olivLaw · European equity research
Lundin Mining Corporation LUMI.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Lundin Mining is a mining company that extracts copper and other metals, with operations in South America. In fiscal 2024 it reported revenue of 3.42 bn USD but a net loss, influenced by impairment and assets held for sale, which puts metal prices and project financing in focus.
At the close of 05 Nov 2026, Lundin Mining Corporation (LUMI.ST) stock was 202.80 SEK (−5.63% on the day), with beta 1.43, 52-week range 163.10–295.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.2
- weak (30–45)
- Bollinger (20, 2)
- 200.18 – 249.48
- in the lower half of the band · %B 0.05 · band width 21.9%
- SMA 50 / 200
- 235.46 / 243.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -7.86 / -6.32
- MACD below 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 | −16.5% | −0.6% | −15.9 pp | — |
| 3 months | −21.8% | −4.2% | −17.7 pp | — |
| 6 months | −20.6% | +4.3% | −25.0 pp | — |
| Year to date | +1.8% | +7.5% | −5.8 pp | — |
| 1 year | +33.3% | +9.9% | +23.4 pp | −8.5% |
| 3 years | +184.2% | +49.8% | +134.4 pp | +12.3% |
| 5 years | +169.7% | +42.8% | +126.9 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 3.0 bn | 2.7 bn | 3.3 bn | 4.1 bn |
| Revenue YoY | unavailable | −9.8% | +19.2% | +23.9% |
| Net income | 426.9 m | 241.6 m | -203.5 m | 1.3 bn |
| Net income YoY | unavailable | −43.4% | −184.2% | unavailable |
| Diluted EPS | 0.56 | 0.31 | -0.26 | 1.49 |
| Diluted EPS YoY | unavailable | −44.6% | −183.9% | unavailable |
| net % | 14.0% | 8.8% | -6.2% | 31.7% |
| Free cash flow | 34.0 m | 159.5 m | 732.8 m | 658.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 296.2 m USD
- Financial debt
- 56.3 m USD
- Net debt
- -239.9 m USD
- Equity
- 7.9 bn USD
- Total assets
- 10.8 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 1.64x
- ROE
- 19.1%
- ROA
- 12.1%
- FCF margin
- 16.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 3.0 bn | 2.7 bn | 3.3 bn | 4.1 bn | esef· 28 Oct 2026verified |
| Gross profit | 762.6 m | 601.5 m | 935.8 m | 1.4 bn | esef· 28 Oct 2026verified |
| Depreciation & amortisation | 554.8 m | 497.9 m | 574.2 m | 618.9 m | esef· 28 Oct 2026verified |
| Interest expense | 68.4 m | 102.3 m | 153.8 m | 105.1 m | esef· 28 Oct 2026verified |
| Pre-tax income | 598.2 m | 491.2 m | 526.4 m | 1.1 bn | esef· 28 Oct 2026verified |
| Net income | 426.9 m | 241.6 m | -203.5 m | 1.3 bn | esef· 28 Oct 2026verified |
| Diluted EPS | 0.56 | 0.31 | -0.26 | 1.49 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 763.6 m | 773.3 m | 777.6 m | 858.7 m | esef· 28 Oct 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 191.4 m | 268.8 m | 357.5 m | 296.2 m | esef· 28 Oct 2026verified |
| Receivables | 576.2 m | 828.9 m | 510.9 m | 824.6 m | esef· 28 Oct 2026verified |
| Inventories | 296.7 m | 599.4 m | 607.4 m | 587.6 m | esef· 28 Oct 2026verified |
| Current assets | 1.2 bn | 1.8 bn | 2.9 bn | 2.0 bn | esef· 28 Oct 2026verified |
| Goodwill | 237.3 m | 240.6 m | 134.3 m | 134.3 m | esef· 28 Oct 2026verified |
| Total assets | 8.2 bn | 10.9 bn | 10.4 bn | 10.8 bn | esef· 28 Oct 2026verified |
| Accounts payable | — | 805.8 m | 674.2 m | 700.2 m | esef· 28 Oct 2026verified |
| Long-term debt | — | — | 1.4 bn | 56.3 m | esef· 28 Oct 2026verified |
| Current liabilities | 950.1 m | 1.2 bn | 1.7 bn | 1.2 bn | esef· 28 Oct 2026verified |
| Total liabilities | 2.7 bn | 4.4 bn | 4.9 bn | 2.9 bn | esef· 28 Oct 2026verified |
| Equity | 5.4 bn | 6.4 bn | 5.5 bn | 7.9 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 762.2 m | 779.2 m | 782.7 m | 855.3 m | esef· 28 Oct 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 876.9 m | 1.0 bn | 1.5 bn | 1.3 bn | esef· 28 Oct 2026verified |
| Capex | 842.9 m | 857.1 m | 786.1 m | 684.6 m | esef· 28 Oct 2026verified |
| Free cash flow | 34.0 m ≈ | 159.5 m ≈ | 732.8 m ≈ | 658.0 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -1.0 bn | -1.7 bn | -1.0 bn | 631.0 m | esef· 28 Oct 2026verified |
| Financing cash flow | -251.6 m | 728.6 m | -344.3 m | -2.1 bn | esef· 28 Oct 2026verified |
| Share repurchases | 59.4 m | 0 | 24.4 m | 153.7 m | esef· 28 Oct 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%
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
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.12 – 50.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E23.12 – 50.34 (Mid 31.70)25 companies used · median multiple 21.3x · quartiles 15.5x – 33.8xAAK.ST, ACAD.ST, AFRY.ST, ALFA.ST, ALIG.ST, ALLEI.ST, ALTRA.ST, APOTEA.ST, AQ.ST, ARPL.ST, ASKER.ST, ATIC.ST, ATRLJ-B.ST, ATT.ST, B3.ST, BHG.ST, BOL.ST, BOOZT.ST, BORG.ST, BRAV.ST, BUFAB.ST, CAMX.ST, CARA.ST, CEVI.ST, COOR.ST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 31.7% | 97 (vs peers) | 19% |
| FCF conversion · Quality | 51.3% | 30 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | 10.0% | 84 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | 38.6% | 100 (on a fixed band) | 25% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 70 (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 sheet· partial70/100 · 1/3 factors with a value
- Growth92/100 · 2/2 factors with a value
- Quality64/100 · 2/3 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
LUNDIN MINING CORPORATION (LUMI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth 23.9%; net margin 31.7%; ROE 23.2%.
