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Lundin Mining Corporation

LUMI.ST
68
Copper · Basic Materials
Also trades as: LUNMF
Price
kr 261.10
+13.60 (+5.49%)
Market Cap
kr 222.91B
Exchange
Stockholm Stock Exchange
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Exceptional
Stability
Good
Valuation
Mixed
Dividends
Weak

Share count rising — dilution

+16.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 739.3M (2021) → 858.7M (2025)

Winston Score History

The full picture

Lundin Mining is a metals mining company that digs copper, zinc, gold, and nickel out of the ground. It sells these raw materials mostly to industrial buyers like manufacturers, construction companies, and electronics producers. Copper is its most important metal, and the company operates mines across North and South America as well as Europe.

The company makes money by selling the metals it mines, so its revenue rises and falls with commodity prices. Its mines are located in countries including Chile, Brazil, Portugal, and the United States, making it a mid-to-large global mining operator. Lundin Mining's main competitive strength is its portfolio of low-cost, long-life mines, which helps it stay profitable even when metal prices drop. The biggest growth driver is rising global copper demand, especially from electric vehicles and power grids, but the main risk is that copper prices are outside the company's control and can fall sharply.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+29.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+25.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$5M/ year

0.1% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

20.8%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$374M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Lundin Mining Corporation grew revenue 29% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
46.6%
Healthy — 46.6% gross margin
Profit after running costs
Operating Margin
44.1%
Excellent — 44.1% operating margin
Return on the money invested
ROCE
22.7%
Exceptional — 22.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+18.9%
Fast-growing sales (+18.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
117%
Turns 117% of profit into real cash
Spare cash per sale
FCF Margin
24.2%
Converts sales into free cash efficiently (24.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
34.25x
Comfortably covers interest (34.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.6x
Fair value — P/E 15.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-6.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.32%
Small dividend — 0.32% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-66.6%
Dividend cut (-66.6% YoY) — warning sign

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