y 16.7% | 10370.1 y/y 9.6% | — | 4194.8 | Yahoo Finance |
| 2025-06-30 | H1 2025 (6M) | PARTIAL | 3799.4 y/y — | 1274.8 y/y — | 857.7 y/y — | 2132.5 y/y — | 521.6 y/y — | 1812.0 | — | — y/y — | — y/y — | — | ≈ 3000.1 | Link |
| 2024-12-31 | FY 2024 (12M) | OK | 6613.4 y/y 4.6% | 1662.7 y/y -8.1% | 1568.2 y/y 29.5% | 3230.9 y/y 7.0% | 829.4 y/y -0.7% | 2285.3 | -2081.6 | 22634.9 y/y 15.2% | 9462.2 y/y 5.7% | 9.0% | 3000.1 | Yahoo Finance |
| 2023-12-31 | FY 2023 (12M) | OK | 6324.5 y/y — | 1808.5 y/y — | 1211.3 y/y — | 3019.8 y/y — | 835.1 y/y — | 2333.0 | -2093.0 | 19647.2 y/y — | 8951.9 y/y — | — | 3207.3 | Yahoo Finance |
| Short-term debt (incl. ST leases) | 399 |
| Long-term debt (incl. LT leases) | 2 566 |
| − Cash & equivalents | 4 160 |
| Net debt | -1 195 |
|---|
Net debt / LTM EBITDA: -0.2x
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 14 620spot vs LTM +19%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: +18.6% ▼ -4.2 pp 1d
Main driver: Copper +35% vs LTM; revenue ×1.33 vs costs ×1.16; EBITDA 5 226→6 440; at 9.9× EV/EBITDA → +19%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Copper (rev) | +83% | 14 619.97 | 10 804.34 | 11 151.16 | +35% | +3% |
| US Diesel Index (cost) (input cost) (cost) | -10% | 6.38 | 3.66 | 4.19 | +74% | +15% |
| Gold (rev) | +8% | 4 154.46 | 3 443.92 | 3 346.11 | +21% | -3% |
| Molybdenum (rev) | +5% | 35.90 | 24.10 | 26.13 | +49% | +8% |
| Electricity Spot (input cost) (cost) | -5% | 117.40 | 60.67 | 62.56 | +94% | +3% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 8 620 |
| LTM EBITDA | 5 226 |
| LTM cash costs (revenue − EBITDA) | 3 395 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.334 (+33%) |
| = Spot revenue | 11 500 |
| Revenue multiplier — 3y price | ×1.029 (+3%) |
| = 3-year-price revenue | 8 867 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.155 (+16%) |
| = Spot cash costs | 3 921 |
| Cost multiplier — 3y price | ×1.050 (+5%) |
| = 3-year-price cash costs | 3 565 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 7 579 |
| = 3-year-price EBITDA | 5 302 |
| Conservative EBITDA = min(spot, avg) | 6 440 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct, realized earnings) | 9.9x |
| Target EV = EV/EBITDA × conservative EBITDA | 63 632 |
| Net debt | 4 195 |
| Target market cap = EV − net debt | 59 437 |
| Current market cap | 50 102 |
Upside = target market cap ÷ current − 1 = +18.6%
Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2023 FY | 6 324 | 5 836 | +8.4% | 3 298 | 3 787 | -12.9% |
| 2024 FY | 6 613 | 6 929 | -4.6% | 3 970 | 3 820 | +3.9% |
| 2025 FY | 8 620 | 7 696 | +12.0% | 5 226 | 4 913 | +6.4% |
Projected EV/EBITDA 11.1x · target 75th pct (3y) 10.6x · LTM avg 9.9x
No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Antofagasta — from primary filings.
See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map