olivLaw · European equity research
Hochschild Mining PLC HOC.L
United Kingdom · London Stock Exchange · ISIN GB00B1FW5029 · Vertical: Listed companies from United Kingdom
Hochschild Mining PLC is a gold and silver producer with operations in Peru and Brazil, and its gross revenue rose in fiscal 2025 on higher realised precious metal prices while costs climbed sharply due to operational problems at Mara Rosa. The company is developing the Monte do Carmo project in Brazil, with a final investment decision expected in mid-2026, which makes the coming period important for its strategy.
At the close of 05 Nov 2026, Hochschild Mining PLC (HOC.L) stock was 4.81 GBP (+4.16% on the day), with beta 0.90, 52-week range 3.35–8.09 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.6
- neutral
- Bollinger (20, 2)
- 4.08 – 5.40
- in the upper half of the band · %B 0.55 · band width 28.0%
- SMA 50 / 200
- 5.44 / 5.82
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.24 / -0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.0% | −0.6% | −7.4 pp | — |
| 3 months | +0.1% | −4.2% | +4.3 pp | — |
| 6 months | −27.6% | +4.3% | −32.0 pp | — |
| Year to date | −6.4% | +7.5% | −13.9 pp | — |
| 1 year | +49.9% | +9.9% | +40.0 pp | +5.8% |
| 3 years | +356.0% | +49.8% | +306.1 pp | +26.3% |
| 5 years | +255.3% | +42.8% | +212.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 693.7 m | 947.7 m | 1.2 bn |
| Revenue YoY | unavailable | +36.6% | +24.7% |
| Net income | -55.0 m | 97.0 m | 201.9 m |
| Net income YoY | unavailable | unavailable | +108.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -7.9% | 10.2% | 17.1% |
| Free cash flow | -81.0 m | 107.7 m | 214.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 317.0 m USD
- Financial debt
- 339.6 m USD
- Net debt
- 22.7 m USD
- Equity
- 877.1 m USD
- Total assets
- 2.2 bn USD
- Debt / equity
- 0.39x
- Current ratio
- 0.99x
- ROE
- 25.8%
- ROA
- 10.6%
- FCF margin
- 18.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 693.7 m | 947.7 m | 1.2 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 508.2 m | 605.3 m | 677.9 m | esef· 15 Apr 2026verified |
| Gross profit | 185.5 m | 342.4 m | 504.2 m | esef· 15 Apr 2026verified |
| Operating income | -7.7 m | 208.0 m | 385.5 m | esef· 15 Apr 2026verified |
| Interest expense | 18.2 m | 26.9 m | 41.1 m | esef· 15 Apr 2026verified |
| Pre-tax income | -43.5 m | 177.2 m | 372.8 m | esef· 15 Apr 2026verified |
| Income tax | 16.6 m | 63.5 m | 125.4 m | esef· 15 Apr 2026verified |
| Net income | -55.0 m | 97.0 m | 201.9 m | esef· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 89.1 m | 97.0 m | 317.0 m | esef· 15 Apr 2026verified |
| Receivables | 80.5 m | 135.8 m | 155.5 m | esef· 15 Apr 2026verified |
| Inventories | 68.3 m | 87.1 m | 118.2 m | esef· 15 Apr 2026verified |
| Current assets | 263.1 m | 336.5 m | 594.1 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.1 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 30.0 m | 49.6 m | 66.1 m | esef· 15 Apr 2026verified |
| Total assets | 1.4 bn | 1.7 bn | 2.2 bn | esef· 15 Apr 2026verified |
| Accounts payable | 135.8 m | 208.2 m | 219.8 m | esef· 15 Apr 2026verified |
| Short-term debt | 112.1 m | 149.2 m | 114.6 m | esef· 15 Apr 2026verified |
| Long-term debt | 235.0 m | 163.3 m | 225.0 m | esef· 15 Apr 2026verified |
| Current liabilities | 279.5 m | 463.7 m | 597.9 m | esef· 15 Apr 2026verified |
| Total liabilities | 747.2 m | 964.1 m | 1.3 bn | esef· 15 Apr 2026verified |
| Equity | 668.6 m | 687.4 m | 877.1 m | esef· 15 Apr 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 178.8 m | 321.2 m | 423.9 m | esef· 15 Apr 2026verified |
| Capex | 259.7 m | 213.5 m | 209.2 m | esef· 15 Apr 2026verified |
| Free cash flow | -81.0 m ≈ | 107.7 m ≈ | 214.7 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -245.5 m | -277.0 m | -231.2 m | esef· 15 Apr 2026verified |
| Financing cash flow | 22.8 m | -34.8 m | 27.6 m | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.4% | 79 (vs peers) | 31% |
| Net margin · Quality | 17.1% | 63 (vs peers) | 19% |
| FCF conversion · Quality | 106.4% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HOCHSCHILD MINING PLC (HOC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 24.7%; net margin 17.1%; ROE 30.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.4%
- FCF conversion: 106.4%
- Interest coverage: 9.4x
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for HOC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hochschild Mining PLC is a gold and silver producer with operations in Peru and Brazil, and its gross revenue rose in fiscal 2025 on higher realised precious metal prices while costs climbed sharply due to operational problems at Mara Rosa. The company is developing the Monte do Carmo project in Brazil, with a final investment decision expected in mid-2026, which makes the coming period important for its strategy.
