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キャップストーン・カッパーは第1四半期決算発表後もTPHで買い推奨を維持し、目標株価は20.00カナダドルに据え置く。

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-- スティフェル・カナダは木曜日、ブラジルの鉱山会社キャップストーン・カッパー（CS.TO）の第1四半期決算発表を受け、同社の株式に対する買い推奨と目標株価20.00カナダドルを維持した。 「Capstoneは、2026年第1四半期の調整後EPSが0.12ドル（当社の予想は0.10ドル、市場予想は0.11ドル）、調整後EBITDAが3億2900万ドル（当社の予想は2億6300万ドル、市場予想は2億9100万ドル）だったと発表しました。銅生産量は4万8000トン（当社の予想は3万9300トン）、C1現金コストは2.66ドル/ポンド（当社の予想は2.81ドル/ポンド）でした。2026年第1四半期の好調は、ストライキ後のマントベルデ鉱山が設計処理量を上回る稼働率で操業していることと、副産物クレジットの増加により、税負担増を相殺したことが要因です。2026年度のガイダンスは、連結銅生産量が20万～23万トン、C1現金コストが2.45～2.75ドル/ポンドで再確認されました。経営陣は、中東情勢によるコスト逆風が硫化物と酸を消費する酸化物の生産にコスト上昇圧力をかけているため、ディーゼル油と硫酸の価格上昇を指摘しました。当社は6400万ドルのあるいは、契約未締結の酸の供給リスク（スポット酸価格425ドル/トン以上）を考慮すると、EBITDAは5.9%減少する可能性がある。ただし、銅価格および副産物（銀、金、モリブデン）価格の上昇といった追い風効果は除外する。MVOは計画通りに進んでおり、設備投資額は1億7600万ドルで変更はなく、2027年初頭までに日量4万5000トンの処理能力を目指している。サントドミンゴの最終投資決定時期は2026年第2四半期から2026年第4四半期に前倒しされた」と、アナリストのラルフ・プロフィティ氏は記している。 （は、北米、アジア、ヨーロッパの主要銀行および調査会社による株式、商品、経済に関する調査レポートを配信しています。調査レポート提供者の方は、こちらからお問い合わせください：https://www..com/contact-us）

Price: $11.25, Change: $+0.40, Percent Change: +3.74%

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