Compania de Minas Buenaventura: More Gold At Lower Costs

  • I rate BVN a buy on increasing gold production at lower costs that is not well valued. The San Gabriel mine ramp-up will lower gold costs and drive EBITDA to over US$600m, supporting cash earnings growth of over 16% through 2027. The stock is cheap at under 8x P/CE vs sector average of 10x, and my YE26 price target of US$26.7 has over 60% upside potential.