SWOT
Strengths
- A diversified portfolio of gold and silver operations in Peru and Brazil.
- Revenue growth supported by higher realised prices.
- Low net debt relative to adjusted EBITDA.
Weaknesses
- Gold production declined because of problems at Mara Rosa.
- All-in sustaining costs rose considerably.
- Reliance on a small number of main operations.
Opportunities
- Development of Monte do Carmo could add production.
- New brownfield resources could extend mine lives.
- Process optimisation could improve recoveries.
Threats
- A fall in precious metal prices could reduce revenue.
- Delays in project implementation could postpone growth.
- Hedging losses could affect results if prices rise.
Risks
- Operational performance at Mara Rosahigh
Operational problems could continue to affect production if remediation is delayed.
- Dependence on metal priceshigh
Revenue depends on gold and silver prices, which can fluctuate.
- Monte do Carmo project riskmedium
Project economics depend on ongoing studies, and the final decision could be deferred.
- Hedging lossesmedium
Hedge contracts produced losses that could continue if prices rise.
- Remediation costsmedium
Remediation costs exceeded the original budget and could increase further.
Investment thesis
What would need to be true (bull case)
- Revenue rose strongly and adjusted EBITDA increased significantly in 2025.
- The turnaround strategy appears to be delivering results in the second half of the year.
- Brownfield exploration programmes added significant resources.
What would break the thesis
- Costs rose sharply, which could compress margins if the trend continues.
- Gold production declined, which could weaken the revenue base.
- Reliance on metal prices remains a source of uncertainty.
What to watch
- Final investment decision and updated economics for Monte do Carmomid-2026
- Gold production trend at Mara Rosa2026
- Level of all-in sustaining costs2026
- Results of drilling campaign at InmaculadaQ1 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hochschild Mining PLC operates mainly in gold and silver mining, with operations in Peru and Brazil, according to its annual report for the year ended 31 December 2025 1. Net revenue before exceptional items was $1,208.6 million in 2025 1, and gold accounted for 67% of consolidated net revenue 1. The company emphasises disciplined capital allocation and development of new projects, including Monte do Carmo 1.
Segments
Market context
Trends
- Higher precious metal pricestailwind
Higher realised prices supported revenue in 2025, although hedging losses partly offset the benefit 1.
- Rising operating costsheadwind
AISC increased sharply in 2025 because production fell short of expectations and grades were lower 1.
- New project developmentmixed
A construction decision at Monte do Carmo could shape future growth if updated studies confirm the project economics 1.
- Mara Rosa turnaroundmixed
The turnaround strategy showed strong improvement in the latter part of 2025 1.
Competitive position
The analysed sources do not explicitly name the company's competitors. A comparison with other gold and silver producers would require additional sources.
- Not named in source
The analysed sources do not name direct competitors.
News & filings
In the press
- Hochschild Mining H1 Earnings Call HighlightsYahoo Finance — News · 26 Aug 2026 · EN
- Hochschild Strikes Gold, LiterallyYahoo Finance — News · 26 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hochschild Mining PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.