Want to see GB:HOC full AI Analyst Report?
Top Page
Hochschild Mining
(LSE:HOC)
Select Model
Select Model
Rating:66Neutral
Price Target:
484.00 p
▼(-22.62% Downside)
Action:Downgraded
Date:10/23/26
The score is driven primarily by improving financial performance (material margin and cash-flow rebound, with leverage improving) and a constructive earnings update (record H1 results and reaffirmed guidance). These positives are partially offset by weak technicals (price below key moving averages with negative momentum) and near-term operating/cost risks highlighted on the call (elevated AISC and inflation/FX pressures).
Positive Factors
Strong earnings inflection
The sharp improvement in revenue and profitability indicates materially stronger earnings power than in 2022–2023. If margins remain supported by operating performance, the company can generate more internal funding for mine investment, exploration, and shareholder returns over the next several quarters.
Negative Factors
Elevated sustaining costs
High all-in sustaining costs reduce the margin available from each ounce produced and leave profitability more exposed to changes in realized metal prices. Particularly elevated costs at Mara Rosa could weigh on group cash generation until operational recovery is fully reflected in normalized costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong earnings inflection
The sharp improvement in revenue and profitability indicates materially stronger earnings power than in 2022–2023. If margins remain supported by operating performance, the company can generate more internal funding for mine investment, exploration, and shareholder returns over the next several quarters.
Read all positive factors
Hochschild Mining (HOC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.22B
Dividend Yield1.54%
Average Volume (3M)1.41M
Price to Earnings (P/E)9.9
Beta (1Y)1.26
Revenue Growth37.18%
EPS Growth95.38%
CountryUK
Employees3,199
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.58
Shares Outstanding514,458,440
10 Day Avg. Volume1,123,008
30 Day Avg. Volume1,406,806
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)4.92
Price to Sales (P/S)2.87
P/FCF Ratio16.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£698.33Price Target Upside11.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.68
Revenue Forecast (FY)£1.59B
Hochschild Mining Business Overview & Revenue Model
Company Description
Hochschild Mining plc is a prominent player in the precious metals sector, engaged in the full lifecycle of gold and silver production, from discovering new deposits to mining, processing, and commercializing these valuable commodities across the ...
How the Company Makes Money
Hochschild Mining makes money mainly by producing and selling precious metals—primarily silver and gold—generated from its mining operations. Revenue is typically recognized from the sale of metal produced (often as doré bars or concentrates, depe...
Hochschild Mining Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 17, 2027
Earnings Call Sentiment Positive
The call presented strong, record H1 financial and cash generation metrics, successful operational recovery actions (notably at Mara Rosa), and clear progress on development projects and permitting (Royropata, Monte do Carmo). However, the company faces meaningful near-term cost pressures driven by higher metal prices (raising royalties and profit-sharing), FX and local inflation (notably Argentina), elevated site-level AISC (especially Mara Rosa), a fatality at Inmaculada, and one-off tax and working capital cash outflows. Management emphasized mitigation via 50+ efficiency initiatives, maintained capital guidance, and disciplined allocation toward growth projects. Overall the positives — record financials, cash generation, operational recovery and project momentum — materially outweigh the operational and cost headwinds reported for H1.Positive Updates
Record H1 Financial Performance
Revenue +62% to $844 million; adjusted EBITDA +119% to $492 million; EPS +208% to $0.37. Management described H1 as the strongest ever half-year financials.
Negative Updates
Elevated All-in Sustaining Cash Costs
Consolidated AISC of $2,448/oz in H1; site breakdown: Inmaculada $1,953/oz, San José $2,944/oz, Mara Rosa $3,551/oz. Management revised year-end AISC guidance range to $2,380–$2,500/oz citing higher metal prices, FX and local inflation impacts.
Read all updates
Q2-2026 Updates
Positive
Negative
Record H1 Financial Performance
Revenue +62% to $844 million; adjusted EBITDA +119% to $492 million; EPS +208% to $0.37. Management described H1 as the strongest ever half-year financials.