The estimated value range is 23.12–50.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 31.7%
- Revenue CAGR 3Y: 10.0%
- EPS CAGR 3Y: 38.6%
- Current ratio: 1.6x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for LUMI.ST 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
Lundin Mining is a mining company that extracts copper and other metals, with operations in South America. In fiscal 2024 it reported revenue of 3.42 bn USD but a net loss, influenced by impairment and assets held for sale, which puts metal prices and project financing in focus 1.
SWOT
Strengths
- The company generates substantial revenue and solid operating cash flow from continuing operations 1.
- The portfolio includes mining assets at scale and development projects with long-term potential 1.
- The financial statements are audited by an international firm, supporting the credibility of reporting 1.
Weaknesses
Opportunities
Risks
- Vicuña project fundinghigh
Development requires additional capital, and a lack of funding could lead to postponed or abandoned activities 1.
- Indebtedness and covenantshigh
A failure to meet financial covenants could allow lenders to accelerate debt 1.
- Metal priceshigh
Prolonged low prices could reduce liquidity and the economic value of projects 1.
- Asset impairmentmedium
Impairment tests could lead to further adjustments if price and cost assumptions change 1.
- Counterparty riskslow
The company is exposed to non-payment risk from customers, banks and insurance providers 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Outcome of the Vicuña project funding decision2025
- Level of production costs and amortizationnext 10-K
- Compliance with covenants in credit facilities2025
- Completion of discontinued operations and assets held for sale2025
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
Lundin Mining Corporation is a mining company operating through consolidated subsidiaries, and its consolidated financial statements follow IFRS Accounting Standards 1. In 2024 revenue was 3.42 bn USD, up from 2.74 bn USD in 2023, while production costs were 1.90 bn USD 1. The company relies on selling metals from its operations and on development projects, notably Vicuña 1.
During 2024 Lundin Mining recorded goodwill and asset impairment of 254.2 mn USD, affecting net results 1. Cash from operating activities of continuing operations remained strong at 1.30 bn USD, showing the ability to fund operations from production 1.
Segments
Operating mines
Revenue from continuing operations was 3.42 bn USD in 2024, of which production costs accounted for 1.90 bn USD, according to the consolidated financial statements 1. This segment generates most of the operating cash flow 1.
Market context
The mining industry is exposed to metal prices, and the company notes that prolonged low prices could reduce the economic prospects of mines and projects 1. Revenue in 2024 rose to 3.42 bn USD, but operating costs and amortization remained significant 1.
Impairment testing of the Chapada cash-generating unit was a key audit matter, as estimates of metal prices, exchange rates and capital costs drive recoverable value 1. This shows how sensitive asset valuation is to market assumptions 1.
Trends
- Metal pricesmixed
Metal prices are the main driver of revenue and asset value, and the company warns that prolonged declines could affect liquidity 1. If prices recover, they could support cash flow 1.
- Production and amortization costsheadwind
Production costs and amortization rose in 2024 compared with the prior year, pressuring margins 1. If these costs stay high, they could limit profitability 1.
- Funding requirementsheadwind
Development projects need additional funding, which could lead to dilution for existing shareholders 1. Access to capital depends on market conditions 1.
- Operating cash flowtailwind
Operating cash flow from continuing operations remained strong, supporting investment financing 1. This could support development plans if sustained 1.
Competitive position
Lundin Mining competes with other mining companies producing copper and other metals in the same regions or on global markets. The supplied source does not name specific competitors, so direct comparison is limited to the report 1. The company's leverage could reduce flexibility compared with less indebted rivals 1.
Competitive advantage depends on access to resources and the ability to finance large projects such as Vicuña 1. Competitive pressure could intensify if metal prices stay low for an extended period 1.
- Copper mining companies
The supplied source does not name specific competitors; peers in the same sector are relevant for comparison.
- Global base metals producers
The company operates in global base metals markets, where competition depends on costs and access to resources.
- South American operators
Regional competition can influence labour, energy and project permitting costs.
- Copper project developers
Competition for funding and new resources can affect development strategy.
News & filings
In the press
- Lundin Says Chile Mine Restart After Storm May Take 2-3 WeeksBloomberg Markets · 27 Jul 2026 · EN
- Lundin Oil Execs Accused of Complicity in War Crimes (Video)Bloomberg Markets · 26 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Lundin Mining Corporation · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.