MeritValue

BUENAVENTURA MINING CO INC

BVNdata completeness 88%10 fiscal years on file
The thesis, from the filings

BUENAVENTURA MINING CO INC earns about 5% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$676.5M1$900.5M2$824.8M3$823.8M3$1.15B3
Net income−$135.7M4−$264.1M5$602.6M6$19.9M6$402.7M6
Operating cash flow$122.9M7−$233.5M8$41.7M9$227M9$486.1M9
Capital expenditure$71.5M10$90.3M11$152M12$238.7M12$337.7M12
Free cash flow (derived)$51.3M7−$323.8M8−$110.3M9−$11.6M9$148.3M9
Total debt—————
Cash & equivalents$235.4M13$377M14$253.9M14$219.8M14$478.4M14
Diluted shares253.7M253.7M0253.7M253.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$133.64
your share of equity
Profit it earned you last year
$15.87
Free cash flow it threw off
$5.85
Debt you’d be carrying
—

10 shares is a claim on $133.64 of net worth that earned you $15.87 and generated $5.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY20 -1%FY21 6%FY22 5%FY23 2%FY24 15%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$19.9M
  • growthAssumed0.0%
Graham Number
$21.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001410578-23-000850 (Revenue)
  2. 20-F/A · period ending 2021-12-31 · accession 0001410578-25-000021 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001410578-25-001056 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001410578-23-000850 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F/A · period ending 2021-12-31 · accession 0001410578-25-000021 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001410578-25-001056 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001410578-23-000850 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F/A · period ending 2021-12-31 · accession 0001410578-25-000021 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001410578-25-001056 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001410578-23-000850 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F/A · period ending 2021-12-31 · accession 0001410578-25-000021 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001410578-25-001056 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F/A · period ending 2020-12-31 · accession 0001410578-25-000021 (CashAndCashEquivalents)
  14. 20-F · period ending 2021-12-31 · accession 0001410578-25-001056 (CashAndCashEquivalents)