Read all positive updates
Company Guidance
Guidance highlights: Hochschild reaffirmed its 2026 production guidance (company H1 production ~150,000 oz) with site-level targets including Inmaculada 174,000–185,000 oz and Mara Rosa 67,000–80,000 oz, and updated all-in sustaining cash cost guidance to $2,380–$2,500/oz (H1 consolidated AISC $2,448/oz; Inmaculada $1,953/oz; San José $2,944/oz; Mara Rosa $3,551/oz). Full-year sustaining CapEx guidance remains $210–$225 million (H1 sustaining CapEx $105m). H1 free cash flow was ~$156m, ending cash and short-term investments $309m and net cash $51m (net cash ≈0.1x LTM EBITDA versus target 0.5–1.5x). Management plans an interim dividend of $0.04/share (~$21m), expects Monte do Carmo FID by year‑end with first production end‑2028, and submitted Royropata’s EIA (3.3Moz AuEq, 1.5 g/t Au & 412 g/t Ag, 30m width) with permitting expected ~August 2027 and >100,000 ozpa potential from 2028.Hochschild Mining Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.51B | 1.24B | 947.70M | 693.72M | 735.64M | 811.39M |
| Gross Profit | 757.28M | 510.62M | 342.43M | 185.50M | 208.00M | 299.80M |
| EBITDA | 838.18M | 601.29M | 359.10M | 117.38M | 177.74M | 296.02M |
| Net Income | 299.72M | 206.14M | 97.00M | -55.01M | 2.96M | 76.93M |
Balance Sheet | ||||||
| Total Assets | 2.19B | 2.16B | 1.65B | 1.42B | 1.42B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 310.29M | 320.02M | 100.78M | 89.13M | 143.84M | 386.79M |
| Total Debt | 264.86M | 344.11M | 319.31M | 351.16M | 321.87M | 304.91M |
| Total Liabilities | 1.08B | 1.28B | 964.15M | 747.23M | 694.57M | 695.27M |
| Stockholders Equity | 962.66M | 721.85M | 610.87M | 608.46M | 657.24M | 695.55M |
Cash Flow | ||||||
| Free Cash Flow | 328.83M | 219.23M | 32.57M | -83.62M | -230.79M | 132.34M |
| Operating Cash Flow | 573.96M | 432.81M | 321.25M | 178.76M | 102.92M | 284.70M |
| Investing Cash Flow | -290.23M | -236.08M | -277.00M | -245.51M | -337.58M | -183.43M |
| Financing Cash Flow | -106.02M | 28.20M | -34.82M | 22.77M | -6.59M | 57.13M |
Hochschild Mining Technical Analysis
Negative
625.50
Price Trends
557.86
Negative
522.67
Negative
581.47
Negative
Market Momentum
-30.90
Positive
29.28
Positive
19.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HOC, the sentiment is Negative. The current price of 625.5 is above the 20-day moving average (MA) of 487.60, above the 50-day MA of 557.86, and above the 200-day MA of 581.47, indicating a bearish trend. The MACD of -30.90 indicates Positive momentum. The RSI at 29.28 is Positive, neither overbought nor oversold. The STOCH value of 19.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:HOC.
Hochschild Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | £136.59M | 2.75 | 35.76% | 0.03% | 63.34% | 67.29% | |
77 Outperform | £2.55B | 5.35 | 61.74% | 2.09% | 106.49% | 139.42% | |
74 Outperform | £39.08M | 13.30 | 11.74% | 6.79% | 11.31% | -35.09% | |
69 Neutral | £223.04M | 3.87 | 43.53% | ― | 67.48% | 66.08% | |
66 Neutral | £2.22B | 9.94 | 35.59% | 1.54% | 37.18% | 95.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | £447.03M | 10.24 | 53.59% | 0.77% | 220.16% | ― |
* Basic Materials Sector Average
GB:HOC
Hochschild Mining
430.80
103.81
31.75%
GB:ALTN
AltynGold Plc
816.00
-114.00
-12.26%
GB:AAZ
Anglo Asian Mining
390.00
176.56
82.72%
GB:GDP
Goldplat
22.75
14.07
161.95%
GB:PAF
Pan African Resources
104.50
22.54
27.50%
GB:SRB
Serabi Gold
179.00
-52.82
-22.79%
Hochschild Mining Corporate Events
Business Operations and StrategyFinancial Disclosures
Hochschild Mining Hits Q3 Targets as Mara Rosa Turnaround Takes Hold
Positive
Oct 21, 2026
Hochschild Mining PLC is a precious metals producer focused on underground gold and silver operations in Peru, Argentina and Brazil, complemented by a pipeline of growth projects such as Royropata and Monte do Carmo. The group’s portfolio co...
DividendsRegulatory Filings and Compliance
Hochschild Confirms Sterling Value of 2026 Interim Dividend
Neutral
Sep 9, 2026
Hochschild Mining has corrected an earlier regulatory announcement by confirming the exchange rate for its 2026 interim dividend at US$1 to £0.7394. Based on this rate, shareholders will receive a sterling equivalent of 2.958 pence per ordina...
Business Operations and StrategyDividends
Hochschild Mining Sets FX Rate for 2026 Interim Dividend
Positive
Sep 9, 2026
Hochschild Mining has set the exchange rate for its 2026 interim dividend at US$1 to £0.7369, translating the payout into a sterling equivalent of 0.742 pence per ordinary share. The dividend, previously announced with the interim results, un...
Business Operations and StrategyFinancial Disclosures
Hochschild Mining Sets Live Investor Presentation After Half-Year Results
Positive
Aug 28, 2026
Hochschild Mining has scheduled a live interactive investor presentation on the Engage Investor platform for 4 September 2026 at 10:30am GMT, following the release of its half-year 2026 results on 26 August. The session is open to existing shareho...
Business Operations and StrategyDividendsFinancial Disclosures
Hochschild Mining Delivers Strong H1 Earnings but Lifts Cost Guidance
Positive
Aug 26, 2026
Hochschild Mining reported a strong first half, with revenue surging 62% to $844.4 million and adjusted EBITDA more than doubling to $491.5 million, driving profit before tax to $365.8 million and basic earnings per share to $0.37. The company mov...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.