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(Sharecast News) - Analysts at Berenberg reiterated their 'hold' rating on precious metals group Hochschild Mining on Friday, labelling the company's 2020 performance a "miss".
Berenberg said Hochschild, which has a portfolio of three operating mines in South America producing roughly 38.0m ounces of silver equivalent every year, was presently experiencing a slightly lower level of production at the sites due to Covid-19 volatility.
The German bank also stated it believes a medium-term grade decline was on the horizon at Hochschild's key mine, Inmaculada, something it said was not currently priced into expectations.
"We think this will result in lower FCF generation and, potentially, depending on the severity of the grade decline, push the company into an M&A transaction to fill the gap of falling grades with another asset," said Berenberg.
"We believe that the current valuation prices in a more-than-optimistic case in terms of mine lives, grade and commodity prices," concluded the analysts, who also reiterated their 230.0p price target on the stock.
19 Apr 2022 16:02
UK earnings, trading statements calendar - next 7 days
| Wednesday 20 April | |
| 888 Holdings PLC | Trading Statement |
| Bunzl PLC | Trading Statement |
| Carr's Group PLC | Half Year Results |
| Centamin PLC | Trading Statement |
| Hunting PLC | Trading Statement |
| IntegraFin Holdings PLC | Trading Statement |
| John Wood Group PLC | Full Year Results |
| Oxford Biomedica PLC | Full Year Results |
| Petra Diamonds Ltd | Trading Statement |
| Quilter PLC | Trading Statement |
| Thursday 21 April | |
| AJ Bell PLC | Trading Statement |
| Anglo American PLC | Trading Statement |
| Antofagasta PLC | Trading Statement |
| Bonhill Group PLC | Full Year Results |
| Churchill China PLC | Full Year Results |
| DP Poland PLC | Trading Statement |
| essensys PLC | Half Year Results |
| Foxtons Group PLC | Trading Statement |
| Gem Diamonds Ltd | Trading Statement |
| LBG Media PLC | Full Year Results |
| Man Group PLC | Trading Statement |
| PensionBee Group PLC | Q1 Results |
| Relx PLC | Trading Statement |
| Rentokil Initial PLC | Trading Statement |
| Serica Energy PLC | Full Year Results |
| XPS Pensions Group PLC | Trading Statement |
| Friday 22 April | |
| Alphawave IP Group PLC | Full Year Results |
| Petropavlovsk PLC | Trading Statement |
| Record PLC | Trading Statement |
| Serabi Gold PLC | Full Year Results |
| Zinc Media Group PLC | Full Year Results |
| Monday 25 April | |
| Access Intelligence PLC | Full Year Results |
| Arecor Therapeutics PLC | Full Year Results |
| Audioboom Group PLC | Full Year Results |
| CentralNic Group PLC | Trading Statement |
| Chapel Down Group PLC | Full Year Results |
| Lok'n Store Group PLC | Half Year Results |
| Vector Capital PLC | Full Year Results |
| Tuesday 26 April | |
| ASA International Group PLC | Full Year Results |
| Associated British Foods PLC | Half Year Results |
| Billington Holdings PLC | Full Year Results |
| Corero Network Security PLC | Full Year Results |
| Focusrite PLC | Half Year Results |
| Futura Medical PLC | Full Year Results |
| Gaming Realms PLC | Full Year Results |
| Hochschild Mining PLC | Trading Statement |
| HSBC Holdings PLC | Q1 Results (at 0500 BST) |
| Immotion Group PLC | Full Year Results |
| IWG PLC | Trading Statement |
| Jupiter Fund Management PLC | Trading Statement |
| Learning Technologies Group PLC | Full Year Results |
| National Express Group PLC | Trading Statement |
| Northcoders Group PLC | Full Year Results |
| Nostrum Oil & Gas PLC | Full Year Results |
| PureTech Health PLC | Full Year Results |
| RWS Holdings PLC | Half Year Results |
| Taylor Wimpey PLC | Full Year Results |
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