S32
Hi guys, would love your view on s32. With the current sell off in commodities and its silver exposure, would you think it is a buy or is there a better way to get exposure now to base metals?
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Answer
Hi Josh,
We believe it is time to start accumulating the quality miners into the current sell-off across the sector as the crowded positioning gets squeezed.
S32 delivered a solid Dec-Q, extending a run of improving operational performance following recent portfolio simplification. Most assets met or beat expectations, with FY26 guidance maintained and key projects tracking to plan. The risk/reward profile continues to improve, supported by strength in aluminium and copper prices to a lesser degree, alongside silver.
- We like the risk/reward towards S32 below $4, ~20% below its 2026 high.
We know the Middle East conflict is unnerving with the ultimate outcome far from certain, but we reiterate stocks like S32 wouldn’t be trading at these levels if the US-Israel hadn’t attacked Iran.
