-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。当社は、12ヶ月目標株価を31ドル引き下げ、190ドルとします。EV/EBITDAは、2027年のEBITDA予測値に基づくと13.5倍となり、SCCOの過去3年間の平均EV/EBITDA（12.8倍）および同業他社の平均（8.0倍）を上回ります。2026年のEPS予測値は1.73ドル引き下げ、6.81ドルとします。また、2027年のEPS予測値は2.55ドル引き下げ、7.01ドルとします。SCCOは、年間銅生産量160万トン達成の目標を維持しつつ、205億ドル超の設備投資計画を推進しており、ティア・マリア・プロジェクト（年間生産能力12万トン）は2027年第3四半期に稼働開始予定です。しかしながら、ペルー事業における鉱石品位の低下により、第1四半期の銅生産量は前年同期比4.0%減少したが、経営陣は2026年末までに品位が回復すると見込んでいる。オスカー・ゴンザレス・ロチャCEOの死去に伴うSCCOの経営陣交代は不確実性を高めているが、新CEOのレオナルド・コントレラスは豊富な事業運営経験を有している。SCCOのプレミアムな評価は、業界最高水準のコスト構造、豊富な埋蔵量、成長パイプラインを反映しているが、生産の逆風や主要プロジェクトの実行リスクを考慮すると、現在の水準では上昇余地は限られていると見込んでいる。
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Commodities
EMEA Natural Gas Update: Futures Slip as Iran Sends Fresh Proposal to Washington
European natural gas futures traded lower after-hours on Friday after Iranian state media reported that Tehran had sent another proposal for negotiations with the US via Pakistani diplomatic channels, a development seen as potentially paving the way for renewed transit through the Strait of Hormuz.The front-month Dutch TTF contract fell 1.211% to 45.43 euros ($53.36) per megawatt-hour, while the UK NBP contract slipped 1.533% to 111.15 British pence ($1.51) per therm.US President Donald Trump, speaking to reporters at the White House on Friday, said, "Iran wants to make a deal, but I'm not satisfied with it," CNBC reported.Market participants continue to weigh geopolitical risk against relatively stable European supply conditions and weaker demand elsewhere. In a Thursday note, S&P Global analysts said Europe has benefited from "significant demand destruction elsewhere," noting that although the war has effectively removed about 20% of global LNG supply, European imports have remained broadly steady.The note said Asia has absorbed much of the demand adjustment. It said China recorded a 19% year-on-year drop in LNG imports in March, according to government data.Benchmark LNG prices remain elevated, but off recent highs, they said. The JKM benchmark for Northeast Asia put prices at $18.309/MMBtu on April 30, up 8.3% on the day. The DES Northwest Europe LNG marker was assessed at $15.719 per MMBtu on Apr. 29, up 7.9% day-on-day.The analysts said both benchmarks remain above pre-conflict levels but have retreated from peaks seen in the early weeks of the disruption.European storage levels remain below last year's levels. Gas Infrastructure Europe reported inventories at 32.49% as of Friday, compared with 39.22% a year earlier.CERA analysts project EU storage could reach about 80% by the end of October under a base-case scenario, assuming a resumption of steady Hormuz transit by Jun. 1.EU LNG imports rose slightly year over year in March, supported by cargoes already en route when the conflict began in late February, according to CERA data. However, that buffer has since faded, with April imports down roughly 6.9% from 2025 levels.Looking ahead, Severe Weather Europe said Friday it is monitoring the potential development of a "super El Nino" pattern. One scenario that could develop would be an increase in the risk of dry conditions and drought across Central Europe this summer.
Australia
Nebius to Acquire Eigen AI in $643 Million Cash-And-Stock Deal
Nebius Group (NBIS) said Friday it has agreed to acquire inference and model optimization firm, Eigen AI, in a cash-and-stock deal valued at about $643 million.The acquisition will strengthen Nebius Token Factory as a frontier managed inference platform for production AI, the company said, adding that the deal also accelerates its expansion in the US.The transaction is expected to close in the coming weeks, it said.Nebius shares were up over 10% in afternoon trading.Price: $152.93, Change: $+14.70, Percent Change: +10.63%
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Australia
Paychex Raises Quarterly Dividend to $1.19 a Share From $1.08, Payable May 29 to Shareholders of Record as of May 13
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