Central Asia Metals (CAML LN) reported robust figures for copper and zinc production which remain on track for full year guidance and our estimates although cautioned on the lead production outlook. However, with copper prices above US$9,000/t, this is the real earnings driver for the stock and our estimates remain on track for all-time highs with 2021F EBITDA of US$135m which implies a one year forward EV/EBITDA multiple of 3.9x; making a compelling valuation, in our view. With the shares down ....
