Company OutlookDowngrade to Neutral on Lower Profitability Estimates, Limited Triggers; PT Down to R$36.
Financial PerformanceAdditional US$150-200M integration costs for development, shaft capacity expansion, and new pipeline for tailings are not expected to be offset by life-of-mine extension at current estimates.
Market SentimentInvestors are likely skeptical of Nexa's ability to execute an aggressive ramp-up schedule and establish a track record of success.